Burger King franchisee Grand Parade triggers unusual action by the JSE

The first Burger King in South Africa opened its doors in Cape Town on 9 May 2013. Picture: Rafiq Wagiet/EWN

This is the first time in a decade that the JSE exercised this power that we have… There’s a lot of animosity between the shareholders and the board…

André Visser, JSE

The Johannesburg Stock Exchange (JSE) on Wednesday published a list of gripes from institutional investors who want to oust Grand Parade Investments’ incumbent board.

The most critical issue pertains to the collapse in Grand Parade’s share-price after it shifted its focus from gambling to fast food.

Another issue was the remuneration of directors and the churn of CEOs and CFOs.

The JSE issued a directive to Grand Parade Investments to communicate the grievances to shareholders.

Grand Parade, however, failed to adhere to the instruction, the JSE said.

Grand Parade is the franchisee of Burger King, Dunkin’ Donuts and Baskin-Robbins in Southern Africa.

The Money Show’s Bruce Whitfield interviewed André Visser, General Manager at the JSE.

Listen to the interview in the audio below (and/or scroll down for more quotes from it).

It’s an unusual set of facts we needed to consider. There’s a particular process to follow… We decided to take this unusual step…

André Visser, JSE

The company has its reasons for not publishing the information… Looking at all the fact we couldn’t see a reason to delay…

André Visser, JSE

Our role is to remain completely impartial… and to disseminate information at the appropriate time…

André Visser, JSE

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