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Global Britain Plc – ‘Project Brexit’ transaction, investor call transcript

Summary:
Participants: Theresa May, chief executive; Philip Hammond, chief financial officer; David Davis, chief operating officerOperator: Ladies and gentlemen, following the chief executive’s remarks, if you wish to ask a question, please press star one on your phone. Again, for audio questions at this time, please press star one to begin. Our first question comes from the line of Alf Aville with Befuddled Securities. Please proceed.Alf Aville: Hi! Great quarter, guys. Great quarter. Hi Theresa – thanks very much for the colour on the call about the transaction to exit the stake in European United (GmbH). Love the ‘Global’ rebranding, plus the simultaneous ‘take back control’’ and ‘profoundly internationalist’ slogans for the quarter. Deft messaging in terms of ex-Europe market share opportunities, guys. (Will you be reviving the old ‘East India Company’ brand?)Impressed also with your attack on “every stray word and hyped-up media report”. That always scares the short-sellers. It really shows that the company definitely isn’t rattled, at all, about the guys saying you don’t have a plan for the demerger.Yeah, the demerger. Could have appreciated some commentary on the company’s chronic productivity problems, its lack of capital spend and the balance-sheet concentration in the finance and real estate portfolio, especially as the stock is down a fifth since you became CEO.

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Participants: Theresa May, chief executive; Philip Hammond, chief financial officer; David...

Joseph Cotterill
Joseph is the FT’s Southern Africa correspondent based in Johannesburg, after previous stints as private equity correspondent and on the Lex column. But he still writes for Alphaville, which he joined way back in March 2010 — right in the middle of the Greek bailout crisis. He has been very interested in all things credit and sovereign debt ever since…

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