A partnership agreement between Endeavour and Woolworths is in the crosshairs of billionaire Bruce Mathieson, the biggest shareholder in the pub, poker machine and liquor group.
Billionaire Bruce Mathieson is grumpy. The 79-year-old’s losing money, too much of it, and he wants heads to roll at the pub, poker machine and liquor group Endeavour.
The Mathieson camp has argued that operating costs, excluding corporate costs, have grown in the past two years by 11.4 per cent to $2.4 billion. The size of the payment is a big part of Endeavour’s costs. To understand the size, it’s worth noting Endeavour’s net profit was $529 million in the recent financial year.
When Endeavour listed on the sharemarket in 2021, its shares closed on its first day at $6.02. Now they’re worth $5.27. After Mathieson, Woolworths is the next biggest shareholder in Endeavour. It owns 9.1 per cent. The supermarket group has cut its shareholding from the 14.6 per cent it held at listing.
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