June 13, 2019 / 7:47 AM / a month ago

BUZZ-Majestic Wine: Shares fall after chairman exit, dividend suspension

** Shares of Britain’s largest specialist wine retailer fall 6.6% to 297 pence

** Co says dividend is being suspended due to the sale of retail business and shift in focus to online business Naked Wine

** Co says chairman Greg Hodder will resign

** “The highly regarded Chairman has resigned and whilst replaced with another credible candidate is an unexpected surprise,” brokerage Liberum said

** Co says adjusted pretax profit fell 34.5% to 11.3 mln stg, due to margin decline at its retail business which was recently put up for sale

** Co says underlying revenue growth slows at retail business to 1.5% from 1.9% last year

** Liberum: “The group has yet again not provided clarity on how the digital channels are performing for Naked and this is very much required” (Reporting by Justin George Varghese in Bengaluru)

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