There has been no shortage of drama at C&C Group, owner of Tennent’s Lager and Magners Irish cider, over recent months. But perhaps calmer waters are ahead for the troubled Dublin-based drinks company.

An unpalatable cocktail comprising profit warnings, a botched IT project, and accounting errors led the business to part company with two chief executives in little more than a year and sparked intervention from activist investor Engine Capital, which called for the business to be put up for sale.

In a letter to the board in June, the New York hedge fund which owns just under 5% of the company branded C&C a “perennial underperformer” that was “deeply misunderstood and undervalued by the market because of a combination of structural and self-inflicted problems”. It also called for two of its nominations, “who possess the relevant financial skillsets and a shareholder mindset” to be appointed to the company’s board as directors at its annual meeting.

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Since then, something of a rapprochement has occurred. A statement issued by C&C to the stock market last week declared the two parties have put in place a co-operation agreement to “work constructively together in the best interests of the company, all its shareholders and wider stakeholders”. The agreement provides for C&C to begin the process of appointing one new non-executive director with capital markets expertise to the board from a short-list of nominees agreed with Engine, while Engine agreed to withdraw its proposed nominees for election at the company’s annual meeting today (August 15).

Updating the market today, C&C made little reference to the process beyond stating that its appointment of Feargal O’Rourke as an independent non-executive director, announced this morning, pre-dated its engagement with Engine. It said the appointment of Mr O’Rourke would have no impact on the agreement with Engine to appoint a new non-exec to the board.

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On the trading front, C&C declared that it remained on course to meet its expectations for its 2025 financial year, despite the poor weather in June, which it noted would reflect “significant growth relative to FY2024”. It also reiterated its intention to deliver at least €150 million to shareholders over the next three years, ending in February 2025, 2026, and 2027, though a mix of share buybacks, dividends, and special dividends, “depending on prevailing circumstances”.

Shares in the company up nearly 3% in mid-afternoon, at155.8p at 15.15pm.