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Activist investors — such as the US’s Bill Ackman — aren’t in vast supply on the JSE. However, there have been some fairly big investor-backed management ructions of late — at Net1, Group Five and now at Adcorp, where CEO Richard Pike and chief operating officer Nelis Swart quit after the arrival of Value Capital Partners on the company’s shareholder register. Business Day spoke to Value Capital Partners CEO and former Brait director Sam Sithole. Why the break from Brait? Was it simply time to go out on your own? I’d been at Brait for eight and a half years, which was a very exciting time. When I joined, Brait was a traditional third-party asset manager with hedge funds and debt funds. So we went through an evolution with Christo Wiese coming on board … by the time I left in September 2016, I’d been talking to [Brait CEO] John Gnodde about leaving since 2014 and trying something new…. So it was a very amicable parting of ways and it was time to do something different. What is Value ...

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