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.
เราได้สรุปข่าวนี้มาให้อ่านอย่างรวดเร็ว หากสนใจข่าว สามารถอ่านฉบับเต็มได้ที่นี่ อ่านเพิ่มเติม:
ประเทศไทย ข่าวล่าสุด, ประเทศไทย หัวข้อข่าว
Similar News:คุณยังสามารถอ่านข่าวที่คล้ายกันนี้ซึ่งเรารวบรวมจากแหล่งข่าวอื่น ๆ ได้
Serena, Osaka crash out of Roland Garros - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.Serena Williams suffered her earliest Grand Slam exit since 2014 when she crashed out of the French Open on Saturday, ending her bid to win a record-equalling 24th major.
แหล่ง: SABC News Online - 🏆 32. / 51 อ่านเพิ่มเติม »
BUSINESS MAVERICK — INVESTMENT ANALYSIS: Beyond traditional investments: cranes, planes and rock ’n rollCranes, planes, and rock and roll don’t seem to quite fit into the world of hard-core investments, but you may already have them in your portfolio. What are they doing there?
แหล่ง: dailymaverick - 🏆 3. / 84 อ่านเพิ่มเติม »
BUSINESS MAVERICK — INVESTMENT ANALYSIS: Naspers: to infinity and beyondCape Town based internet firm, Naspers, has announced it will list a subsidiary company, Newco, on the Euronext exchange in July. Newco will hold all of Naspers offshore technology assets, including Tencent, OLX and PayU, and will have a secondary inward listing on the JSE. Naspers will remain listed on the JSE.
แหล่ง: dailymaverick - 🏆 3. / 84 อ่านเพิ่มเติม »
Business Maverick: After gobbling up Lonmin, the Sibanye juggernaut rolls onSibanye-Stillwater and Lonmin shareholders on Tuesday 28 May 2019 approved a takeover offer by the former for the latter. This marks the end of one era in South African platinum as Lonmin, formerly linked to Lonrho, rides off into the sunset, with a history stretching back over a century. And a new era is in the offing, as Sibanye becomes the world’s largest primary producer of platinum group metals (PGMs), with an eye on expanding into battery metals.
แหล่ง: dailymaverick - 🏆 3. / 84 อ่านเพิ่มเติม »
BUSINESS MAVERICK: Once bulletproof, listed property stocks are flounderingThe listed property sector managed to ride out the economic and political turmoil during the corrosive Jacob Zuma years. Investors backing listed property stocks were consistently rewarded with inflation-beating dividends. However, worsening trading conditions are dampening results and forcing companies to downgrade their dividend growth.
แหล่ง: dailymaverick - 🏆 3. / 84 อ่านเพิ่มเติม »
Business Maverick: Liquidity risks haunts China’s fast-growing bond marketsJust as Beijing is opening up to outsiders its byzantine regulatory framework and patchy trading volumes could cause a shock in the country’s debt market. But pravingordhan must be held account him and PresJGZuma there is no difference all have violated the constitution. Pravin is not above the law. Did u get that clear?
แหล่ง: dailymaverick - 🏆 3. / 84 อ่านเพิ่มเติม »