While the spectre of a R29-billion Supreme Court ruling hangs over Vodacom, shareholders have been spared severe swings in the company’s share price.
Crucially, this revenue must be calculated according to models Makate’s legal team presented in court.compensation of R29 billion to R63 billionEquity analyst Richard Cheesman, from Urquhart Partners, said the case does not seem to be weighing on Vodacom’s share price. “A severe reaction would be expected if the market expected a payment of that magnitude was likely in the imminent future,” said Cheesman.
Geissler reminded Makate that staff don’t usually get extra rewards for their work but promised to speak to then-CEO Alan Knott-Craig on his behalf.The High Court and Supreme Court initially dismissed his case, but he found favour in the Constitutional Court. It ruled that Geissler had the ostensible authority and ordered Vodacom and Makate to negotiate compensation in good faith.Foreseeing a breakdown in talks, Vodacom’s CEO was designated the deadlock breaker.
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