C&C Group has announced that Feargal O’Rourke has purchased shares for the company, in a move that could spell confidence for the drink giant’s future.
O’Rourke was appointed a non-executive director at the Bulmers-maker’s AGM on 15 August.
The company announced his purchase of 50,000 ordinary shares at a price of £1.560 each – totalling an investment of £78,000 – on Monday.
The move could signify a renewed confidence in the drink company’s future by one of its senior leaders, following a turbulent few months that saw chief executive Patrick McMahon step down from his role, following a significant accounting adjustment, and Engine Capital, an investor in the company, calling for its sale.
Engine Capital went on to propose two candidates for the board of directors ahead of the AGM, but O’Rourke was appointed following an agreement between the companies.
Within Engine Capital’s proposal letter, it noted that the current directors ‘own a de minimis number of shares’, which could impact their interest in shareholder priorities.
‘Strategic, Financial And ESG Ambitions’
C&C Group last month expanded the remit of the chief financial officer to lead the group’s transformation programme, focused on simplifying operations and increasing efficiencies across the business.
Speaking about O’Rourke’s appointment earlier this month, the chair and chief executive of C&C Group, Ralph Findlay, said, “Feargal brings valuable expertise to C&C, having advised companies on a broad range of corporate, financial and taxation considerations over a long and esteemed career in PwC.
“We look forward to the contribution he will make to the C&C board in the period ahead, as we pursue our strategic, financial and ESG ambitions.”
On his appointment, O’Rourke said, “With its iconic brands and leading distribution platform, I am delighted to join C&C and support the board as it delivers its ambitious medium- and long-term goals.”
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