D-day for Grand Parade’s board
The local franchiser of Burger King issued a statement on Wednesday morning begging minority shareholders to protect its directors from disgruntled institutions
Grand Parade’s directors — who face getting ousted in a boardroom coup by disgruntled fund managers at 6.30pm — issued a statement on Wednesday morning begging minority shareholders to protect them. The shareholder meeting called by five disgruntled fund managers was originally scheduled for October 31, but was postponed after minority shareholders complained Grand Parade had not “furnished them with reasons by the proposers of the resolutions for their proposed removal, as required by recent case law”.
On November 28, the JSE had to bypass Grand Parade and issue a letter signed by institutional investors Denker Capital, Excelsia Capital, Kagiso Asset Management, Rozendal Partners, and Westbrooke Alternative Asset Management because Grand Parade’s directors had refused to issue their gripes via Sens as instructed. “Shareholder activism must be welcomed, but change does not always achieve the desired results and there are many examples where it has spurned growth and led to a d...