Mathieson piles heat on Endeavour chairman to step down

WaveStone Capital flagged its intention to vote against the remuneration report. WaveStone principal Raaz Bhuyan said Endeavour’s performance needed improvement, and the board was light on retail experience and in running hotels.

“In the circumstances the business finds itself in, we need a period where the largest shareholder is supportive of the board renewal process,” he said. “It is absolutely incumbent on the board to create the condition for that. If that means that Peter retires and supports the board renewal program, we would be very supportive of that.”

Mr Bhuyan said it was in shareholders’ interests to create an environment where the board and management could again focus on running the business. “On behalf of our clients we intend to vote against the rem report to hold the board accountable for the changes we need to see on the board,” he added.

“Ultimately, the only way Endeavour’s share price recovers is for its operating performance to improve, and for that, we need a focused management and board.”

Mr Bhuyan declined to comment on whether he was backing Mr Wavish.

Endeavour recommends shareholders reject the appointment of Mr Wavish and has dismissed the accusations made by the Mathieson camp.It told shareholders to be “wary of selective and incomplete information” and Mr Hearl has insisted the board acts in the interests of all shareholders, not just one.

Mr Mathieson said Mr Hearl’s position was untenable, pointing to Endeavour’s share price trading near all-time lows of around $5 per share.

“That is the only pathway to stopping the tension with shareholders and giving this company a fighting chance at recovery,” he added.

The Dan Murphy’s, BWS and Jimmy Brings owner is in the eye of a governance storm after former Woolworths boss Roger Corbett this week also called for Mr Hearl to step aside. Mr Wavish worked as Mr Corbett’s right-hand man at Woolworths for several years. He was part of the team that helped buy and grow the Dan Murphy’s business and acquire and integrate Mr Mathieson’s hotels and gaming operator ALH Group (the precursor to Endeavour).

Endeavour was spun-out of Woolworths in June 2021, but Woolworths remains a major shareholder at 9.1 per cent. The other large investor is AustralianSuper. Both have stayed silent on their voting intentions.

Besides a dwindling share price, Mr Mathieson argues that Dan Murphy’s and BWS have routinely lost market share to competitors over the past two years. He has also cited rising costs and net debt hitting $1.9 billon.

Endeavour declined to comment on the possibility of facing an EGM.