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Group Five settles on new board after spat - report

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Johannesburg – Group Five shareholders [JSE:GRF] reached a compromise and selected a new board at an extraordinary general meeting at its headquarters in Midrand on Monday.

The construction and engineering company called the meeting following disagreements about the board structure with Allan Gray, which has a shareholding of close to 25%. 

In June, Allan Gray nominated former chief executive officer Mike Upton to the board as a non-executive director, Bloomberg reported. The board opposed this as Upton led the group during a period when players in the sector were criticised and fined for collusion over contracts to build stadiums for the 2010 Soccer World Cup.

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