You guys all sound like PFD had shitty brands back then........like you or your family don't use PFD products without even wanting to. PFD was badly managed.........you can't keep overpaying executives, adverts, failed product designs, inefficient factories and expect growth. Sales increase is not the only way to grow......cutting cost and becoming efficient while still selling same volume is growth. Unilever is not crying......are they?
My understanding is that hovis are now back in profit, but my source indicates that it might be another year before PFD get their 49% bought. As far as GD is concerned, it could be argued that he helped in the PFD rescue......but recent events have shown that his times is up. My hope is that "activist shareholder" Oasis will use their board position to bring about some positive changes in the near future.
like it or not, when sales rise and the SP also rises, the CEO takes the credit!!! On the subject of Hovis, we are now at the point where we may see some sort of development, as it has now been 3 years since the agreement.
"He then carried out a rights issue after getting the SP to £1.85" - get the facts right on this please. Darby did absolutely nothing to get the share price to £1.85. it was the trading statement in July 2013, which showed sales rising for the months when the previous ceo was in charge ( cold winter helped). Darby was busy cycling somewhere in africa over his first few weeks..
You are right darby implemented the rights issue, but it was already in the pipeline where there was talk of hovis being sold for £200m etc. Darby just went to his fiends in the city and got them to issue bonds at 6.5%, fees of £73m etc, no clawback agreed on the pension payments deal. The worst type of deal.
He then did his usual promise to get sales to rise 2% plus, knowing full well retailers were struggling, morrison profit warning, aldi/lidl news within weeks of the rights i issue. Kept promising everything was on target well into the financial year, then we ended the year 5% down. Repeats the same pattern this financial year.
Darby lacks food manufacturing skills and is dishonest with shareholders. Spends all his time and PFD money globe-trotting, now wants to be called Sir Darby and using pfd to get this.
He has left this company in a zombie state, sooner he is sacked, then share price will move up.
My recollection is that this board was stuffed with people at the time who saw him as a white knight at a time when the company was seriously in danger of going out of business, and many of whom were sorry to see him go.
spot on good post!!! Not long after GD took over the ''vulture fund'' Apollo began to circle PF to do exactly as you said, this was not GD's fault. He then carried out a rights issue after getting the SP to £1.85. The fact we have supermarket wars, is no fault of GD.Yes he rejected the MC bid and has just a few more days to come up with an explanation.
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