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.
Even that doesn't leave a lot of time for the board to land, assess and recommend a takeover, but if it doesn't happen Gary McGann says he'll resign. Presumably he knows enough to be confident a credible offer will arrive.
Even so, the underlying message seems to be that the board would rather sell the company than engage meaningfully with their own antagonised shareholders, who are consigned to the sidelines, for now.