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Nampak came under fire at its AGM on Wednesday, with shareholders grilling Africa's largest packaging company about its financial performance, issues around director bonuses, as well as a perceived lack of detail on potential asset sales.
The company, which is struggling under a debt pile and has stated it needs a bail out from shareholders of up to R1.5 billion even as it looks to dispose of underperforming assets, faced a barrage of electronic questions and comments from investors at the meeting.
For instance, minority shareholder Volker Schutte criticised Peter Surgey about his response to an earlier question put to him by another investor about Nampak's asset disposal plan, saying: "Chair, again your response to the proposal of breaking up the company and selling its parts, I find unsatisfactory, taking into account the performance over a longer period of time. You seem to be all out of ideas how to turn around the company. Very disappointing."
