Monday is high noon between Allan Gray and the Public Investment Corporation (PIC) over the choice of Group Five’s new board of directors. The extraordinary general meeting called by Allan Gray to oust Group Five’s board takes place in Midrand on Monday at 11am. The construction group issued a regulatory filing last week saying the PIC had raised its holding to more than 20%, presumably to raise its voting rights in a bid to block Allan Gray’s choice of new directors. Anglo American Platinum (Amplats) warned shareholders on July 18 that it expected to report on Monday that headline earnings per share (HEPS) for the six months to end-June fell by up to 67%. The sharp drop in earnings was mainly due to impairments of R2.2bn, including a write-down of a term loan to Atlatsa and a loan to the Bakgatla Ba-Kgafela community related to their interest in Union. Sales of platinum group metals (PGMs) fell during the reporting period due to technical problems at its smelters, which Amplats sai...
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