Premier Foods’ Darby braced for Oasis’s attempt to unseat him
Talktalk could also face a shareholder revolt in rebellion against chairman
Today
Trading update Rio Tinto Economics
Retail sales (US), Trade balance (EU)
Tomorrow
Talktalk chairman Sir Charles Dunstone could face a shareholder revolt at its AGM after raising £200m in a share sale to help it slash debt without consulting existing investors. Two shareholder advisory groups have signalled that investors should rebel against the chairman’s re-election. Trading update
BHP Billiton, Dairy Crest, Galliford Try, Petropavlovsk, Royal Mail, SSP Group, Talktalk AGM
British Land, Dairy Crest, Firstgroup, N Brown Economics
Labour data (UK), Industrial production (US), New car registrations (EU)
Wednesday
The boardroom battle at Premier Foods will take centre stage this week as activist investor Oasis Management attempts to oust boss Gavin Darby.
The disgruntled shareholder has blasted Mr Darby for “years of persistent shareholder value destruction” and doubled its stake to 17.3pc last week. It is counting on the support of Paulson & Co, which has a 6.2pc stake in Premier, but the group, which owns brands including Mr Kipling and Bisto, is believed to have the backing of Nissin Foods.
The Japanese noodle maker has a 20pc holding, dating back to Mr Darby’s controversial decision to spurn a 60p a share bid from US spice firm Mccormick in 2016 in favour of a tie-up. Premier Foods shares are currently trading at 46.5p. Trading update
Close Brothers, easyjet, Premier Foods, RPC, Severn Trent AGM
Experian, Premier Foods, RPC, Severn Trent, Talktalk Economics
Inflation data (UK & EU), Housing data (US), Federal Reserve Beige Book (US), Construction output (EU)
Thursday
Hot weather and the success of England at the World Cup could boost Sports Direct’s figures as it attempts to turn itself into the “Selfridges of Sport”, according to Hargreaves Lansdown analyst George Salmon.
He added that its strategy “to elevate its retail offering” has shown early signs of success despite poor high street conditions. Full-year results
Sports Direct International Interim results
Moneysupermarket.com, Unilever Trading update
Anglo American, AO World, Babcock International, Euromoney Institutional Investor, Hilton Food Group, Mothercare, SSE AGM
AO World, Babcock International, Electrocomponents, Halma, Royal Mail, SSE Economics
Retail sales (UK), CBI industrial trends survey
Friday
Acacia Mining will update investors on the toll of its bitter dispute with the Tanzanian government.
The gold producer already admitted last month that gold production in its second quarter fell by 36pc as its majority shareholder Barrick attempts to lift an export ban hitting around 30pc of its output. Interim results
Acacia Mining, Beazley Economics Public sector net borrowing