Giant Us Investor the Templeton ; Trader Talk

Summary

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GIANT US investor the Templeton Foreign fund has bought into Premier Foods as rumours circulated the group was about to issue a positive statement on its debt.

Templeton took a 6.69% position in Premier, or 56,527,240 shares valued at just over [pounds]19.21 million at yesterday's close price of 34p, up 20.18% on the day. Managed by Tucker Scott, the $8.4 billion ([pounds]5.2 billion) investment fund invests at least 80% of assets outside the US, on a fundamental stock-picking value basis. Premier had earlier risen as much as 42%, having fallen from 69p on 6 October as analysts voiced concern that the group would need to slash its dividend after the company conceded it was trying to reduce [pounds]1.7 billion of borrowing. Premier Foods is the owner of some of the most popular UK food brands including Mr Kipling, Bisto Gravy and Hovis. Its top 10 best-selling labels have annual sales of more than [pounds]1.2 billion.

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Giant Us Investor the Templeton ; Trader Talk

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