Still not much in­spired

Finweek English Edition - - MARKETPLACE -

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.

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