A partnership agreement between Endeavour and Woolworths is in the crosshairs of billionaire Bruce Mathieson, the biggest shareholder in the pub, poker machine and liquor group.
Billionaire Bruce Mathieson is grumpy. The 79-year-old’s losing money, too much of it, and he wants heads to roll at the pub, poker machine and liquor group Endeavour.
The Mathieson camp has argued that operating costs, excluding corporate costs, have grown in the past two years by 11.4 per cent to $2.4 billion. The size of the payment is a big part of Endeavour’s costs. To understand the size, it’s worth noting Endeavour’s net profit was $529 million in the recent financial year.
When Endeavour listed on the sharemarket in 2021, its shares closed on its first day at $6.02. Now they’re worth $5.27. At the end of August, Woolworths also relinquished the board seat it held on Endeavour, with Holly Kramer ceasing to be a shared director of both companies. As well, Colin Storrie, a former Woolworths executive who had extensive knowledge of Endeavour’s pubs business, is departing at the end of this year.
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