A Grand Parade of shareholder activists in 2018 Finally, after many false starts, shareholder activism on the JSE may have come of age in 2018. While activism is commonplace in other markets — especially the US — the JSE has for the past few years had only sporadic bouts of corporate confrontation led by individuals like Theo Botha, Chris Logan and more recently the disarmingly astute Albie Cilliers. But companies often shrug this off, especially if the activist cannot get the support of at least some major investors. That was probably initially the case at Grand Parade Investments (GPI), an empowerment company that holds the local franchises for Burger King, Dunkin’ (Donuts) and Baskin-Robbins, as well as 17.5% of steakhouse chain Spur. GPI has been trading at a woeful discount to its intrinsic value, and looked at risk of losing its dividend appeal because of ongoing losses in its food division. After several individual shareholders tried, and failed, to trigger the urgent respons...

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