Britain’s Premier Foods said its second largest shareholder would vote against Gavin Darby’s re-election at its AGM on July 18.
The company, in a statement on Thursday, urged shareholders to vote in favour of Darby saying that he was “the best person to lead the Company and to execute the Board’s strategy”.
Under Darby, who assumed office in 2013, the company’s stock has slid more than a third. Shares were little changed on the news and currently trade at 39.47 pence.
The Oxo stock cube-maker is also struggling under a heavy debt burden. Its net debt currently stands at 496.4 million pounds.
Oasis, which holds an 8.8 percent stake, had terminated its relationship deed with Premier Foods in March and its board nominee Daniel Wosner resigned as a non-executive director.
Oasis could not immediately be reached for comment.
Premier Foods has been under shareholder pressure ever since it rejected a takeover bid from U.S. food-maker McCormick in 2016, pushing its biggest shareholders Paulson & Co to criticise the board for rejecting the offer.
The company in May said that although it faced a tough retail environment, full-year sales grew 3.6 percent mainly due to overseas partnerships.
It dismissed reports of talks to sell the Batchelors brand to Nissin, while adding the company was not looking for any partnerships this year.
By Sangameswaran S
Source: Reuters
Temperature-controlled storage and logistic solution provider, Emergent Cold LatAm, has opened ‘Chile’s largest’ frozen food warehouse. Located in Talcahuano, a region renowned for its seafood and fruit production and exports, the warehouse represents a strategic enhancement of the local cold chain infrastructure.
Never Never gin will be sold through Asahi’s alcohol division, Carlton & United Breweries (CUB). According to the company, the acquisition – which won’t impact daily operations – will enable Never Never’s premium gin to reach a wider customer base while enhancing support and product offerings for existing customers.
Coca-Cola Europacific Partners (CCEP) announced today the forthcoming departure of Nik Jhangiani, senior vice president and chief financial officer, with plans underway to identify his successor. Jhangiani will be stepping down to assume the role of CFO at Diageo later this year.
