With its 34% stake, Caxton is the largest shareholder in fellow listed group Mpact. Picture: Supplied
A big boardroom battle is currently on the go between publishing and packaging group Caxton* and the packaging and recycling group Mpact.
Caxton owns 34% of Mpact and has signalled its intentions to take control of the company.
Last week, Caxton issued a statement in reaction to statements Mpact CEO Bruce Strong made during Mpact’s recent interim results presentation.
In response to a question, Strong suggested that Caxton’s recent decision to vote against MPact’s remuneration resolutions at its recent AGM … stems from apparent ulterior motives and that Caxton is only acting in its own interests.
In the statement, Caxton alleges that Mpact and a competitor, New Era, are colluding to resist a merger between the companies and that Mpact has not disclosed price-sensitive information to the market.
Mpact denies the claims.
* Caxton’s majority shareholders are also major shareholders in African Media Entertainment (AME), the owner of Moneyweb.
This article first appeared on Moneyweb and was republished with permission. Read the original article here.
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