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Classified as press_release per its BUSINESS WIRE masthead and filename marker 'CC-PR-and-Letter'. Engine has a partner website (ABetterPathforCandC.com) and retained Saratoga Proxy Consulting and Longacre Square Partners. The peer-gap table on p.1 and the board-ownership table on p.2 are the two visual anchors. Board chair/CEO Ralph Findlay is implicitly the governance-code issue but not explicitly vilified — hence villain_named=false.", "kpisCited": [ { "detail": "C&C -49.5% vs FTSE 250 +22.7% vs peer group +31.1% (gap of -72.2% and -80.6%)", "metric": "Total shareholder return since 2019 LSE listing" }, { "detail": "C&C -25.4% vs FTSE 250 +0.3% vs peer group +2.4%", "metric": "Total shareholder return 3-year" }, { "detail": "Eight directors own 200,972 shares total, or 0.05% of outstanding; six of eight own zero or negligible stakes", "metric": "Board share ownership" }, { "detail": "Four CEOs in less than four years with prospect of a fifth in 12-18 months", "metric": "CEO turnover" }, { "detail": "Just under 5.0% of outstanding shares, held for more than four years", "metric": "Engine ownership" } ], "closingAsk": "Elect Engine Capital's two nominees, Ryan Dubin and Alan Hibben, to the C&C Group board at the August 15, 2024 Annual General Meeting.", "extraction": { "at": "2026-04-22 18:43:14+00", "model": "unknown-legacy", "runId": null, "seconds": 96.57061, "promptVersion": null }, "scqaReward": "Adding directors with financial skillsets, a sense of urgency and skin in the game would catalyze long-overdue operational improvements and a strategic review, closing a steep discount to relevant transaction multiples.", "thesisTypes": [ "governance_board", "management_change", "operational_turnaround", "sale_of_company" ], "top3Reasons": [ "C&C has underperformed peers by 81% and the FTSE 250 by 72% since its 2019 LSE listing", "The board owns just 0.05% of shares — directors have no skin in the game", "Four CEOs in under four years signals persistent succession and governance failure" ], "scqaSituation": "C&C Group is an LSE-listed cider and beer company with unique strategic assets including Bulmers, Tennent's, and distribution in Ireland and Scotland; Engine has owned just under 5% for more than four years.", "thesisSummary": "Engine Capital, owner of just under 5% of C&C Group plc, argues the UK cider and beer company has been a perennial underperformer since its 2019 LSE listing, lagging the FTSE 250 by 72% and peers by 81% over the five-year period. 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