R40

GRAND PA­RADE CANS SPUR DEAL

Finweek English Edition - - THE WEEK -

Em­pow­er­ment group Grand Pa­rade In­vest­ments (GPI) has can­celled a deal that would’ve seen it buy up to 19.46m shares in Spur from Corona­tion Fund Man­agers. In terms of the deal, GPI would have paid R40 a share, sub­stan­tially above the R32.51 Spur was trad­ing at on the JSE at the time of writing on 30 Novem­ber. GPI al­ready owns a 10% stake in Spur. The em­pow­er­ment com­pany said cer­tain share­hold­ers did not sup­port the deal, but de­clined to dis­close the iden­ti­ties, Busi­ness Day re­ported. Ma­jor share­hold­ers in GPI, which is rolling out the Burger King fran­chise in SA, in­clude San­lam and In­vestec.

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