Ceding control
MARC HASENFUSS: Behind the ownership curtain at SA's Queenspark chain
The clear lines of control at Rextru are not easy to discern due to a pyramid control structure via Af&Over
It appears the cloak of control at Rex Trueform, which operates the Queenspark chain, has been lifted. It’s not easy to discern the clear lines of control at Rextru because of an archaic pyramid control structure via African & Overseas Enterprises (Af&Over) as well as a low-voting N-share structure at both companies. But directors’ share dealings detailed last week suggest that control of Rextru has passed from the Shub family to a consortium anchored by former Hosken Consolidated Investments chairman Marcel Golding and low-key investor Hugh Roberts. The details show Golding’s Geomer Investments and Roberts-aligned investment entities forking out R65m to members of the Shub family for 726,600 Af&Over ordinary shares, 604,045 Af&Over N-shares, 1,241 Rextru ordinary shares and 4,058 Rextru N-shares. Before this transaction, the Golding-Roberts consortium held by far the biggest economic stake in Rextru. But the pyramid structure and N-shares ensured the Shub family retained voting con...
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