Allan Gray delivers historic shake-up at Group Five
Eight new nonexecutive directors appointed face immediate prospect of releasing details of hefty losses
The eight new nonexecutive directors who secured appointment to the Group Five board at Monday’s extraordinary shareholders’ meeting are faced with the immediate prospect of releasing the details of hefty losses notched up by the construction company in the year to June.
Monday’s historic meeting marks the first time a shareholder of a large listed company has successfully used the new Companies Act to replace all the nonexecutive directors on a board. Foord Asset Managers attempted to reconstitute the PPC board in 2014 but was outmanoeuvred by the incumbent board members.
On Monday morning, just hours before the controversial meeting was due to start, the company released a trading update advising shareholders it would report a loss of at least 590c a share for the year.
If you are already a subscriber, please click on the following link below to go to the full article: Allan Gray delivers Group Five shake-up
* Premium content is not yet available on the app. Please use the desktop site to subscribe.