Grand Parade Investments accumulated an 18% stake in Spur Corporation in separate transactions between 2014 and 2017. It would appear that this stake is now a liability to both companies, and they are now both doing something about it.
GPI was launched by the flamboyant Hassen Adams in 1997 to partner with Sun International, becoming its primary BEE partner in the Western Cape. Since then the company has listed and expanded its ambitions beyond its lucrative interests in the gaming industry. Specifically, it has expanded into the fast food industry, securing the rights to Burger King, ice cream franchise Baskin-Robbins and Dunkin’ Donuts.
costing it about R294.7-million, roughly R27.16 a share. At the time casinos were churning out dividends and the company was cash flush. It funded the deal through a combination of its own cash resources of R72.3-million, preference share funding from Spur of R72.3-million and a R150-million loan from Standard Bank.said the transaction would see a lot of synergies coming from the back-end of the business, “where it does not conflict at all with GPI’s plans for Burger King”.
However, shareholders were not as enthusiastic about management’s ambitions and after years of mounting losses and declining dividends, in 2018 shareholders intervened in the running of the company, arguing that the board did not have the skills to run a food business.At an extraordinary general meeting held in December 2018, shareholders voted former SABMiller executive Mark Bowman and former Spur financial director Ronel van Dijk to the board.
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