Some business battles are won, and some are lost
Zeder, Shoprite and FirstRand: a company in its death throes, a retailer with a good year under its belt, and a bank that’s made an interesting move in remuneration.
Now we know what was behind the remarkable behaviour at Zeder’s AGM back in early July – the company was in its death throes.
Read: Zeder AGM a show of arrogance
“If a person or animal is in their death throes, they are dying and making violent, uncontrolled movements, usually because they are suffering great pain,” explains Collins Dictionary. It is now evident that the company was in so much pain it was unable even to organise an AGM effectively enough for all the shareholders to attend or, for those who attended to ask questions.
Similarly, perhaps the directors didn’t answer questions because they were traumatised by the pending demise of the company. Or maybe they thought ‘What’s the point?’.
The Zeder share price had its best one-day performance in over a year following last week’s announcement about further asset sales and the departure of CEO Norman Celliers. That must have been a little embarrassing for Celliers, although generously-paid CEOs tend not to embarrass easily and are adept at explaining things to themselves.
Read more article on Moneyweb News