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  • Finweek - English

    Simon’s stock tips

    Apr 30, 2020 5 minutes
    By Simon Brown

    RCL FOODS

    Minority to decide on share plan

    n an apparent concession to minority shareholders, Remgro, which owns 71% of RCL Foods, said it will not be voting in a decision whereby the owner of Rainbow Chicken and Selati sugar plans to buy back shares from its executive directors. The crux of the issue is that these directors received shares in lieu of bonus payments. Due to a lack of liquidity in the trading of RCL’s shares, the board decided to buy back these shares rather than having the execuctive directors try to sell them on the open market. This was for some 14m shares that the board proposed buying at 1 029c, or almost R150m. Shareholders would get to vote, but should Remgro also vote, it would carry the vote with its majority holding. Now, however, after an

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