Radical change sets Nampak on the path to resurrection
Armed with turnaround specialists and debt maturity extensions, it aims at a rights offer of up to R1bn
From an industrial leviathan — the share price of which fetched as much as R43 at its 2015 peak — to a penny stock now, indebted Nampak’s protracted fall from grace could be reversed by its refreshed shrink-to-grow strategy under interim CEO Phil “the Knife” Roux.
The plan includes a resized proposed capital raise of up to R1bn, renegotiated debt terms, management shake-ups and a reconstituted independent board. The company’s more than 4,000 employees will share the pain: they are staring down the barrel of job cuts, salary freezes and less overtime as part of the plan to fix its lopsided capital structure. ..
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