Still not much inspired
Thirty-five years after its creation, the Pick n Pay pyramid structure is being unwound with Pikwik unbundling its Pick n Pay shares to shareholders. This is great as pyramid structures are designed to give control to a large contingent of minority shareholders, rather than allowing actual market forces to exercise control. However, the Pick n Pay/ Pikwik unbundling leaves the Ackerman family in control via the issue of special voting class-B shares that have no economic value. Why? All evidence suggests the Ackermans have not been sterling minders of Pick n Pay, with the company being outperformed by most other food retailers. I have long since moved on from Pick n Pay as a long-term investment and this does nothing to change my mind.