Remgro’s annual general meetings are generally engaging affairs and worth the trip all the way out to the heart of the winelands where they’re held each year. This year, shareholders were treated to a reminder of just how scary things were a year ago on the domestic political front.
And, sadly, how scary things remain for investors around the globe.
Chairperson Johann “The Bear” Rupert told the hundreds of shareholders who had pitched up for the meeting that one of his major concerns was that people do not realise just how much trouble we’re in. The current global situation is eerily like the 1920s, he said.
Despite concerted efforts not to be drawn on the performance of Remgro’s many listed investments, Rupert did eventually commit to taking another look at underperforming food company RCL.
He also indicated Remgro would not be introducing the same sort of controversial executive incentive scheme recently adopted by its banking investment arm, RMH.
Judging by the mood after the meeting it was very likely Rupert had not needed to remind his audience how bad things were. A distinct glumness pervaded the reception held immediately after the meeting, which may explain why so many said yes to the wine at 11.30 in the morning...