Grand Parade chair still has skin in the game


Grand Parade chair still has skin in the game

Published Date: 2019-04-15 | Source: Stephen Gunnion | Author: Stephen Gunnion | Comments

Grand Parade chair still has skin in the game

The gaming and leisure group says Hassan Adams and his associates remain significant shareholders following last week share sale.

Grand Parade Investments says chairman Hassan Adams and his associates still hold 9.45% of the company's stock, despite selling shares worth R60 million early last week.

In a clarification statement on Friday, it said Adams' holdings included those of The Nadeson Trust, which sold 20-million shares last Monday. Adams is the major beneficiary of the trust and media reports suggested he was exiting his investment ahead of his retirement from the company he founded.

The shares were sold in an on-market transaction to Value Capital Partners at R3 each, taking the investment group's shareholding in Grand Parade to just over 20%.

VCP describes itself as an "engaged shareholder" and also owns sizeable interests in Sun International, Altron, PPC, Adcorp, Novus Holdings and African Phoenix. It's led by former Brait executives Anthony Ball and Sam Sithole. They use their private equity skills in the listed space to target troubled companies they can turn around.

Grand Parade recently announced it was reverting back to an investment holding company after burning its fingers with the acquisition of the Dunkin' Donuts and Baskin-Robbins franchises in South Africa, which were placed under liquidation in December.

Its shares ended 4.1% higher at R3.08 on Friday.

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