Premier Foods’ Japanese flavour has turned stale
28/06/2018 10:21
(The author is a Reuters Breakingviews columnist. The opinions
expressed are her own.)
By Carol Ryan
LONDON, June 28 (Reuters Breakingviews) - Top shareholder
Nissin’s stake in the Mr Kipling maker has fared poorly, but a
beneficial commercial deal ensures its support. With activist
Oasis pushing for CEO Gavin Darby’s ouster, it’s time for the
Tokyo-based company to start thinking like an investor.
Full view will be published shortly.
On Twitter https://twitter.com/Breakingviews
CONTEXT NEWS
- The chairman of Premier Foods has expressed his support
for Chief Executive Gavin Darby after the company’s
second-largest shareholder said it had lost faith in him.
- Keith Hamill said Premier had become a “well-run and
efficient entity thanks to Gavin’s leadership”, the Financial
Times reported on June 28. “What would a new CEO do that is
different?” Hamill told the paper.
- Oasis Management, which said it has a 9.3 percent stake in
Premier, on June 24 said it would vote against Darby’s
re-election at the company’s annual general meeting on July 18.
The activist accused Darby of having no credible strategy,
adding: “we have completely lost faith in him.”
- Japanese group Nissin Foods owns 19.6 percent of Premier
Foods.
- Premier Foods shares were up 1.7 percent at 38 pence by
0815 GMT on June 28.
- For previous columns by the author, Reuters customers can
click on RYAN/
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Premier Foods investor calls for immediate removal of CEO
urn:newsml:reuters.com:*:nL4N1TQ04K
FT article https://www.ft.com/content/efcce896-7a19-11e8-8e67-1e1a0846c475
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(Editing by Peter Thal Larsen and Bob Cervi)
((carol.ryan@thomsonreuters.com; Reuters Messaging:
carol.ryan.thomsonreuters.com@reuters.net))