JSE publishes letter from disgruntled Grand Parade investors
The local representative of Burger King, Dunkin’ Donuts and Baskin-Robbins failed to pass on gripes from institutions wanting to oust the incumbent board
A list of grievances from Kagiso and other asset managers wanting to oust Grand Parade Investments’ incumbent board was published by the JSE on Wednesday morning. The JSE said Grand Parade had failed to adhere to its directive instructing it to pass the complaints of the investors on to other shareholders. The investors were calling for an extraordinary general meeting to vote out the incumbent board of the Southern African franchisee of Burger King, Dunkin’ Donuts and Baskin-Robbins. This prompted the stock exchange to bypass Grand Parade and issue the list of grievances to other shareholders directly ahead of the shareholder vote scheduled for December 5. The letter attacking Grand Parade’s incumbent board was signed by Denker Capital, Excelsia Capital, Kagiso Asset Management, Rozendal Partners, and Westbrooke Alternative Asset Management. The letter is titled “Good Governance Leads to a Sustainable and Healthy businesses, and Grand Parade Investments is no Exception”. A key grip...
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