Foord's Position On PPC
Foord Asset Management is a long-term investor in PPC Limited. We are concerned that the recent conduct and decisions taken by the current PPC board of directors may prejudice the long-term interests of our investors.
In addition, we believe that PPC employees, executives and project partners in Africa are also dissatisfied with the board's efforts to resolve the company's leadership impasse. In our view, the current board must be replaced with a functional board without delay. The new board must immediately implement measures to stabilise PPC's executive team, ensure continuity of its strategy of expansion and restore the confidence of its employees.
The Companies Act of 2008 enables shareholders owning at least 10% of the voting rights of a company to demand that the company convene a special general meeting to consider specified resolutions. Foord, together with other shareholders, has asserted the rights of its investors in terms of this rule and has called on the PPC board to convene a shareholders' meeting aimed at reconstituting the board of directors.
We believe that it is imperative for all shareholders to be given the opportunity to vote on a resolution to appoint new directors who can guide the company through this strategically important phase of its expansion. To this end, Foord, together with its partners, has collated a list of experienced candidates that it considers would be best suited to this undertaking and will continue to press for the rights of its investors.