Premier under City fire as share price takes a tumble

first_imgInvestment bank and stockbroker group Shore Capital announced early this week that since its initial assessment of Premier Foods, the situation for the Hovis manufacturer had become “more dire”.Analyst Clive Black at Shore Capital told British Baker that bread brands were suffering as pressure from supermarkets continued to keep prices down. “Input price pressure and a lack of output price power are a source of strategic concern,” he said.On Monday, Shore Capital reiterated its “sell stance on Premier Foods stock”. This followed a document it sent to investors, examining Premier’s £1.75bn debt burden, £89m pension deficit, its rocketing input costs (including wheat, petrol and energy) and competitive retail environment.”The story since the acquisition spree last year has been disappointing; most clearly manifested in the share price,” according to Shore.Shares plunged 20% to 85.25p at one point last Friday, before closing the week 9% down at 108.75p. “Friday was a volatile day of trading, which at times surprised us in the magnitude of the markdown of the stock,” Shore Capital told investors.In its defence, Premier Foods issued a statement, which said that it had complied with all of its banking arrangements and that it would not be contemplating a rights issue, a way in which a company can sell new shares in order to raise capital.Martin Deboo, market analyst at Investec, told British Baker: “Warburtons and Associated British Foods are upping the promotional ante against Premier Foods.” He said promotional activity would be hard to sustain because “all the players have the same cost pressures and the rising price of North American wheat will start to hit Warburtons in particular”.last_img read more

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NFL Draft 2019: Auburn QB Jarrett Stidham to turn pro

first_imgStidham was a highly regarded draft prospect coming into the 2018 season, but a down year in which he completed 60.1 percent of his passes for 2,421 yards with 13 touchdowns and five interceptions reportedly hurt his stock.The redshirt junior’s numbers went down across the board as he posted lower numbers in completion percentage, passing yards, touchdown passes, quarterback rating and rushing yards. Auburn quarterback Jarrett Stidham will forgo his senior season to turn pro, the Tigers signal-caller announced Tuesday.”Words cannot describe the gratitude I have for the opportunity to play college football at Auburn University,” Stidham wrote on Twitter. “Thank you to all of my family, friends, coaches, and support staff for always believing in me. Thank you to my teammates who I have grown so close to and have made countless memories with. I will cherish the relationships with you guys forever. Cowboys’ Jerry Jones likes him some Kliff Kingsbury “Also, a special thank you to the Auburn family. You are the best fans in the country. With that being said, I have decided to enter the 2019 NFL draft. I love Auburn and am a proud alumni. War Eagle, forever.”It is unclear whether Stidham plans to play in the Music City Bowl. Related News He was a highly recruited quarterback coming out of high school, but took a circuitous route to entering the NFL draft.Stidham committed to Texas Tech out of Stephenville, Texas, as a high school junior, but decommitted and went to Baylor for his freshman year.He then left Baylor and eventually transferred to Auburn where he took over as the team’s quarterback as a redshirt sophomore and led the Tigers to the SEC championship game and a Sugar Bowl berth in 2017.last_img read more

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