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

Get the 10 most-read articles of the week from Bruce Whitfield’s The Money Show, emailed to you every Friday morning:

Subscribe to our Business Wrap Newsletter


Recommended

by NEWSROOM AI
Read More
Are you in or out? Decide at the start of 2019, but don’t waste time!

Are you in or out? Decide at the start of 2019, but don’t waste time!

The Money Show’s Bruce Whitfield interviews Aurik Business Accelerator founder Pavlo Phitidis.

'Cleaning up Eskom doesn’t suit everybody. Hands off! Don’t be treasonous!'

'Cleaning up Eskom doesn’t suit everybody. Hands off! Don’t be treasonous!'

The Money Show’s Bruce Whitfield interviews Jabu Mabuza, Chairperson at Eskom, and plays an audio clip of Minister Pravin Gordhan.

How to help your children get rich (long before they start working)

How to help your children get rich (long before they start working)

Time. It’s the most important factor, says Sam Beckbessinger, author of “Manage Your Money like a F*cking Grownup”.

Grand Parade Investments (Burger King) and its shareholders smoke a peace pipe

Grand Parade Investments (Burger King) and its shareholders smoke a peace pipe

Bruce Whitfield interviews Mohsin Tajbhai (GPI), Ricco Friedrich (Denker Capital) and Wilhelm Hertzog (Rozendal Partners).

Sorry, South Africa, for the damage we are causing to the economy - Eskom

Sorry, South Africa, for the damage we are causing to the economy - Eskom

It wants Govt to take on the debt as part of a turnaround plan to shore up its balance sheet, says spokesperson Khulu Phasiwe.

Meet Eben Uys of Mad Giant, where mad science meets a massive love of beer

Meet Eben Uys of Mad Giant, where mad science meets a massive love of beer

Mad Giant was born from the desire to conquer the world and take chances with no fear of the outcome, says its founder Eben Uys.

Popular articles
ASOM: Coming to South Africa was a divine destiny - Pushie Watson, pastor

ASOM: Coming to South Africa was a divine destiny - Pushie Watson, pastor

In this segment of Africa State of Mind, Lee Kasumba chats to dancer turned pastor Pushie Watson about being a globetrotter, and migrating from Liberia to South Africa.

 When they told me I had cancer, I knew I was going to die - Dr. Lillian Dube

When they told me I had cancer, I knew I was going to die - Dr. Lillian Dube

In the profile interview, actress Dr. Lillian Dube chats about her battle with cancer, and gets personal about her faith and relationship with God.

What to do if you've been fined for expired driving licence due to strike

What to do if you've been fined for expired driving licence due to strike

Find out what you can do if you have been fined for carrying an expired licence, despite having the correct paperwork.

Here are the best toys to close the orgasm gap and take your sex life up a notch

Here are the best toys to close the orgasm gap and take your sex life up a notch

Dr Eve says that sex toys help close the frustrating orgasm gap and can increase intimacy and connection, alone or with a partner.

[WATCH] Over 50 artists record special version of Johnny Clegg’s  “The Crossing”

[WATCH] Over 50 artists record special version of Johnny Clegg’s “The Crossing”

For this week's #GoodNewsThursdays, we find out the inspiration behind the production.

[LISTEN] Must you renovate your childhood home to prove that you've made it big?

[LISTEN] Must you renovate your childhood home to prove that you've made it big?

Trevor Noah has received some flak from social media users who have been wondering why he hasn't refurbished his Gogo's old house.

'I thought he was going to rape me' - Ellen Pakkies on killing drug addict son

'I thought he was going to rape me' - Ellen Pakkies on killing drug addict son

'Ellen' The Ellen Pakkies Story, premiers in cinemas on Friday.

Who is Advocate Tembeka Ngcukaitobi?

Who is Advocate Tembeka Ngcukaitobi?

The EFF lawyer stole the show during the state capture report court battle.