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Recapitalisation plan: The company plans to raise money through a rights offer and an IPO on its Boxer stores. Shareholders need to approve changes to the company’s share structure & new rules for how shares and directors are managed. The main shareholder, Ackerman Investment Holdings, supports the plan & will buy up to R1bn worth of shares. 3 banks will underwrite the rights offer. The board’s chair & some other directors will retire and be replaced. Ackerman family control will be reduced.
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