Pity shareholders can’t do that to the “cosy crew” at Prosus (PRX) who are protected by Naspers’ 72% and in turn, protected by NPN’s control structure refer pg 134 of their 137 pg AR
PRX wrote in their interims on 23/11/20
“Finally, we remain committed to taking the right actions to unlock value for all our shareholders.”
Barely four months later (having under-performed Tencent), announced today:
“Prosus has committed not to sell any further Tencent shares for at least the next three years”
What?
They’re trading at €50bn less than their stake in Tencent alone so IMHO, the only thing they should be “committed” to, is selling Tencent & buying back their own shares, unlocking this discount
But unfortunately, they seem more “committed” to Tencent than their own shareholders
They sure aren’t “committed” to the SA savers, who have ~22% of their local equity exposure in PRX and NPN & are really paying this price
Meanwhile
The Prosus CEO + CFO on track to earn $25m in 2020 & another $26m in 2021
ZAR 377m p/a
or
ZAR 1.1bn waiting for this lockup expiry
Not bad for “committing” to nothing; except perhaps throwing more money at guys on bikes delivering pizzas, masquerading as “tech”