Christo Wiese adamant on R3.5bn Shoprite share scheme
Shoprite founder and chair is not budging on the terms of a proposed share repurchase scheme
Shoprite founder and chair Christo Wiese is adamant there is no room for negotiation around the terms of a proposed share repurchase scheme that is set to net him R3.5bn. Wiese’s comments come amid mounting opposition to the proposed 20-million Shoprite shares he will be granted in exchange for cancelling the 265-million deferred shares, which have no financial value but control 32.3% of the group’s votes. These deferred shares have given the retail mogul effective control of Africa’s largest grocer since 2000. If you are already a subscriber, please click on the following link to go to the full article: Christo Wiese not budging on Shoprite share scheme If you would like to subscribe to BusinessLIVE to read the full story, please click here.