Lodbrok Capital has welcomed the high shareholder turnout of 74% and decisive votes in favour of all motions proposed and supported by Lodbrok. The London based fund holds a shareholding of over 4% and holds 29% of the total outstanding hybrids at Aryzta. It says the decision today is a clear vindication for the Chairman’s plan to dispose, delever and refocus. The strong turnout provides a powerful mandate from shareholders and serves as an unambiguous instruction to put the uncertainty and subsequent value destruction caused by Elliott’s opportunistic takeover attempts behind us.
the new Board is well-placed to maximise value from the disposal process, deleverage the capital structure and optimise the remaining core business and deliver value to customers. It possesses highly relevant expertise and strong alignment with the plans for Aryzta. Lodbrok is optimistic about the future of Aryzta under its new leadership and looks forward to seeing maximise value for all stakeholders as it returns to its core values. The appointment of Gordon Hardie will similarly re-establish the Company’s deep-rooted connection to Ireland