Both parties will no doubt hit the pavement selling their takes on the company’s ailments to investors, analysts and proxy advisors ahead of the annual meeting.
It was a surprisingly abrupt eruption of hostilities between Endeavour’s board and the hotel and liquor retailer’s largest shareholder, billionaire businessman Bruce Mathieson, last week. And relations are bound only to deteriorate ason the company’s ailments to other investors and analysts.
Those working with Wavish, who is in Hawaii and due back next week, and Mathieson have already drawn up a strategy, according to some in the market privy to the plans. Mathieson may be firing shots at the board – accusing them of running an “insiders’ club” and “material value destruction” – but Wavish will be trying to sell himself as a director.
A series of graphs maps out exactly how Wavish sees Endeavour competing against its peers. Endeavour’s share price is down 25.4 per cent in the 12 months to September 21; Coles is down 6 per cent while Metcash is down 8.2 per cent. Woolworths, which Endeavour was spun out from in June 2021, saw an 8.4 per cent increase in its market value in that period.Endeavour no longer commands a premium multiple, and is fast approaching Coles’, another slide warns.
In his letter to Hearl last week, he described the company’s brand positioning as “strategically lost”
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