Member Info for bistolover

so that is 3 top holders who will vote against darby, there total holding likely to be more than nissin, No top 10 share holders has publicly endorsed darby, nissin is silent. Only members of the institutions and lords and barons who don't give a toss about the share price.

Only shareholders matter on this as they have the vote.

https://www.telegraph.co.uk/business/2018/07/07/shareholders-back-calls-premier-foods-chief-go/

he future of Premier Foods boss Gavin Darby is looking increasingly uncertain this weekend after two of the company’s biggest shareholders backed an aggressive campaign to oust him.

Wall Street hedge fund Paulson, which owns a 6.2pc stake, said he had failed to deliver on a promise to create shareholder value after knocking back a takeover bid from US spice maker McCormick in 2016 and selling a large stake to Japan’s Nissin instead.

“Unfortunately, the board rejected an offer from McCormick at 65p claiming Gavin could create more shareholder value. Today, the stock languishes at 40p while the management and the board keep their comfortable jobs,” Orkun Kilic, a portfolio manager at Paulson, said.

“The company desperately needs new management who are willing to put stakeholders’ benefits first and we hope this upcoming AGM will be a reflection point.”
Another top-10 shareholder said: “We plan to vote against Gavin Darby’s re-election. After the failed McCormick bid, we don’t think he can be trusted.

“He failed to engage with shareholders over the offer and instead agreed a deal with Nissin that benefited one shareholder but penalised the rest. He then put out targets which have not been met.”

with this plan, in 2 years time ( without darby) the share price could be over 100p

this is oasis plans to get to 65p today, what can darby do other than say wait another 2 years, with his track record of promises, who can trust darby to delivery anything. Choose is have 65p today or stick with Darby and wait forever.

http://www.proactiveinvestors.co.uk/companies/news/200199/premier-foods-and-oasis-management-s-war-of-words-continues-ahead-of-ceo-vote-200199.html

“Using conservative assumptions, Oasis believes that the sale of Batchelors ... would generate more than £200mln of proceeds, or more than 60% of the current market capitalisation of the company,” Oasis said on a web site set up specifically to garner support for its campaign to oust Darby.

According to Oasis, selling Batchelors – Premier's fast-growing brand – would reduce the indebted company's gearing below 3.0 times annual underlying earnings, reduce interest costs by more than 65% and strengthen its pension schemes.

It reckons a sale would result in a share price increase of around 55% for Premier and would enable Premier Foods to exit its current “zombie state” to invest and grow again.

“Potential bidders are known to include Nissin, as well as other strategic buyers/financials sponsors,” Oasis claimed.

It recently suggested that Japanese noodle maker Nissin, which has a 19.65% stake in Premier, should abstain from the forthcoming vote as it has a conflict of interest as a putative buyer of the Batchelors brand.

darby has a good track record in trying to deceive the market, but the market is aware of his antics, so will see.

Thanks to oasis who are defenders of the smaller investors, we are in a win win situation, before it was a loose loose situation.

my understanding is the trading update will be at 7am, meeting at 11:00am

votes will be cast up to and at the meeting. Most will vote prior to the meeting, but not sure of the split. Darby will be viewing the votes up to the meeting as they are cast, as soon as he sees he is safe, then all the bad news will come through, not before,

Interesting strategy oasis has now, which is to float the idea of bachelor's sale, and guess who wants bachelors, so will nissin join forces with oasis.

"Operation Dessert Storm" continues, the war to end all wars will conclude at the AGM. Will Darby still be master of the Premier Milk it as much as possible Universe

why waste money when no new material will be issued.

His is living the high life after making a fortune, a very wise investor who saw right through darby well before any of us.

only 2 weeks to put up with the darby lovers, their corrupt leaders will soon be gone, only to await his fate with the fca

what is this

Oasis also has concerns regarding "the payment from Premier Foods to Nissin Foods for GBP 0.1m
(31st March 2018) and GBP 0.2m (1st April 2017) for “services rendered" which is disclosed on page
108 of Nissin’s latest annual report under 'sale of services'. It remains unclear to Oasis what these
payments relate to, despite requests we have made for an explanation

letter to assure pension trustees

https://static1.squarespace.com/static/5b2c4ec92971143845417aad/t/5b3a37a21ae6cfb267ac363f/1530541988541/Oasis+Open+Letter+to+Premier+Foods+Pension+Trustees+-+July+2+2018.pdf

Oasis calls for Nissin Foods to abstain from voting

https://static1.squarespace.com/static/5b2c4ec92971143845417aad/t/5b3a2f7e70a6ad6920a07a08/1530539904318/Oasis+Management+press+release+to+Nissin+re+Premier+Foods+AGM+-+July+2+2018.pdf

as a fund manager the returns are excellent together with upholding highest corporate governess, compare this to dodgy darby who will do anything to get what he wants, fca need to investigate him thoroughly

This was after the cash was taken into account. The same cash that the board has not mentioned came from shareholders. The Board is taking credit for reducing from £900m, but it was just money extracted shareholders on false promises, with a vast amount gone to Darby's friends in the city as advising fees.

The total market cap now is much lower than the amount raised, conveniently kept hidden in latest comms from Premier.

All the Board needs to go for bad corporate governess.

correction version 2

Debt in Dec 2103 was £513m, profits £139m
Debt in March 2018 is £496m, profits £123m

Debt reduced by 3%, profit down 12% over the period

correction

Debt is Dec 2103 was £513m, profits £139m
Debt in March 2018 is £496m, profits £123m

If there was value more than current share price, then a bid would have come in buy now. The debt reduction has been tiny compared to the drop in profits.

Debt is Dec 2104 was £513m, profits £139m
Debt in March 2018 is £496m, profits £123m

Spot the problem in the above figures.

In addition McCormick saw something in the pensions commitment and ran away, so what has Darby agreed with the pension trustees that caused this.

DARBY NEEDS TO GO, so that new management can come in to uncover the damage and clean-up, so this company can be put on a good footing, it may be the value drops further once this is uncovered.

darby lovers out in force, even though the self preservation efforts of darby will damage shareholder value.

you will get a vote if you hold shares, speak to your broker on how to vote if the shares are in a nominee account, else you will get voting card sent to you.

and not write letters to keep their chosen ceo, they have NO vote at agm. They do not own the company.

RHM pension scheme is flush with money at the moment and can save darby's head by giving some to the company.

https://www.thetimes.co.uk/article/pensioners-exceedingly-angry-over-mr-kipling-maker-premier-foods-380hnktcx

Oasis Management, which owns a 9.3pc stake, has demanded the head of boss Gavin Darby, but chairman Keith Hamill said he needed more time.

https://www.telegraph.co.uk/business/2018/06/30/bisto-maker-will-sort-problems/

Looks like the chairman will have to leave as well, good thing is with less than 1 years service, there will be no redundancy pay.

The chairman was hand picked by darby so cannot be trusted to be independent. Worst of the worst corporate governess under darby

https://www.thetimes.co.uk/article/premier-food-chief-s-ratner-moment-leaves-a-bad-taste-bt0gptf72