31st Jul 2024 14:37
C&C Group PLC - Dublin-based beer, cider, wine, spirits, and soft drinks maker and distributor across UK and Ireland - Responds to an open letter from disgruntled shareholder Engine Capital LP that nominates two directors for election to the C&C board at its August 15 annual general meeting. Engine notes that the majority of the current C&C directors own no C&C shares at all, and the entire board has only a 0.05% stake, almost entirely held by Chair & Chief Executive Officer Ralph Findlay. Engine itself has a just under 5.0% stake, it says, and its two board nominees, Ryan Dubin and Alan Hibben, have committed to buy shares personally.
"Unlike the current board, our candidates have skin in the game...an ownership mentality and the relevant financial background to help create a sense of urgency and focus on delivering long-term value for all shareholders and stakeholders," Engine says.
C&C says its board has had "regular dialogue" with Engine since it first invested and particularly since a previous letter last month. C&C says it will review the new letter and provide a response "in due course".
Engine describes itself as a "value-oriented special situations fund that invests both actively and passively in companies undergoing change". It has been an investor in C&C for more than four years, it says.
Current stock price: 158.29 pence, down 0.6% in London on Wednesday
12-month change: up 15%
By Tom Waite, Alliance News editor
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