We may soon find out how much of Naspers Sanlam owns
Sanlam Investment Managers will be disclosing how it voted at the Naspers AGM, which should tell us a bit
Having waited for 10 years to disclose its voting record at annual general meetings, you would think Sanlam Investment Managers (SIM) was in a position to launch a new standard for the industry. Sadly, that was not to be.
The format in which it has disclosed its record is nothing short of shoddy. All the details are there (for the quarter to end-April), but the presentation leaves much to be desired. It looks as though someone was asked to sort it out at 3.55pm on a Friday.
In their defence, having to disclose the voting on about 1,000 resolutions is a rather tedious exercise, especially as 95% of them are “yes”.
Of course, the real excitement is to come. In the next few months SIM will be disclosing how it voted at the Naspers AGM, which was held at the end of August. Analysts will no doubt be parsing these voting results to get some insight into the Naspers control structure.
Sanlam is understood to control about 50% of unlisted Naspers A shares through its holdings in unlisted Wheatfields and Keerom. It’s impossible to know exactly where in Sanlam this powerful but not terribly valuable stake lies. But perhaps SIM has a bit. And it will certainly have some JSE-listed Naspers N shares.
Finding out how it voted on those will make the trawl through the end-September resolutions almost worthwhile.