Primo Water sends letter to shareowners regarding Legion Partners campaign

Primo Water filed definitive proxy materials with the United States Securities and Exchange Commission, or SEC, and with the applicable Canadian securities regulatory authorities in connection with its 2023 annual and special meeting of shareowners, which is scheduled to be held on May 3. Shareowners as of the close of business on March 14 will be entitled to vote at this meeting. Primo Water also sent a letter to shareowners. The board also commented on the campaign being waged by Legion Partners Holdings, a 1.5% shareowner that has failed to meaningfully engage with the company since first buying shares in October 2022. Primo water said, "In the letter, the Company describes: Primo Water’s transformation to a high-performing business by changing its strategy and reducing its environmental impact; The strong financial performance of the business, including double-digit top-line growth (on a foreign-exchange neutral basis) in 2022 and the expansion of Adjusted EBITDA margin from 13% to 19% over the last five years, driven by the strategy changes, while the business became carbon neutral across all global operations; and The refreshment of the Board of Directors (the "Board"), including the addition of seven new directors in the last five years. The Board also commented on the campaign being waged by Legion Partners Holdings, LLC, a 1.5% shareowner that has failed to meaningfully engage with the Company since first buying shares in October 2022."