Timeline of events: How it played out

February 22 – Group Five reports R383 million loss, Eric Vemer announces his resignation as chief executive.

March 27 – Group executive committee member and group human resources director, Jesse Doorasamy, announces resignation.

April 3 – Group executive committee member and head of investment and concessions, Jon Hillary, announces resignation.

April 7 – Non-executive director and remuneration committee chairperson, Mark Thompson, announces resignation.

May 5 – Non-executive director and audit committee chairperson, Babalwa Ngonyama, announces resignation.

May 12 – PSG Asset Management sold all its shares, while Coronation Asset Management increased their aggregate stake to 14.49 percent.

May 18 – Group Five advised its shareholders, by way of an announcement on the Stock Exchange News Service that a shareholder (Allan Gray) had issued a written demand in terms of the companies to call a meeting of Group Five shareholders.

May 20 – Group Five appoints Themba Mosai as its chief executive, saying the move was intended to create stability for the group and to strengthen management.

June 23 – The company announces that the extraordinary general meeting will be held today and that the current five non-executive directors of Group Five, namely Mthethwa, Kalaa Mpinga, Willem Louw, Justin Chinyanta and Vincent Rague have resolved to resign from the company following a series of engagements with Allan Gray which proved to be unproductive.

June 28 – The company issues the notice of the extraordinary general meeting.

July 12 – The company advised its shareholders that Keneilwe Moloko has withdrawn her availability to be elected as a non-executive director of Group Five from the EGM process.

July 17 – The company said it has received formal notification that PIC has acquired an interest in the ordinary shares of the company. The total interest in the ordinary shares held by PIC now amounts to 20.135 percent of the total issued ordinary shares of the company.