Capitalworks Group has increased its stake in Quantum Foods to 11.44%, a move announced just days before a highly anticipated special shareholders meeting.
Quantum said on Friday that Capitalworks and its related party Crown Chickens held a significant collective beneficial interest in Quantum Foods’ total issued ordinary shares.
The announcement comes just days before a crucial special shareholders meeting scheduled for Wednesday. The meeting is in response to pressure from Country Bird Holdings (CBH), the third-largest shareholder in Quantum Foods.
CBH is advocating for the removal of several directors, including chair André Hanekom, citing concerns over recent stock purchases by executives and allegations of market manipulation. Hanekom, who previously served as CEO of Pioneer Foods, joined the Quantum board in 2014 and was elected chair the next year.
The meeting follows previous conflicts with other shareholders, notably Braemar Trading, which holds about 32% of Quantum’s shares. Braemar also requested a special meeting to remove certain directors, including Hanekom, but its request was denied, leading to tensions within the board.
The situation contributed to the resignation of board member Tanya Golden, who claims she was fired after seeking legal details on the rejection of Braemar’s request.
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