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.
Read:
Below are interviews with Strong and Caxton chair Paul Jenkins. Jenkins is also chair of Moneyweb.
Listen to Strong’s interview (or read the transcript here):
Listen to Jenkins’ interview (or read the transcript here):
* Caxton’s majority shareholders are also majority shareholders in African Media Entertainment (AME), the owner of Moneyweb.
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