JOHANNESBURG. – GROCERY chain Pick n’ Pay gained shareholder approval for a deal allowing the Ackerman family to retain control while collapsing the pyramid structure. But moderate shareholder disapproval was registered at its annual general meeting yesterday, with 17,6 percent of Pick n’ Pay Stores shares voting against the deal. Only 0,01 percent of shares voted were abstentions.All resolutions were passed by the requisite number of shareholders at the meeting, allowing the group to proceed with de-listing Pick n’ Pay Holdings.
This means the 53 percent of Pick n’ Pay Stores the holding company owns will be unbundled to its shareholders.
Under the deal the Ackerman family, who maintained control of Pick n’ Pay Stores by owning 53 percent of Pick n Pay Holdings, will receive newly created B shares, which receive no dividends but enable them to continue having 53 percent of the group’s voting rights.
Though the Ackerman family was not permitted to vote their shares at the meeting, at the holding company level the deal received 99,16 percent approval with only 0,84 percent of shares voted against and 0.11 percent abstaining. – BDLive.