Hassen Adams’ gamble backfires at Grand Parade
Many so-called community shareholders share dissident shareholders’ concerns about gaming vs fast-food investments
The board of embattled empowerment group Grand Parade Investments (GPI) must surely be giving serious consideration to a settlement with a group of dissident shareholders. Events at an adjourned extraordinary general meeting (EGM) in Athlone last week strongly suggested the unhappiness at GPI’s woeful underperformance over the past few years was not just limited to the group of professional investors — consisting of Kagiso Asset Management, Denker Capital, Excelsia Capital, Westbrooke Alternative Asset Management and Rozendal Partners. It seems combative GPI executive chair Hassen Adams and his board have badly misread the underlying sentiment about the company. Independent analyst Anthony Clark noted: "The first half an hour of the GPI meeting [at times] suggested the shareholder crowd was not happy at events pertaining to the call for the meeting. But it rapidly became clear that grassroots shareholders were not as pliant or supportive as the board had thought." Adams had, at an e...
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