Nampak’s institutional shareholders, who hold a combined 75% of the packaging group, are evidently a very forgiving bunch. Not only have they not received a dividend for three years, but the share price is currently less than one-third of what it was at the end of calendar 2014 — and yet each year they line up to approve every resolution presented to them. Every resolution, that is, except the ones relating to remuneration, which as we all know are nonbinding. In their defence, given the lack of liquidity, dumping the shares and running isn’t much of an option for the big shareholders. Andrew Lapping, head of investments at Allan Gray, which holds 28.78% of the group on behalf of its clients, sounds almost upbeat about the company’s chronic underperformance. "We think the management team is doing a good job running the business in what have been trying times. The current situation and debt mismatch has been very difficult in three of their biggest markets (Angola, Nigeria and Zimbab...

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