If the Directors don’t act in the best interests of shareholders, they should be voted out.


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”


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


The Prosus CEO + CFO on track to earn $25m in 2020 & another $26m in 2021

ZAR 377m p/a


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”