Jul 10, 2017

Premier Foods management criticised by shareholder

British food producer Premier Foods has been criticised by another investor for "a poor regard for shareholder value" in a further sign of the pressure on the company's board. The London-based fund manager said that the Premier board was "Without the skillset to deliver" shareholder returns. It said it saw "a strong future for an independent Premier Foods and believes that the foundations have been laid for significant growth and shareholder value creation". In March, Premier gave a board seat to Oasis, which had an 8.3 per cent stake, short of the customary 10 per cent of the stock that is usual for a board seat. The shares closed down 3 per cent to 40.5p in London on Monday, down 7 per cent in the past year and below McCormick's bid of 65p. Premier was once the UK's largest food company but a debt-fuelled merger and acquisition spending spree brought it to the brink of collapse in 2008.

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