It must be hard to be casual about R3.3-billion, but Shoprite founder and chairman Christo Wiese does do a convincing job of it. In an interview withthis week, he seemed to take the idea of his great Shoprite payday in his stride. But there was a little sting in the tale.
Wiese owns 305.6-million deferred shares which control 32.2% of Shoprite’s voting rights, because this class of shares have higher voting rights. They were issued to him in 2000 at a nominal value of 0.1c a share as what’s called a founder’s share. Last week it became clear that some key shareholders were against the deal, significantly including fund manager Coronation, which owns a little more than 5.5% of the shares on behalf of clients. That means it only needs another 10% to vote against for the deal to fail.
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