Hello, Share Pickers. If you are one of those investors who still believe that the Brexit mess will have a nasty effect on share prices, the company I look at today may not appeal to you very much. I - and several speakers at the Global Group UK Investor Show - though don’t think Brexit will make much difference in the longer run...
I cannot really call it the luck of the Irish but sandwich supremo Greencore (GNC) seems to have got itself out of a potential hole with the announcement today that it is selling its entire US business to a US buyer for just under $1.1 billion. It calls it 'an immediate realisation of value' but given it spent £750 million two years ago to beef up an existing but undeveloped prior US position, this does not represent some hugely remunerative return...more a way to cut down its debt problem…
You may have missed that this week is apparently National Sandwich Week. As with life in general, I am a pretty conventional sandwich eater with the vegetarian offerings by that fine emporium Waitrose a particular favourite. Well if you are going to eat on-the-go it is better to eat well, right? Anyhow - at least on this website - my sandwich obsession has been centred around Greencore (GNC) where I had to admit a mea culpa a couple of months or so ago. However - as you can read HERE – I did keep the faith observing that:
Hands up, judging by the share price reaction in Greencore (GNC) shares today after its trading update my optimism (last discussed here) about the prospects for the UK's leading sandwich provider and particularly its US-led expansion was overdone. But as one of my early career investment mentors once noted 'what happens, happens. What matters is how you react'. So what to think about today's newly 'improved' share price?
I was a bit worried the other day to read that the humble sandwich might be one of the biggest contributors to global warming...but as I had walked to the supermarket to buy my latest sliced bread offering I felt sufficiently virtuous to keep on eating. I cannot believe that too many of Greencore's (GNC) customers at multiple supermarkets and convenience stores are too fussed either judging by the tone of today's trading update.









