The investor presentation hosted last Friday by empowerment group Grand Parade Investments (GPI) — which holds the master franchise agreement for fast-food brand Burger King and gaming assets — was not the usual polite engagement with shareholders. The investor presentation followed the FM’s report last week about growing differences between a determined (and frustrated) group of minority shareholders — comprising Kagiso Asset Management, Denker Capital, Excelsia Capital, Westbrooke Alternative Asset Management and Rozendal Partners — and GPI’s board, led by major shareholder, founder and executive chair Hassen Adams. What the investor presentation confirmed is that there is scant chance of a compromise between the activist minority shareholders and the board before the extraordinary general meeting (EGM) scheduled for the end of this month. In fact, the relationship has turned outright hostile. When Adams took the podium after some rather brief investment overviews by other GPI exe...

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