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Baron Investments
@barondaytrading
Conviction play #PFD into new highs. The very good news overnight news is that a cash windfall looks ahead as Gores Group sell Hovis (up to £150m seemingly).This was written down to zero,there's no P&L contribution but they retain 49% so pretty significant
Baron just tweeted
Agreed this is heading north 70p short term imo, i think we are now awaiting the results at the end of the month once these are on paper we should see huge gains, add the sale of hovis and a nice RNS telling us money is going toward debt reduction and possibly marketing campaign and this should fly
GLA
This is great news, remember pfd had already written hovis value down to NIL on our books so any amount of millions will be a complete bonus and a big debt reducer.
So what has / is happening this year.
New Boss/ board in place.
Pension sorted,
Debt already sorted.
Hovis now sorted.
SP to go to £1.
Looks like it could be blue skies for a change.
If there is no sell-off for £150m plus to a third party, and the best offer is £100m, then premier could just buy the 51% back for £51m
When you look at the progress made since the tabled offer, it is amazing we are not trading significantly higher than 65p.
This year has been transformational for PFD and the future look very good now.
Premier Foods, the listed company behind Mr Kipling, Bisto and Angel Delight, is expected to use the sale process as an opportunity to sell its 49% stake in the company, according to insiders.
this is really off the radar still
The news is the Gore's group are selling their 51‰ stake. Are you assuming PFD sell there remaining 49%.
not going to be shook out
HUGE HUGE news! With current plans to reduce pensions an rns stating the fund of sale will go toward pension deficit could end PFD with only £100m debt a VERY manageable figure just 30% of that at start of this year
With great results looming i can see premier breaking £1 again!
Hovis could reportedly be sold for as much as £150m as its owners look to offload the business later this year.
The brand’s biggest shareholder The Gores Group, has hired bankers to sell its controlling 51 per cent stake which it acquired six years ago, according to Sky News. The investment firm is understood to have appointment investment bank Baird to conduct an auction of Hovis.
well thats my B/e price smashed another 1st for PFD i thought i would never say with PFD .
an extra 50mill possible!
its like rolling in cash and RNS to come
56p
Hovis, one of Britain's most prominent food brands, is to be put up for sale later this year as its shareholders try to cash in on its improved financial performance.
Sky News has learnt that The Gores Group, an investment firm headed by an American billionaire, has hired bankers to sell its controlling 51% stake in the bread producer, which it acquired six years ago.
City sources said on Tuesday that Hovis had appointed RW Baird to oversee an auction of the business.
Premier Foods, the listed company behind Mr Kipling, Bisto and Angel Delight, is expected to use the sale process as an opportunity to sell its 49% stake in the company, according to insiders.
An auction, which is unlikely to get underway until the autumn, would come after a turnaround in Hovis's fortunes which has been accelerated by a boost to sales during the coronavirus pandemic.
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Hovis employs more than 2,700 people and is now focused on its bakery operations, having sold two flour mills in 2018.
Huge initial demand for ambient food brands during the UK-wide lockdown is understood to have benefited all of the major bread producers: Hovis, Kingsmill, which is owned by Associated British Foods, and family-owned Warburton's.
Hovis owners eye chance to make dough with £100m sale
Premier Foods and The Gores Group are to explore a sale of Britain’s best-known bread producer, Sky News learns.
cashed up and baking goods flying cuz of lockdown
and still to be Rnsd. Im surprised I got sub 50p, this will have a great day
https://www.cityam.com/hovis-owners-set-to-sell-bread-brand-for-up-to-150m/
This is great news.. should push up well in to the 60's
More great news, so pleased for all those who have been here for many years. Ive been so tempted to sell at a loss, now very pleased I stuck with it. With more good news like this, its only going one way and should see this break 50 again tomorrow.
Dear xxxx
Thank you for your email.
On 6 May, we notified the market that we would be releasing our Preliminary results for the 52 weeks ended 28 March 2020 by the end of June.
We haven't provided a further update to this, but we said we would provide confirmation of the exact date nearer the time.
Kind regards
Richard Godden