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If Brexit deal gets agreed £ will rally 5-10%+ Coming into the Brexit vote, the 2 year average gbp/yen was 177 and gbp/dollar 1.54 Based on the current share price/exchange rates, the price deal is worth £48.82 or 5.8% discount. Any SP positive reaction is capped because the deal mechanics are already agreed and so it would come down to where £ trades against the dollar & yen. £46 could be a good exit point if you think Brexit deal gets agreed in view what would happen to £.

UK executive pay rises 11 percent. Lets hope GD misses this headline or he will be a the jar again.

i wrote to that analyst yesterday asking what is the point of his recommendations when they are olymically wrong. I won't get an answer though.

At £1.72 the price to book ratio is 0.67. Unfortunately i am already In Like Flynn so need to wait this one out, maybe average down small but medium to long term this has to be cheap. Might give Buffet a call. With NHS cuts operations must be stacking up and at some point there will surely be pressure to clear those and with fewer medical staff arriving because of Brexit, just hope this manifests itself in a higher share price or takeover.

PRICE TO BOOK RATION 0.74

https://assets.kpmg.com/content/dam/kpmg/uk/pdf/2017/06/2017_SmallCap_Survey.pdf I am hoping KH is still watching (though silent). The management of Premier would do well to take a look at this report and see where they fit in. Only then could they begin to understand the frustration felt by private investors who have lost money (the 90% premium cash offer from McCormick was a chance to recoup some of their pain) Instead the management seem happy for the share price to flat line as it gives them chance to load up with nil paid options, bonuses and out of class salaries.. Take a look its quite interesting. KH you should be ashamed to come on this website, antagonise and then disappear. Shame on you. Par for the course really.

Well look on the bright side, with GD long around 5.6mio shares, he is hardly going to let the share price stay low for ever. He will want a profit and tax free no doubt. I am sure at some point these shares will trade a lot higher.

Hey KH, where have you gone? I was hoping you would respond.

So in conclusion i believe Premier Foods BOD are guilty of several quite serious breaches of the takeover code and should be investigated by the FCA, if in fact they are not already doing so.

Now you don’t have to be an expert of takeovers in order to ask some obvious questions.

Premier twice rejected offers from McCormick. Those offers must have been of firm enough intention that the board had cause to reject them, and therefore there should have been an obligatory disclosure as required by the takeover code soon after the first offer in February.
On the 24th March 2016 (the very day after Premier made the first announcement), Premier was quick to announce Nissin purchased 17.27% of the shares from Warburg Pincus. Securing a 17.27% shareholding doesn’t happen overnight (well in this case it did), but at the very least it raises questions who handled those discussions and when those discussions started. Principally what happened between 12 February and the 23 March press release?
I have read it emerged Premier informed Nissin of the looming threat of McCormick’s takeover. If this is true then did Premier make the obligatory disclosures as required by the code? Personally i cannot see they did.
If 3 is true then it certainly sounds likely that Premier brokered the deal, either directly or by pointing a third party in the direction of the parties, who persuaded Warburg Pincus to sell their holding to Nissan at 63p? (only 3p above the latest rejected offer of 60p - and 2p less than the offer McCormick subsequently made of 65p … .. how do you feel now Pincus?)
It goes without saying had shareholders been in possession of information as required by the takeover code, they would have been able to decide the merits of the offer. Remember the Code is designed principally to ensure that shareholders in an offeree company are treated fairly and are not denied an opportunity to decide on the merits of a takeover and that shareholders in the offeree company of the same class are afforded equivalent treatment by an offeror. It doesn’t look like that happened here. I believe shareholders and McCormick were disadvantaged by the newly acquired poison pill of Nissins shareholding and consequently the true price McCormick were prepared to pay was never discovered. Certainly some of your biggest shareholders seemed to think so.
There will be a chain of emails & phone records between Premier, Warburg Pincus, Nissin, lawyers and others that will record the timeline of events. It won’t be difficult to discover the truth.
One has to believe that McCormick, a company specialising in spices and with a big presence in the UK would have easily been able to understand and integrate the much smaller Premier foods brand.

The relevant press releases from Premier state

23 March 2016

The Board of Premier Foods plc (“Premier” or the “Company”) confirms that it received an unsolicited, non-binding and highly conditional approach from McCormick & Company, Inc. (“McCormick”) on 12 February 2016 regarding a possible offer for the entire issued, and to be issued, ordinary share capital of the Company at an indicative price of 52 pence in cash per Premier share. This approach was rejected on the basis that it significantly undervalued the Company and its prospects. The Board received a subsequent approach on 14 March 2016 with a revised possible offer at an indicative price of 60 pence in cash. This approach has also been rejected on the basis that it significantly undervalues the Company and its prospects, and therefore the Board does not consider that the Proposal would be in the best interests of Premier and its shareholders

Commenting on the approach David Beever, Chairman of Premier, said -

“McCormick’s Proposal represents an attempt to capture the upside value embedded in Premier’s business that rightfully belongs to Premier’s shareholders.

24 March 2016 first release

The Board of Premier Foods plc (“Premier”) notes that Nissin Food Holdings Co., Ltd. (“Nissin”) has unconditionally agreed to acquire a 17.27 per cent. shareholding in Premier from an existing shareholder. The Board of Premier welcomes Nissin as a long-term shareholder who understands and supports Premier's growth ambitions.

David Beever, Chairman of Premier said: We welcome Nissin as a new long-term shareholder in our business. By gaining a strategic investor who understands and supports our growth ambitions, we have an exceptional opportunity to deliver shareholder value. Based on the conditional cooperation agreement we announced yesterday, we very much look forward to working with Nissin to develop ways our two businesses can co-operate to drive growth.”

24 March 2016 second release -

Separately, in respect of the Prior Announcement in which the Board referred to Nissin's unconditional agreement to acquire a 17.27 per cent. shareholding in Premier from an existing shareholder, the Board notes that the relevant acquisition price was agreed to be 63 pence per Premier share

30th March announcement

The Board of Premier Foods plc ("Premier" or the "Company") notes the revised possible offer for the entire issued, and to be issued, ordinary share capital of the Company at an indicative price of 65 pence from (“McCormick”). The Board believes that the Revised Proposal continues to undervalue Premier and its prospects, for the reasons set out in Premier’s press release on 23rd March 2016.

Dear KH, thank you for joining this chat room.

The relevant parts of the takeover code states

(a) Nature and purpose of the Code

The Code is designed principally to ensure that shareholders in an offeree company are treated fairly and are not denied an opportunity to decide on the merits of a takeover and that shareholders in the offeree company of the same class are afforded equivalent treatment by an offeror. The Code also provides an orderly framework within which takeovers are conducted. In addition, it is designed to promote, in conjunction with other regulatory regimes, the integrity of the financial markets.

2.1 SECRECY

(a) Prior to the announcement of an offer or possible offer, all persons privy to confidential information, and particularly price-sensitive information, concerning the offer or possible offer must treat that information as secret and may only pass it to another person if it is necessary to do so and if that person is made aware of the need for secrecy. All such persons must conduct themselves so as to minimise the chances of any leak of information.

2.2 WHEN AN ANNOUNCEMENT IS REQUIRED,

(a) when a firm intention to make an offer is notified to the board of the offer company by or on behalf of an offeror, irrespective of the attitude of the board to the offer;

(e) when negotiations or discussions relating to a possible offer are about to be extended to include more than a very restricted number of people (outside those who need to know in the parties concerned and their immediate advisers); or

(d) In the case of Rule 2.2(e), the Panel should be consulted if the potential offeror and/or the offeree company wish to approach a wider group than the very restricted number of people referred to in the Rule without making an announcement.

Cut & pasted from Premier Foods press release 23/3/16 "McCormick's Proposal represents an attempt to capture the upside value embedded in Premier's business that rightfully belongs to Premier's shareholders.  The Proposal fails to recognise the value of Premier's performance to date and prospects for the future, including the strategic plans we have to accelerate growth.
McCormick's Proposal significantly undervalues the business and the Board has unanimously decided to reject it." Unquote. The share price at the time was circa 32p and today, 44p (up from high 30's since GD vote news).

"McCormick's Proposal represents an attempt to capture the upside value embedded in Premier's business that rightfully belongs to Premier's shareholders. Well Gavin, where is all this upside you were so proud to trumpet back in 2016? ? Oh i forgot you didn't have enough shares or options to make it worth your while then did you.

Continued. ......proper value is realised. In the meantime if someone can run me over what happened between GD & Nissan when McCormack made their offer, i would be happy to write to the FCA if i thought it was as dodgy as i have heard on this website.

I think the plan is now very clear. GD & others are happy to keep the share price low while they load up on LTIP & private purchases. Logically someone who owns circa 5.5mio shares plus options that will vest in time, will be naturally interested in maxing out their holdings before the share price goes higher. If as has been said the Batchelers brand alone is worth over £200 million then this share has lots of potential to go higher, either because another sees the opportunity or because GD starts to feel the heat and his hand is forced. Market cap is only £388 million, this won't have gone unnoticed by the market. Thankfully I am only recently invested in this share but plan to stay long until the proper value is realised. In the meantime if someone can run me over what happened between GD & Nissan when Mc

According to latest filings there is no short interest in PFD. Why would shares be lent out?

Bye bye Gavin, please take Keith with you.

Do we get a vote and how does it work?

Here here !! About time.

http://spacenews.com/iridium-breaks-inmarsat-monopoly-on-maritime-safety-communications/