Spur founder bows out after 40 years, sells his stake in the company

[LazyLion]

After more than four decades at Spur, founding member Allen Ambor has sold his 3 099 176 shares in the hospitality group, raking in R100.723 million in the sale.

Ambor opened the very first Spur Steak Ranch back in 1967 and, while he’s no longer a shareholder, Spur CEO Pierre van Tonder told Fin24 that the move doesn’t necessarily mean Ambor won’t be a part of his baby.

“He is in his mid-seventies and wants to spread his risk. At the end of the day, he is not leaving Spur or going anywhere. It is a financial and commercial transaction, not a human capital transaction,” Van Tonder said....

Read More...
https://www.thesouthafrican.com/spur-founder-bows-out-after-40-years-sells-his-stake-in-the-company/

 

[bchip]

Spur bails out....Shoprite bails out...
All going into 100% cash, not 90%, not 80%...100% :erm:

 

[Messugga]

Spur bails out....Shoprite bails out...
All going into 100% cash, not 90%, not 80%...100% :erm:

Older guys with no real need to stick around. Can't fault them for wanting to take their cash potentially offshore.

 

[Ninja'd]

Sorry, don't want your steaks.

 

[bchip]

Older guys with no real need to stick around. Can't fault them for wanting to take their cash potentially offshore.

Yes but what happens normally is that the guys keep a small stake in the company,
a nominal value of say R 10m of R 100m and then quietly leave after a year,
to not spook investor confidence.

There's a lot unsaid in this situation where they all leave with 100%

 

[Messugga]

Yes but what happens normally is that the guys keep a small stake in the company,
a nominal value of say R 10m of R 100m and then quietly leave after a year,
to not spook investor confidence.

There's a lot unsaid in this situation where they all leave with 100%

I'm inclined to agree with you, just saying that you can't blame them. I'm personally of the opinion that one of the main reasons that the ratings downgrade's effects have been relatively minor thus far, is because it takes time to get assets freed up to move off-shore. I think many serious players are artificially propping up the market in order to buy time before jumping ship, and Whitey and co are exactly those people.

 

[Tomtomtom]

Yes but what happens normally is that the guys keep a small stake in the company,
a nominal value of say R 10m of R 100m and then quietly leave after a year,
to not spook investor confidence.

There's a lot unsaid in this situation where they all leave with 100%

Like what?

They were minor shareholders already.

The simplest explanation is they're old guys with vast amounts of money and they have a lot of work ahead of them managing their estates.

 

[Shake&Bake]

Thanks for the horse meat!

 

[Papsak]

Obviously he was a fan of Burger Mondays.

 

[krycor]

Heard about this.. in the last 5 yrs the number of CEOs cashing out after leaving is insane in SA.

Whitey Basson left with what 1.8Billion biggest I've heard of