Does anyone know this company? It was highlighted in this weekend's paper and I wonder if it is about to fall a lot more ( eg with the prospect of a Rights Issue, etc), and that might be a good time to get in - when they have some cash.

Are they beholden to Supermarkets, I wonder - could this mean they have little "pricing-power"? - That's something that any go-go business needs, perhaps along with a USP - although this is hardly likley in the "food" industry, is it?

and elsewhere of course!!!

I like the elsewhere reference. We have our elsewheres.

lol

Well it looks like HOVIS is safe but BRANSTON is for the chop.

Premier Foods shifts focus of 'Great Little Ideas' campaign

indeed yes but branston with chops??? lol

Just bought @4.077.

Would you buy oxos from this woman.

lol.

Afraid this is heading to the bottom.

what do you mean 'heading' ???
aren't we there yet ?

i can only summise that this debacle is the result of very poor
management. the only hope is to sell hovis & kipling - too much fresh
competition on the high st nowadays. at least many of their other products
cant be replicated in the same way.

p.s. no longer a holder - thankfully - sold mine earlier this year

Short listed here for 3 awards - obviously of no help.

Strategic Manufacturing awards 2011

Too late it needs a rescue doctor.

Hmmmm.

RNS Number : 5738R

Premier Foods plc

07 November 2011

Premier Foods secures agreement from banking syndicate to defer upcoming covenant test;

Constructive discussions continue over longer term refinancing of debt beyond its current maturity of December 2013

Premier Foods today announces that it has obtained agreement from its banking syndicate to a deferral of the company's forthcoming financial covenant test from 31 December 2011 to 31 March 2012. This agreement forms part of the company's discussions about longer term refinancing of the Group's debt and confirms ongoing bank support for the business.

The company announced in October that it was in constructive discussions with its banks to put in place refinancing facilities beyond their current maturity of December 2013. These discussions continue to be constructive and the banking syndicate has confirmed that it remains supportive both of the business and the continued discussions.

Commenting on progress, Michael Clarke, Chief Executive Officer, said:

"This is an important step towards securing a longer term financial foundation for the business. I am very pleased that after sharing our vision and high-level plans, our banking syndicate has confirmed its support."

"In recent weeks, we have set out our priorities and made significant leadership changes to strengthen our focus. We are now moving quickly to finalise our detailed growth plans to ensure we continue to build momentum in the business."

Further updates regarding the discussions with the banks will be provided as appropriate. The company expects that a further announcement on the long-term refinancing of its debt and extension of its facilities will be made at the conclusion of those discussions.

Out of auction +20%

Great news at last.

Been waiting for this announcement
I think it's gonna be a wild day on the upside

Norges Bank >3%

Premier Foods gets breathing space from banks




16:33, Monday 7 November 2011

LONDON (Reuters) - Britain's biggest food group Premier Foods (Xetra: A0B7GL - news) won an extra three-month grace period from its lenders on Monday as it secured a deal whereby its banks agreed to defer a financial covenant test to the end of March 2012.

The group, whose brands include Ambrosia, Batchelor's, Hovis and Mr. Kipling is struggling with hefty debts of 1.3 billion pounds ($2.1 billion) after an acquisition spree and feeling the squeeze of a sharp rise in commodity costs and weak consumer demand in Britain.

The deferral now gives Premier (BSE: PREMIER.BO - news) until March 31 to meet its covenant test instead of December 31, 2011 previously. It said the deal forms part of its talks about longer term refinancing and also confirms ongoing bank support for the business.

Premier is paying an extra 1.2 million pounds for the three-month waiver on the covenant test which calls for a net debt to earnings before interest, tax, depreciation and amortisation (EBITDA) ratio of below 3.9 times.

Chief Executive Michael Clarke, who joined from U.S. food group Kraft Foods (NYSE: KFT - news) in mid-August, welcomed the deal and said in a statement; "This is an important step towards securing a longer term financial foundation for the business."

Premier is looking to sell off some branded businesses such as Branston Pickle and Hartley's jam as well as its private-label business to focus instead on eight key brands -- Ambrosia, Batchelor's, Bisto, Hovis, Loyd Grossman, Mr. Kipling, Oxo and Sharwood's.

Premier shares closed up 10 percent at 3.7 pence, to value the group at around 105 million pounds.

On edit - I thought the article was current!

From over the road. Hovis owner Premier Foods sells canning business for 182m

Broker Upgrade target 15p ++

Shares in Premier Foods PFDS.L add 5.9 percent, the top FTSE 250 .FTMC gainer, as Investec Securities upgrades its rating for the under-pressure food producer to "buy" from "hold" with a target price of 15 pence.
"We think the market has under-appreciated the significance of the covenant deferral and move to Buyers, reflecting both this and some faith in the value of a set of entirely new brooms at the top," Investec says in a note.
Premier Foods shares jumped 10 percent on Monday after the group said that its banking syndicate had agreed to defer a covenant test scheduled for December 31 as discussions around refinancing the company's debt continue.
"We think there is a plausible equity value of 20 pence in six months with better than the 20 percent probability of realisation that the share price is currently discounting," the broker adds.
Investec says that the resultant risk/reward gives Premier Foods a legitimate place in a special situation portfolio for it.
Reuters messaging rm://jon.hopkins.thomsonreuters.com@reuters.net