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Premier Foods steps up battle with activist investor over CEO’s appointment

by LLB Reporter
5th Jul 18 8:00 am

Here’s what you need to know

The Board of Premier Foods notes that Institutional Shareholder Services, a leading global independent voting advisory service, has recommended that shareholders vote in favour of the resolution to re-elect Gavin Darby, the Company’s Chief Executive Officer and all other resolutions proposed by the Board at the Company’s AGM on July 18th.

This follows recommendations to shareholders to vote in favour of Gavin Darby’s re-election from the voting advisory services Glass Lewis and Pensions & Investments Research Consultants.

Keith Hamill, Premier Foods’ Chairman, said: “The Board has made a unanimous recommendation to shareholders to vote in favour of the re-election of Gavin Darby. The Board has confidence in him and firmly believes that he and The Management Team are best placed to run the business and execute the Company’s strategy.”

However Oasis Management Company, the largest independent shareholder in Premier Foods has called on Nissin Foods, a 19.56 per cent shareholder, to abstain from voting for the re-election of Gavin Darby at the annual general meeting of Premier Foods on 18 July 2018, and to publicly respond to Oasis on these important issues.

Oasis is calling for the removal of Gavin Darby as Premier Foods CEO with immediate effect following years of persistent shareholder value destruction, poor financial performance, consistent missed targets, a lack of strategy and weak corporate governance.  Oasis believes that the removal of Gavin Darby is in the best interests of all shareholders.

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