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JOHANNESBURG – Changes are afoot at Grand Parade Investments (GPI) as a lacklustre performance to June roused shareholders holding a 12 percent stake to launch a bid to overhaul the board. 

GPI has scheduled an extraordinary general meeting for October 31 for the shareholders’ concerns on governance and capital allocation concerns to be addressed. 

A basic loss per share of 10.98 and 11.86 cents is expected, compared to basic earnings per share of 4.39c last year. 

Headline loss per share will be between 10.50 and 11.42c, compared to a headline loss per share of 4.59c in 2017.

In a statement, GPI said that after a profitable period in the gaming sector, the share price had declined by more than 70 percent from its 2014 levels. 

Shareholders blame this on poor execution on the food strategy and unwise capital allocation and governance, resulting in headline earnings per share losses in 2017 plus a significantly lower dividend. 

Shareholders decry an incompetent board and executives paying themselves bonuses.