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Orora Ltd (ASX:ORA) (ORA or Orora) is a glass and aluminium packaging company operating across 17 sites in Australasia, North America, Europe and the UAE. Orora Cans is the leading producer of cans in Australia and New Zealand with six manufacturing plants. Saverglass produces premium glass bottles in France, Belgium, the UAE and Mexico at six manufacturing plants and four decoration sites.

The Opportunity

ORA has had a poor track record of capital allocation in recent years.  It acquired Saverglass in September 2023 and then divested its North American Packaging Solutions business in 2024.  Between FY2023 and FY2026, earnings per share (EPS) and the share price have more than halved.
Yet the Board continues to offer the potential for substantial rewards to management despite weak shareholder returns, poor capital discipline and disappointing operating performance.

COMMENCED

Aug 2026

OPENING PURCHASE PRICE PER SHARE

~$1.52

THE ACTIVIST CAMPAIGN

We recently wrote to the ORA Chair and Directors outlining our concerns with the Board’s capital allocation record and the disconnect between executive incentives and shareholder outcomes.

It explains how these concerns have informed our voting intentions for the upcoming Annual General Meeting and why we will encourage other shareholders to vote the same way.

It is available here.

INVESTMENT STATUS

Current

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+61 2 8014 1188

info@sandoncapital.com.au