No end in sight for Nampak shareholders’ suffering
There’s no love lost between Nampak management and its investors — and still no clarity on how much it will be able to raise from the market in fresh cash
Nampak’s AGM last week failed to throw any new light on its rights offer tussle — or even hint that any further progress has been made on urgent degearing efforts. But make no mistake, shareholders remain seriously miffed.
For a start, shareholders voted down special resolution No 1: the approval of nonexecutive directors’ remuneration. The voting tally showed 44% of shareholders voted against the pay packets for the nonexecutives — a strong statement by investors that might have suffered too long under the current regime. The development could also easily be interpreted as a pronouncement on Nampak’s determination and ability to raise up to R1.5bn in fresh cash...
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