A Toronto investment firm is moving to shake up the board of Pet Valu Inc. [PVC-T] and its subsidiary Pet Valu Canada Inc. at the upcoming annual meeting of the pet food wholesaler and retailer.
Goodwood Inc., headed by Peter Puccetti, didn’t announce its nominees Tuesday but said it would provide further details in filings with securities regulators.
Pet Valu’s president and chief executive, Geoffrey Holt, has been a director since 1996, and holds 28.3 per cent of the exchangeable shares.
Goodwood and its insiders collectively control about 20 per cent of the votes entitled to be cast at the May 8 shareholders meeting.
Last month, Pet Valu reported 2007 net income of $12.4-million or $1.20 per share, up from $7.5-million or 79 cents per share in 2006. Revenue rose to $163 million from $147-million.
Pet Valu Canada is a specialty retailer and wholesaler of pet food and pet-related supplies and a franchiser of pet-related supply outlets.
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