Grand Parade Investments (GPI) has appointed two new directors - Mark Bowman and Ronel van Dijk - after a vote at a special general meeting in Cape Town on Wednesday night.
GPI is the franchisee of Burger King, Dunkin’ Donuts and Baskin-Robbins in Southern Africa.
The appointments follow a drawn-out battle between shareholders and the board.
Bowman is a former SABMiller executive, and Van Dijk used to be with Spur.
Last Wednesday (28 November) the Johannesburg Stock Exchange (JSE) published a list of gripes from institutional investors who wanted to oust Grand Parade Investments’ incumbent board.
The most critical issue pertained 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.
Listen to the interview in the audio below (and scroll down for quotes from it).
The fund managers suggested the four nominees… We identified Mark Bowman and Ronel van Dijk… it’s a shared outcome… [Fund managers] were adamant to get four… It seems like it was all or nothing for them… it signalled hostile intent… The ding-dong is over, I hope we can focus on the ching-ching now.— Mohsin Tajbhai, Grand Parade Investments
We need to find common ground. I’m not sure that we are 100% there yet… Our view is that the board has failed [in two aspects]…— Ricco Friedrich, Denker Capital
We’ve made progress… maybe we’re not fully there yet… Maybe further corporate action is not necessary… It’s in all our clients’ best interest to stay the course…— Wilhem Hertzog, Rozendal Partners
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