Endeavour chair seeks ‘constructive resolution’ with pubs billionaire

afr.com:

Endeavour chairman Peter Hearl has told shareholders at the hotel and liquor retailer’s annual meeting in Sydney that “there is much more to do” when it comes to lifting the company’s sagging share price.

He said while there has been much disruption from the targeted campaign of major shareholder Bruce Mathieson, as a major shareholder at 15 per cent he deserves a board seat at Dan Murphy’s owner – but “this right does not extend to disproportionate control.” Mr Mathieson’s son Bruce Mathieson Jnr holds a board seat, but also is a backer of nominee Bill Wavish.

Billionaire Bruce Mathieson has led a campaign against Endeavour Group chairman Peter Hearl.  Arsineh Houspian

“While we continue to seek a constructive solution to the current shareholder campaign, we are focused on delivering value for all shareholders,” Mr Hearl said.

“The board is conscious of the recent volatility in Endeavour’s share price and we, like you, are disappointed.

“In this regard, we face an increasing cost of capital with rising interest rates impacting the value of our significant real asset exposures, as well as lower levels of consumer confidence as household discretionary incomes are put under pressure by those same interest rates, rising petrol prices, utility costs and food inflation.”

Endeavour shares rose in early trade to above $5 but are down 25 per cent over the past six months.

Mr Hearl told shareholders that board renewal was already under way with Holly Kramer stepping down as director recently, while Colin Storrie will not stand for re-election at the meeting. Rod van Onselen joined in June.

The Australian Financial Review reported on Monday that Endeavour would be hit on a protest vote agonist its pay report and that Mr Wavish