5 Years Of Failure Under Gavin Darby’s Leadership

Gavin Darby Has Set & Missed Multiple Targets Over Last 5 Years Including:

Premier’s decision under Gavin Darby’s leadership to not proceed with McCormick’s 2016 65p per share bid approach led to him targeting sales growth of between 2-4% – which he abandoned a year later

In March 2014, he targeted a net debt/EBITDA ratio of <2.5x, which was never achieved & was re-set to 3.0x by 2020 – a target which is far away & Oasis has no faith in Gavin Darby’s ability to deliver it

In October 2016 he delivered a sales warnings but nonetheless asserted “we expect group sales to grow between 2-4% in the second half of the year and our profit expectations for the full year remain unchanged”

3 months later, in January 2017, in the wake of another quarter of year-on-year decrease in sales, he delivered a second consecutive profit warning: “we now expect trading profit for FY16/17 to be approximately 10% below previous expectations”

He has also failed on his goal to return the Company to paying dividends

 

Enough is Enough

Gavin Darby has shown a track record of excuses to justify various earnings misses:

  1. Blaming the weather: “we are disappointed that our Grocery business reported materially lower sales in the quarter due to warmer weather” ¹

     2) And currency effects: “obviously exacerbated by the devaluation of the pound”, “the 28%        [rise] in euros becomes 45% [rise] in pounds”, “22% [rise] in US dollars and 43% [rise] in pounds” ²

  • Management have missed targets and under delivered
  • We are tired of the excuses

Shareholders Deserve Better. Premier Foods’ Board Will Try & Convince Shareholders To Back Gavin Darby – Do Not Be Sucked In. We Urge You To Support Oasis.

 VOTE AGAINST RESOLUTION 5 AT THE AGM ON 18 JULY 2018

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