Trustees of Premier Foods’ pension scheme have accused an activist investor of trying to ‘destabilise’ the firm as it attempts to oust chief executive Gavin Darby.
The chairmen of the Mr Kipling owner’s three main pension funds warned that Oasis Management’s attempts to kick out Darby could jeopardise the firm’s ‘significantly underfunded’ pension scheme.
Bad taste: Oasis blames Gavin Darby for the firm’s declining fortunes, with the stock down 53 per cent since 2014
Oasis blames 61-year-old Darby for the firm’s declining fortunes, with the stock down 53 per cent since a £353m fundraising drive in 2014.
The letter was sent to the company and the Pensions Regulator. It said: ‘We wish to place on record that we consider the risks associated with a change in leadership at this current point could be destabilising from an employer covenant perspective.’