Endeavour accuses pubs billionaire of using ‘selective’ information
The chairman of pubs and liquor retailing giant Endeavour Group has hit back at 15 per cent shareholder Bruce Mathieson’s torrent of criticism, telling Endeavour’s 420,000 shareholders to be “wary of selective and incomplete information”.
Peter Hearl, who has been chairman of Endeavour since it split from supermarket operator Woolworths in mid-2021, declared the board was acting in the interests of all shareholders, not just one.
Peter Hearl, the chairman of Endeavour Group.
The correspondence represents a ramping up of Endeavour’s defence of its performance and strategy under chief executive Steve Donohue, after almost two weeks of fire from Mr Mathieson, whose son Bruce Mathieson jnr is on the Endeavour board. Mr Mathieson wants to add Bill Wavish, a former Myer and Dick Smith Electronics chairman, to shake up the business.
Endeavour operates 266 Dan Murphy’s stores, 1435 BWS liquor stores and 354 hotels with 12,700 poker machines.
The letter from Mr Hearl accuses Mr Mathieson of providing an incomplete picture to shareholders and disregarding the disruptions posed by the COVID-19 pandemic. It rejects that costs are out of control, as Rich Lister Mr Mathieson has asserted.
“The Bruce Mathieson Group has used selective and incomplete information which has the potential to confuse shareholders as to the company’s performance,” it states.
It reinforces that the board recommends shareholders vote against the election of Mr Wavish at the annual meeting on October 31. Mr Hearl also asks that shareholders think about whether Mr Wavish would be considered an independent director, and to “reflect on this core tenet of our governance”.
Endeavour Group owns 266 Dan Murphy’s stores and 1435 BWS stores, along with 354 hotels.
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