Retail, faithful reader, is not for the faint of heart. It marches on, constantly preparing for a new season. One may be as well acquainted with it as you are with a lover, but the virtue (and blood, sweat and tears) of its vagaries make reporting about it (with depth and breadth), nothing short of a craft.As 2016 hurtles to a close I thought a retail retrospective would be rather fitting.Pick n Pay collapses its pyramidThe archaic structure that has long drawn the ire of minorities and activists was finally dismantled — yes, after 35 years.The JSE listing of Pick n Pay Holdings (Pikwik) was removed, leaving Pick n Pay Stores as the only point of entry for investors.Despite increased liquidity and an improved ability to raise capital, some investors remain unconvinced and are quite miffed at the 34% dilution in their voting rights.And, well, through the creation of unlisted B-shares, the Ackerman family does still retain voting control (52.8%) over the company.The pyramid structure,...
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