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Delay won't diffuse investor tensions

 

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Aryzta chairman Gary McGann

Aryzta chairman Gary McGann

Aryzta chairman Gary McGann

Chairman Gary McGann's latest move does little to restore trust with dissident Aryzta investors. The latest twist in the saga sees the McGann-led board delay an emergency general meeting (EGM) while dangling the prospect of a takeover offer in front of weary shareholders.

Aryzta shares got a rare boost on the news that bids for the company are - potentially - in the works. Although the announcement was light on detail.

Coyness on the takeover detail was not helped by the board's waiting the maximum two months to set a date for an emergency general meeting - which was requested by shareholders back on May 20th - or by their pushing the meeting itself back from August to September.