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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Premier Foods Plc    PFD   GB00B7N0K053

PREMIER FOODS PLC

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Premier Foods : says CEO Darby will get at least 1 million pound exit deal

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02/10/2019 | 04:22am EST
FILE PHOTO: Boxes of OXO stock cubes are seen on the shelf of a supermarket in Manchester

(Corrects fourth paragraph of this Feb. 8 story to say Darby's departure was not related to shareholder revolt.)

Gavin Darby, who led the Mr Kipling cake company from 2013 to the end of January this year, drew investor flak for failing to revive the business after rebuffing a takeover approach from U.S. food maker McCormick & Co Inc.

The company's shares have lost nearly a third of their value since McCormick abandoned its approach in April 2016.

Almost 41 percent of Premier shareholders in July backed an attempt led by activist hedge fund Oasis Management to oust Darby. In November, Darby agreed to step down, but said it didn't have anything to do with the shareholder revolt.

Darby will be paid 863,557 pounds for his 12 months' notice period, covering his salary, contractual benefits and pension supplement, the company said. Darby will also be given 30,000 pounds for advisory services and legal fees.

In addition, he will get 638,291 shares, worth about 238,401 pounds, based on Thursday's close of 37.35 pence.

The company said it was meeting its legal obligations under the terms of Gavin's contract, but declined to comment further.

Oasis Management was not immediately available for a comment.

Shares of the company were little changed at 36.90 pence at 1000 GMT.

(Reporting by Arathy S Nair and Sangameswaran S in Bengaluru; Editing by Elaine Hardcastle)

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Financials (GBP)
Sales 2019 831 M
EBIT 2019 115 M
Net income 2019 38,1 M
Debt 2019 477 M
Yield 2019 -
P/E ratio 2019 10,26
P/E ratio 2020 8,03
EV / Sales 2019 0,95x
EV / Sales 2020 0,88x
Capitalization 309 M
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Mean consensus OUTPERFORM
Number of Analysts 5
Average target price 0,45  GBP
Spread / Average Target 22%
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Managers
NameTitle
Alastair Sholto Neil Murray CEO, Chief Financial Officer & Executive Director
Keith Hamill Non-Executive Chairman
Jennifer Charlina Ellsworth Laing Independent Non-Executive Director
Ian S. Krieger Senior Independent Non-Executive Director
Pamela Powell Independent Non-Executive Director
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