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Ackerman family to reduce stake in Pick n Pay

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Pick n Pay says its largest shareholder — the Ackerman family, through Ackerman Investment Holdings — plans to sell down as much as 8.5% of its stake in the supermarket group.

According to the company, the sale will allow the family to repay third-party funding used to support Pick n Pay’s restructuring and recapitalisation efforts, including professional fees, related costs, and more than a year’s worth of interest on that funding.

The Ackermans played a major role in Pick n Pay’s turnaround drive last year, contributing R1.1 billion in equity as part of a two-phase recapitalisation plan. The retailer ultimately secured R4 billion through a significantly oversubscribed rights offer, followed by the separate JSE listing of its Boxer division, which raised a further R8.5 billion.

As part of the latest transaction, the family intends to sell just over 64 million Pick n Pay ordinary shares. Based on the current share price of roughly R27, the stake is valued at around R1.7 billion.

Despite the planned sell-down, Pick n Pay said the family remains committed to the business, its CEO Sean Summers, and the ongoing turnaround strategy. “The Ackerman Family will continue to be an anchor shareholder and long-term investor,” the group said.

If the full 8.5% is sold, the family’s voting control — held through B-class shares — will fall from 49% to no less than 36.8%, while its economic interest will decline from 26.7% to at least 18.2%. The Ackermans have also agreed not to offload further shares for a 90-day period once the transaction is complete.

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