BNC#9 | Summerton Q&A: Winner-takes-all investing, stubborn boards, hostile bids, and the AI future

Rhys Summerton bought into a company that had lost 99.5% of its market value and told the independent directors their pay was being halved on day one. At BNC#9, the Milkwood Capital founder and iOCO joint CEO laid out how a fund manager turned operator actually runs the acquisition game: why control of the cash flow matters more than a board seat, why he thinks South Africa's King Code has been "not net positive" for corporate governance, why US executives paying themselves 4% of market cap is a warning sign, and why he wants nothing to do with companies burning billions on AI capex.