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Pioneer Foods’ share price fell more than 4% on Monday as an unfavourable maize procurement contract came back to bite the group. Although CEO Phil Roux moved quickly to reassure investors that the company was expecting a better second-half performance, this did not stop the share price dropping 4.38% to close at R153. “I have taken great pride in our achievements over the past four years. Unfortunately the same can’t be said about the first-half 2017,” said Roux. “While the company has had to contend with extraordinary circumstances, it is important not to fully externalise our predicament. We made well-considered strategic choices which have regrettably weighed heavily on our financial performance,” he said.

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