The buzz
06 Mar 2017
Just go my Pocket Money Another rise today - now 42.25p-42.5p so just sold a few at 42.315p. A good short term gain. Not sure why PFD is in favour today.The B
pyueck
02 Mar 2017
Quorn - Old news but I didn't know it until today! Well this is pulling once up from the archive, but I didn't know about it and it sums up Premier Foods well. Quorn went from being valued at £72m in 2003 to £550m in 2015. Premier Foods foods owned the business for 6 out of the 12 years. How much did Premier Foods make out of this £478m gain during the 50% of the time they owned it...£33m! It was sold four years after Premier Foods sold it for almost 3 times the value.What does this prove, Premier Foods can't maximise value. I quote you, from that trusty source Wikipedia'In 2003 AstraZeneca sold Marlow Foods, including the Quorn business and associated trademarks and patents, to Montagu Private Equity for £72m. Montagu sold the business on to Premier Foods in 2005 for £172m.[17]In 2011 Premier Foods sold Quorn to Exponent Private Equity and Intermediate Capital Group for £205 million.[26][27] In 2015, the owners put the company up for sale via a business auction process. Attracting bidders including Danone, Kerry Group, McCain Foods and Nomad Foods, it was sold to Monde Nissin Corporation headquartered in the Philippines for £550m ($831m).[28][29]'
alfa-spider
02 Mar 2017
slim down Hearing that the structure is being slimmed down with a few directors leaving soon. Not sure if been publicly announced but seems common knowledge inside.
SumTingsWong
02 Mar 2017
Re: Links There are almost 8 Million shares currently short sold, and Blackrock Investments have added to their short by aprox 1 Million during Feb.========== ========== ========Is that same Blackrock that purchase share in IGG recently, ironic that big Fund short sell longstanding traditional food product company yet buy into a spread betting institution.Mr Wong
Disorder
02 Mar 2017
Re: Links With increased holding disclosures being announced.New man from Oasis put in (Basically for one reason only) to see the sp better reflects the perceived truer value of the company.One would think everything is Rosy ???There are almost 8 Million shares currently short sold, and Blackrock Investments have added to their short by aprox 1 Million during Feb.But Oasis and Merryl have added.
The buzz
02 Mar 2017
Re: Links Just spiked at 41-41.25p but hit some sells and now back to 40.5-41p. Looks like there is pressure to rise and just needs to go through the limit sells that are there. As always - should the price get some momentum, then the stop loss buys come in from the shorters. Now 40.75-41p.The B
The buzz
01 Mar 2017
Links There is some missing info that needs to be accessed. The terms of agreement with oasis are given by this link:-[link] PFD web site did not yield major shareholder holdings for me, but I found this RNS that states that Oasis have an 8.3% holding via a qualifying instruments that I do not understand.[link] as I see things, they have to buy a further 1.7% of PFD's shares by 30.6.2018 to retain the directorship. That does not say that they will actually buy the shares - just that they will lose their directorship if they do not.I have posted some of my recent purchases on this bb - so today's rise was welcome! I see scope for some fall back but alternatively a substantial rise - so on balance I still think that it is better to have some shares in PFD than not.The BuzzThe B
marktime1231
01 Mar 2017
Calm Down I'm not too sure yet what the move by Oasis really means, but in theory their commitment to buy up 10% of the shares over the next 18 months or so must be positive for the sp.Is this another trick by PFD to try and block an external takeover bid?Wosner is a kid, he is not adding much personally, just overseeing someone elses interests. Unless he has a relationship with an Asian potential bidder?Beever words are no source of comfort, he should have departed for the golf course by now.Surprised Darby hasn't gone already since it is he who has under-delivered on the boasts which allowed PFD to reject McCormick. I will not be investing further while this loser is in charge.Is Nissin behind it?
SumTingsWong
01 Mar 2017
Re: Undervaluation of PFD taken seriously well this is what I was waiting for, its a polite kick up the backside for PFD and a very welcome one.I have added substantially today as I believe the SP will increase as Oasis will have to buy up in the open market, I believe they are strategically planning to try to build a stake to add to Nissins 17% which should act as a "blocking" stake against any low ball bid, my only concern is will they manage to accrue the amount of shares before a predator strikes here?I am very happy with todays RNS and it was long overdue and maybe, just maybe we have bottomed and will now go on to 70p with or without a bid.Mr Wong
Disorder
01 Mar 2017
Re: Undervaluation of PFD taken seriously Something is cooking...Premier own to many household brands to not be seen as a cracking takeover target at even double today's sp.The previously rejected offer at 70p was rubbished by the board as seriously undervaluing the company.What I say next is confrontational in the extreme, but i would suggest ignore a quarters or maybe even half year reports as an indicator of concrete direction.PFD are changing, evolving and adding new brands to satisfy consumer demands.Tesco was all but written off, but look at them now.When you own household brands, they will never go out of fashion. Oxo, Bisto, Birds, all of these household names.My opinion is, is that PFD are aware they are a target, and are making sure that any moves will value the company fairly. Hence the constant mention of "SHAREHOLDER VALUE"The boss of international investment firm Oasis Management Company has joined the board of Premier Foods, the Hertfordshire-headquartered company behind the Mr Kipling brand of cakes and Ambrosia custard, as a non-executive director.Daniel Wosner has officially taken up his position on 1 March 2017. He is currently managing director and head of Europe at Oasis, which is Premier Foods' second largest shareholder.Prior to joining the firm in 2016, Wosner held senior investment banking roles at Barclays and Lehman Brothers.David Beever, chairman of Premier Foods, said: "We are pleased to welcome Daniel Wosner of Oasis to the board as a non-executive director and look forward to working with him to drive the company's long-term value and enhance value for all shareholders."Daniel's perspective and experience will be a valuable addition to the team as we continue our effort to maximise the potential of our category leading brands, strong customer partnerships and supply chain expertise."Daniel Wosner added: "We appreciate the constructive engagement that we have had with Premier Foods chairman David Beever and the executive leadership team, and I welcome the opportunity to join the board."I look forward to working with chief executive officer Gavin Darby, and his colleagues to achieve the full potential and value from the company's outstanding brand portfolio."
Disorder
01 Mar 2017
Undervaluation of PFD taken seriously The release this morning has instilled the faith I had in my own judgement that PFD was undervalued.The signalling from Oasis that they not just intend to support PFD, but assist in guiding it to a healthier valuation but its all been done amicably and with a fresh eye on the remuneration committee is the exact news I required to further add to my holding.Not expecting fireworks in the first hour, day, week or even month, but believe there has been an underpinning regards the sp, and now the only way is up.Premier Foods plc("Premier Foods" the "Company"
1 March 2017Board AppointmentPremier Foods plc is pleased to announce the appointment of Daniel Wosner as a Non-Executive Director of the Company from 1st March 2017. Daniel is Managing Director and Head of Europe at Oasis Management Company Limited ("Oasis", an international investment firm and the Company's second largest shareholder. Before joining Oasis in 2016, Daniel held senior investment banking roles at Barclays and Lehman Brothers.David Beever, Chairman of Premier Foods, said:"We are pleased to welcome Daniel Wosner of Oasis to the board as a non-executive director and look forward to working with him to drive the Company's long-term value and enhance value for all shareholders. Daniel's perspective and experience will be a valuable addition to the team as we continue our effort to maximise the potential of our category leading brands, strong customer partnerships and supply chain expertise."Daniel Wosner added:"We appreciate the constructive engagement that we have had with Premier Foods Chairman David Beever and the Executive Leadership Team, and I welcome the opportunity to join the Board. I look forward to working with Chief Executive Officer Gavin Darby, and his colleagues to achieve the full potential and value from the Company's outstanding brand portfolio."Seth Fischer, Chief Investment Officer & Founder of Oasis, commented:"We have followed Premier Foods for several years and are optimistic about the long-term prospects of the Company. As significant investors, we are fully committed to building long-term value for all shareholders."Accordingly, the Company and Oasis have today entered into a customary relationship agreement, a summary of the terms is available on the Company's website. Some of the key terms are set out below.· Daniel will be appointed to the Remuneration Committee of the Board· Oasis will acquire in aggregate 10% of the ordinary share capital of the Company by 30th June 2018· The relationship agreement with Oasis and Daniel's tenure as a Non-Executive Director will continue until the day following the 2019 AGM, unless extended· For the term of the relationship agreement, Oasis is to hold a minimum of 7% and a maximum of 15% shareholding in the Company
SumTingsWong
27 Feb 2017
Re: Maybe wong you didn't answer my question....what was in it for Darby to reject Mccormicks========== ========== ========== ====Severance package and/or remaining in his position, something I doubt McCormick offered him and to be honest I don't blame them, if it were up to me I would give him two options , he either takes his salary in shares or I would make him walk the plank.I am sure even you can see that with what went on around the approach from McCormick something was going on between Nissin and PFD that Darby did not want to disconnect himself from.I have seen this several times before where an offer, sorry i meant offers! were turned down because the CEO said it undervalued the prospects and their was great potential for growth blah blah blah, only for the complete opposite to take place once the talks had finished.IMHO Darby & Co should be investigated about their ties with Nissin and I still cannot understand how the remaining institutions have not gone for him, all I can think of is that there is something in the offing that will lead to a much higher share price than current.Lets see.Mr Wong
pyueck
26 Feb 2017
Re: Maybe wong you didn't answer my question....what was in it for Darby to reject Mccormicks to facilitate a year of rubbish trading statements to allow Nissin to buy the company cheaply as per your theory?Let's see how much earnings there are before we talk about P/E ratios! Based on the recent trading statement not a lot. And that needs to go on paying the debt down and shoring up the pension scheme, paying for Darby's remuneration etc etc, well before us shareholders will see any of it.
SumTingsWong
26 Feb 2017
After the 60p approach the chairman said this - "The Board considers that the Net Present Value of the future cash flows expected to arise from the Company's growth plans outlined below would imply a price per share significantly above the Indicative Price".So at 60p the offer significantly undervalued Premier, so what is the word to be used when we are 39p?Either the market is having a laugh with shareholders of PFD or the management is, which is it?Mr Wong
SumTingsWong
26 Feb 2017
Re: Maybe whatever twist, whatever conspiracy theory, the fact remain PFD is very cheap at the current market valuation trailing P/E almost non existent.INO, the surest way together the share price up is too oust Darby, the guy doesn't deserve a wage let alone a job.Mr Wong
