Activist shareholder says loses faith in South Africa's Group Five after resignations

Activist shareholder Allan Gray said on Tuesday it had lost faith in South African construction company Group Five's board to act in the best interest of the firm following the resignation of several directors and its chief executive. More than 10 executive and non-executive directors at Group Five have resigned since February, including nonexecutive director Babalwa Ngonyama, chairperson of the firm's audit committee and Mark Thomson, remuneration committee chairperson. No reasons were given for the resignations.