Major shareholder calls for board shake-up at Safari
Bridge Fund Managers, which owns 20% in the property group, says it needs new leadership to undo value destruction
01 July 2020 - 19:32
Bridge Fund Managers, which owns 20% in property group Safari, is calling for a shake-up of the board and management team to lead the group after long-standing directors rebuffed takeover offers and destroyed value.
In 2019, Safari, which owns eight malls in towns and semiurban areas, was involved in two unsuccessful bids that resulted in tension between the board and minority shareholders. Safari has been reluctant to entertain takeover offers over the past year, with founding board members wanting to retain their positions at the company. ..
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