The Ackerman family did not vote on the measure to ensure the proposal only proceeded if minority shareholders supported it. Nonetheless, minority shareholders voted firmly in favour, with 99.35% of Pick n Pay Holdings shareholders supporting the proposal and 0.65% against and 82.5% of Pick n Pay Stores shareholders voting in favour of the proposal and only 17.5% against. Had the Ackerman family voted on the proposal, it would have been supported by an even more overwhelming percentage of shareholders.
Pick n Pay CEO, Richard Brasher said, “We are delighted that shareholders have approved the proposal to collapse the pyramid and replace it with a new, single ownership structure. By simplifying administration, reducing complexity and reducing cost, it is part of our modernisation of Pick n Pay. A single structure will increase the free float in our shares and improve its weighting on the indexes used by analysts and investors, making the company's shares more attractive to investors. It should also help the business to raise capital efficiently, should we wish to do so in the future. I thank shareholders for recognising these benefits and for supporting the company in its modernisation plan.”
