Just Eat Conference Call Transcript Made Available by Cat Rock Capital


Cat Rock Capital Management LP (together with its affiliates, Cat Rock), a long-term oriented investment firm and beneficial owner of approximately 13.0 million shares of the common stock of Just Eat plc (Just Eat or the Company) (LSE:JE), today released a transcript of the conference call with sell-side analysts it hosted on 11 February 2019 to discuss Just Eats CEO search and merger opportunities. Representatives from twenty-two institutions participated in the call.

The transcript of this call, along with Cat Rocks previously released open letters to the Just Eat Board, can be downloaded and read in full at JustEatMustDeliver.com.

Alex Captain, Founder and Managing Partner of Cat Rock Capital Management LP, commented:

We would like to thank all those who participated in our conference call regarding the Just Eat CEO search and merger opportunities last week. We are making the transcript of this call available to all Just Eat shareholders to continue the productive engagement that investors have had with the Board over the last few months.

Since we sent our open letter on 11 February, we have spoken with many Just Eat shareholders and have been pleased to see strong support for our proposals. We have been particularly encouraged to hear that several other Just Eat shareholders have written to the Board to express their view that the Company needs executives with online food delivery experience and that it should be actively engaging in merger discussions with well-run industry peers.

Just Eat needs management with industry experience to achieve its potential. We and other shareholders believe the Board would be repeating a grave mistake by experimenting with yet another industry outsider as CEO.

Conversely, the Board could generate significant value by negotiating a merger that provides Just Eat shareholders with world-class management, proven delivery capabilities, a premium, and continued equity participation in Just Eats future value creation.

We look forward to continuing our discussions with other long-term Just Eat shareholders to help the Company achieve its great potential.

Sidley Austin LLP is serving as legal advisor to Cat Rock Capital Management LP.

About Cat Rock Capital Management LP

Cat Rock Capital Management LP is a long-term focused investment firm that manages capital on behalf of pension funds, endowments, foundations, and other institutional investors. It seeks to invest in a select number of high-quality companies, with a long-term approach that emphasizes deep fundamental research. Cat Rock Capital is based in Connecticut, USA and was founded in 2015 by Alex Captain, a former Partner at Tiger Global Management.


Cat Rock Capital is publishing this announcement solely for the information of other shareholders in Just Eat plc. This announcement is provided merely for general informational purposes and is not intended to be, nor should it be construed as (1) investment, financial, tax or legal advice, or (2) a recommendation to buy, sell or hold any security or other investment, or to pursue any investment style or strategy. Neither the information nor any opinion contained in this announcement constitutes an offer to purchase or sell or a solicitation of an offer to purchase or sell any securities or other investments in the Company or any other company by Cat Rock Capital or any fund or other entity managed directly or indirectly by Cat Rock Capital in any jurisdiction. This announcement does not consider the investment objective, financial situation, suitability or the particular need or circumstances of any specific individual who may access or review this announcement and may not be taken as advice on the merits of any investment decision. Any person who is in any doubt about the matters to which this announcement relates should consult an authorised financial adviser or other person authorised under the UK Financial Services and Markets Act 2000.


This press release and the letter contain certain forward-looking statements and information that are based on Cat Rock Capitals beliefs as well as assumptions made by, and information currently available to, Cat Rock Capital. These statements include, but are not limited to, statements about strategies, plans, objectives, expectations, intentions, expenditures and assumptions and other statements that are not historical facts. When used herein, words such as anticipate, believe, estimate, expect, intend, plan and project and similar expressions are intended to identify forward-looking statements. These statements reflect our current views with respect to future events, are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Further, certain forward-looking statements are based upon assumption as to future events that may not prove to be accurate. Actual results, performance or achievements may vary materially and adversely from those described herein. There is no assurance or guarantee with respect to the prices at which any securities of the Company will trade, and such securities may not trade at prices that may be implied herein. Any estimates, projections or potential impact of the opportunities identified by Cat Rock Capital herein are based on assumptions that Cat Rock Capital believes to be reasonable as of the date hereof, but there can be no assurance or guarantee that actual results or performance will not differ, and such differences may be material and adverse. No representation or warranty, express or implied, is given by Cat Rock Capital or any of its officers, employees or agents as to the achievement or reasonableness of, and no reliance should be placed on, any projections, estimates, forecasts, targets, prospects or returns contained herein. Any historic financial information, projections, estimates, forecasts, targets, prospects or returns contained herein are not necessarily a reliable indicator of future performance. Nothing in these materials should be relied upon as a promise or representation as to the future.

Cat Rock Capital
+1 (203) 992-4630
[email protected]

Charlotte Balbirnie
+44 (0) 7989 528421
[email protected]