Denise Dudak: Do Lions Eat Lobster? - Zip06.com

By Rita Christopher/Zip06.com • 07/28/2021 08:30 a.m. EST

Do lions eat lobster? Maybe not on the plains of Africa but in here in Connecticut they will, at least, be cooking lobsters on Saturday, Aug. 7 at the Essex Lions annual Lobster Bake. The event, at Main Street Park in Essex Village, takes place rain or shine.

Denise Dudak of Deep River will be in the thick of things because she is the co-chair of the event, along with her partner in life and lobster, Tom Langlois.

Perhaps because she will be on her feet checking to make sure everything runs smoothly, Denise will be wearing her usual work footgear: sturdy construction boots.

That’s because Denise has her own company, Forbearance Power Line Construction, which not only does power line repair but also construction of patios and retaining walls as well as landscaping and installing lawns and gardens. She is credentialed as a master gardener and in addition to her long list of licenses and certifications include for technical and safety expertise.

“A lot of women spend on dress shoes. I’d buy a good pair of work boots before high heels. I wear heels for two hours and work boots 14 hours a day,” she explains.

Along with her own business, Denise also works for Asplundh, the company that specializes in tree trimming and removal for utility companies.

There aren’t a lot of women working in the kinds of jobs Denise does, though her daughter, Erin Nott of Killingworth, also works as an assistant project manager for another construction company.

Denise admits she has faced some skepticism from her male counterparts, but says her expertise quells doubts.

“For the most part people are respectful. They can see I know my stuff. I earn respect and I also give them respect,” she says.

Denise, who grew up in Madison, studied nursing after graduation from Daniel Hand High School and got started on her present career when a professional colleague noticed she was interested in occupational medicine and safety. That led to a nursing position in the field occupational medicine with what was then Northeast Utilities, now Eversource.

She appreciates not only the difficult conditions that outdoor utility workers operate but also their commitment to their jobs.

“I see on Facebook people make fun of Eversource, but those are men putting their lives on the line,” she says.

She remembers a situation when people had worked restoring power for a week in freezing weather with ice and snow. The workers didn’t stop even on Christmas Eve.

“They wouldn’t leave until everybody had their power on,” she says.

The slow work schedule last winter had an unexpected upside. Denise and Tom usually take some time and go to the Hawaiian island of Kauai but last year because of pandemic related delays and cancellations, they couldn’t arrange return flights.

“I spent hours and hours on the telephone; we could get to Honolulu but [were] not getting all the way home,” she says.

They spent 10 weeks on Kauai.

“In the end we just relaxed and enjoyed it,” Denise says.

Denise has been a member of the Essex Lions Club for 24 years; she has been president of the club, as has her sister Katie Keleman, the assistant tax collector in Westbroook. Membership has become a family tradition. Katie Keleman’s husband Joe and son Andy are also Lions members. (The Westbrook Club combined with the Essex Lions several years ago.)

Now, Denise is president of the Connecticut Lions Eye Research Foundation. Funding research into eye disease has always been central to the international mission of Lions clubs throughout the world ever since Helen Keller spoke at the first international Lions convention in l925 and challenged the group to fight eye disease by becoming Knights of Blind.

In Connecticut, the Eye Research Foundation funds research into eye disease at the University of Connecticut and is involved in other eye related medical programs. Locally the Essex Lions pay for both eye examinations and glasses for residents who cannot afford them.

Still, Denise emphasizes that the local Lions club, founded in 1956, is involved in a range of other community activities, contributing to both the Essex and Ivoryton libraries, Shoreline Soup Kitchens & Pantries, Tri-Town Youth Services Bureau, and Bikes for Kids, among others.

“It’s a good feeling to be part of the community,” Denise says. “Helping people, making somebody smile, it is part of my heart. Lions is one of my passions.”

Denise says that the job of putting on the annual lobster bake takes not only the efforts of the members of the Essex Lions Club but also their families and other helpers as well. Members of the Valley Regional High School Football team help with both set-up and breakdown before and after the event.

“We couldn’t do it alone,” she says.

The menu includes lobster or steak, corn, potatoes. Bill’s Seafood in Westbrook contributes the coleslaw; desert is ice cream bars. Iced tea and lemonade are included in the price of the meal, but those who want something stronger can bring their own beverages. There is a cash raw bar with shrimp cocktail, clams, and clam chowder.

Denise has no trouble reciting the menu. On the evening of the lobster bake, nonetheless, she will have trouble finding a moment to eat it.

“I’m usually too tired to eat my lobster that I have paid for,” she admits. “I wrap it up and I bring it home and I pick it out and have lobster salad the next day.”

Essex Lions Club Lobster Bake

The Essex Lions Club Lobster Bake runs rain or shine Saturday, Aug. 7 at Main Street Park Essex Village. The raw bar opens at 3:30 p.m.; dinner is from 5 to 7 p.m. Tickets available through Essex Lions Facebook page or on the Essex Lions website www.essexlionsclub.org and at Essex Hardware, Essex Detailing, Centerbrook Package Store, Bogart Construction, and the door on the day of the Lobster Bake.

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The Best Thing to Eat When It’s Hot - The New York Times

In paneer con tomate, bright and juicy acidity finds a perfect partner with bites of fried cheese.

Summer in Los Angeles, and the box grater, which I hang on an S hook with my pots and pans, gradually becomes my most precious kitchen tool. Not a knife, not a fancy pan, not a gadget I ogled in someone else’s kitchen, just that plain steel box grater with the horribly sharp handle that digs into my hand if I grip it too tightly, leaving a mark. But until tomato season ends, I grate every tomato I can: the bumped and bruised beefsteaks, half off at the grocery store, and the delicate heirlooms warmed by the sun at the farmers’ market. The ones I forget about and find again on the counter, soft, obscenely juicy and threatening to leak. The dark, almost purple tomatoes that ripen in my backyard — if I can get to them before the squirrels and the birds. At the grater, every tomato is the same: I make it a game to not waste a single bit of meat, to push my palm right against the metal and get down to a fine, translucent skin that curls at the edges.

The seeds and the juice run together, and even a slightly grainy tomato can be saved like this, its texture redeemed. With the tines of a fork laid flat, I stir in some salt, pepper and olive oil, and taste. Some very boring tomatoes will need a splash of vinegar, or maybe even a pinch of sugar, but most will surprise me, becoming absolutely drinkable. And there’s nothing wrong with drinking them, just like this.

But if I can resist, then that mix of seasoned, grated tomato, on a piece of nicely browned bread rubbed with a raw garlic clove, is a deservedly famous snack in Spain — pan con tomate. It’s the best thing to eat when it’s hot, and not just as a snack. I’ve found it’s also a meal, if I simply make enough of it. I let the extra oil and vinegar drip off a few fat, pickled white anchovies, if I have them, and lay those on top too.

The tomato pulp can be put to work every day in a different way.

The pulp can be put to work every day in a different way. A grated tomato with ripped-up basil leaves can be its own basic raw sauce. Season it with the same ingredients, just a little more aggressively, and it’s a salad dressing, maybe for more tomatoes, chopped this time, with cold Persian cucumbers and torn-up bread. Last summer, on one of my usual grated-tomato kicks, I poured it over pieces of fried paneer and felt like some kind of genius. I’ve rolled my eyes at wordplay on menus for years — the useless quotation marks, the jokey language — but despite that, I can’t help myself: I have to call it paneer con tomate.

Paneer is a fresh cheese, often curdled with lemon juice or vinegar, rather than rennet, and pressed into a block. It doesn’t go melty or stringy when it’s hot, so much as suck up what’s around it — perfect for underneath a sauce. The first time I made paneer con tomate, the cheese wasn’t homemade. I was working with a block of plastic-wrapped paneer from my local Indian grocery store, and it had been pressed hard so it was almost squeaky, smooth to cut, dry to the touch. This might not sound ideal, but it meant that it fried beautifully, getting crisp and brown all over while staying tender and bouncy inside. I poured over the grated tomato, and seasoned it with some popped mustard seeds and curry leaves bloomed in coconut oil, still sizzling hot, and put it on the table outside, on a very sweaty afternoon, for people to pick at. It disappeared within a minute or two, though no one asked for an explanation, which means I didn’t get to share its clever name, though it’s probably better that way.

I don’t make paneer from scratch very often, but when I do, it tends to have soft, loose little curds, not as good for frying. I’ve tried the same dish with homemade, but it sputters and spits hot oil and is much more likely to fall apart as you flip the pieces. Besides, if you’ve got fresh paneer, there’s no need to fry it at all. Crumble it up and grate the tomato directly on top — it’s good enough to eat with a spoon.

Recipe: Paneer con Tomate

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What to eat and drink at Tropicana Field for Rays Games - I Love the Burg

Keep the peanuts and Cracker Jacks for yourself. I’ll take the crab dip and footlong tater tots.

Whether you’re a big-time baseball prognosticator, or a little more agnostic about the finer details of the game, there’s still something inherently fun about a gameday experience. And if you’re catching a Rays game at Tropicana Field, that fun includes some of Tampa Bay’s best food and drink. From Kahwa coffee and Coppertail beer, to Pacific Counter bowls and Crabby’s shrimp wraps, the Trop is an oasis of flavor-rich (and often calorie-dense) local eats and libations.

Naturally, there are hot dogs and nachos aplenty, along with all the usual concession stand fare. And hey, there’s nothing wrong with a cheeseburger and a Coke. But for the more adventurous eaters and drinkers, this guide will be your map to gastronomical delight.

The Must Try List

Grab a fork and a friend and dig into some of the best dishes at the ballpark. If you try nothing else, you must try these specialties.

A boozy milkshake from Beans and Barlour

Raymond’s Cotton Candy Milkshake – Beans and Barlour

St. Pete’s favorite spot for delectable ice cream concoctions brings its A Game to Tropicana, and the cotton candy-topped milkshake takes top prize. Make it boozy and you’ve got the most relaxing dessert in town.

Spinach and Crab Dip – Crabby’s

A staple of the Beachside Hospitality Group, this outpost of Crabby’s will make you re-think the nachos you were eyeballing elsewhere. The crazy-flavorful dip brings home the goods with a spicy kick that keeps you reaching for chip after chip.

Footlong Tater Tot – Pig + Potato

Exactly what it sounds like, and even better than you think. A full 12 inches of crispy, battered-and-fried potato is smothered in smoked bacon, aged cheddar, cheese sauce and sour cream. Add jalapenos for even more heartburn if you’re feelin’ frisky.

Southern Philly Cheesesteak – Ballpark & Rec

One of the biggest spots in the stadium, Ballpark & Rec is the first and last stop for many, a go-to for food and drinks. The Southern Philly Cheesesteak is the all-star here, a hoagie roll filled with braised short ribs, roasted bell peppers, caramelized onions and pepperjack cheese sauce.

Banh Mi Hot Dog – Pacific Counter

No offense to Nathan’s (they make a great dog!) but this dish from Pacific Counter gives the traditional hot dog a massive upgrade and a flavorful twist.

General setup; or, where to find everything

So there’s tons of food and drinks. Good, great, grand. Now how do I find it? From the nosebleeds to the basement, there are booths, stands and kitchens everywhere, but there are three main areas that have the bulk of what you’re looking for and that are always open. On slower days, many of the stalls in the less crowded areas will be closed, but you can count on these three destinations to be there for you any time.

The Footlong Tater Tot from Pig+Potato is a must-try

Main Entrance

As soon as you walk in, you’re forced to answer a very serious question: what kind of day are you trying to have? Taking a right, you’ll quickly happen upon both Ballpark & Rec, and Kahwa Coffee. Your choice here says a lot (though it’s fine to come back for something else later). Beyond those two, this level of the stadium is one of the first to close the specialty stalls, but you can always find the standard nachos, popcorn, pizza and beer (hit the TB Brew station for something local) without going too far.

Ballpark & Rec is located just inside the main entrance at Tropicana Field

1^st and 3^rd base concourse, main level

This is where the foodie journey really heats up. There are food halls on either side of the field, just outside the 1^st and 3^rd baselines. There are different vendors on both sides, and each of them has several cart vendors in the surrounding areas, including a carving station, a Budweiser booth (grilled sausage and peppers, yes please) and the Fresh Vine wine bar. These two food halls are where you will find places like Crabby’s, Bird and Batter (buffalo tenders and garlic fries), Central Burger (they have Impossible Burgers!), and Beach Drive (lobster roll, anyone?).

The Carvery offers fresh-sliced meats and sandwiches

Budweiser Porch in the outfield

This is where healthy diets and New Year’s resolutions come to die. Some of the best food you can find is in this party-centric spot in the outfield. You can’t see the game from most areas, but there are plenty of TVs, and the food and drink options more than make up for it. There’s lots of Budweiser (duh), but cocktails, seltzers, cokes, milkshakes (hi, Beans and Barlour!) and more are all readily available. That said, the food is why you’re here. Pulled pork smothered potato swirls at Pig + Potato, short rib grilled cheese at Melted, and smoked wings or mac and cheese at Modern Bird – please, eat up. Cholesterol doesn’t count in left field.

BBQ potato rolls from Pig +Potato are sure to please

Where to get drinks

Kahwa is always St. Pete’s best spot for caffeine

Beer

To no one’s surprise, beer is everywhere. If you’re looking for a domestic like Budweiser or Michelob Ultra, they’re available literally everywhere. Every concession stand in the stadium has them. Boom, beer me.

If you’re looking for local craft beer, you don’t have to try too much harder. In addition to Ballpark and Rec on the bottom floor, craft beer is available at both food halls on the main level, as well as the Budweiser Porch. Offerings include beers from 3 Daughters Brewing, Big Storm, Cigar City, Coppertail and Green Bench. There is also a “TB Brews” stand on the main level, and a handful of Coppertail kiosks scattered throughout the stadium concourses.

Coffee

This one is pretty easy. Hometown favorite Kahwa Coffee can be found on the ground level and on the main concourse offering the perfect pick-me-up any time of day.

Cocktails and Wine

Both are available throughout the stadium in at least minimal quantities, but not all spots are equal. For wine, hit up Fresh Vine Wine in the third base food hall on the main level. For a good cocktail, make way to Ballpark and Rec or join the party at the Budweiser Porch.

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Healthy Fish to Eat | Benefits of Fish for Cyclists - Bicycling

When it comes to nutrition for improving health and performance, there is a boatload of reasons to make seafood a menu staple.

Nutritionally, fish—large and small—can flood your body with protein, healthy fats, and a host of essential vitamins and minerals. One recent study in the journal Food and Chemical Toxicology determined that swapping out some of the red and processed meat our diets with seafood can add healthy years to your life.

But despite the overarching nutrition benefits, seafood consumption in America—as opposed to land-based animal proteins—has remained very static over the decades. Everything from cost to contaminant worries to concerns about overfishing has kept fish out of shopping carts. So, chances are you aren’t eating enough.

Navigating the fish counter is indeed no simple task. Let us help guide you toward healthy fish to eat with all the information you need to know to wade through the murky waters and catch the best options for you and the planet.

→ No matter what you’re looking to improve in your riding life, find it with Bicycling All Access!

The benefits of fish rich in omega-3s

You may opt for chicken breast as a source of lean protein, but when it comes to fish, you’d be wise to cast your line for fattier options more often. That’s because these species are the best source of the mega-healthy omega-3 fatty acids EPA (eicosapentaenoic acid) and DHA (docosahexaenoic acid).

With tons of published studies on the benefits of these omega-3 fats, they’re one of the most researched nutrients out there. Yet, the typical American diet includes far fewer omega-3 fats than what’s considered optimal.

That’s concerning when you hear that low levels of omega-3s in red blood cell membranes are associated with higher rates of early death in a sample of 2,240 adults, to a degree comparable to smoking, according to an analysis of 11 years of data published in the American Journal of Clinical Nutrition. And, a recent study in Diabetes Care found that people who consumed two or more weekly servings of oily fish had a lower risk of developing type 2 diabetes compared with those who never consumed oily fish. Non-oily fish consumption did not affect diabetes risk. Other research has even linked these omega-3 fats to improved sleep quality and mood.

From an athlete’s perspective, greater intakes appear to result in less training-induced muscle soreness and improved heart rate recovery when exercising—both of which could help you bounce back quicker from hard-charging rides.

These overachieving fats are an integral part of cell membranes throughout your body and, in turn, affect the functioning of nearly every area including your heart, brain, and muscle tissue. You can bump up your intake of these must-have fats with the following options:

• Anchovies
• Atlantic mackerel
• Arctic char
• Barramundi
• Herring
• Lake whitefish
• Mussels
• Oysters
• Sablefish (black cod)
• Salmon (farmed and wild)
• Sardines
• Sea bass
• Smelt
• Trout
• Tuna

There is still nothing wrong with eating fish that are lower in omega-3, such as tilapia and catfish, since these are a source of protein and other important nutrients, including selenium. Just aim to consume the above-mentioned fattier options a little more often to get your omega-3 intake to where it should be.

The benefits of shellfish

If you like seafood that comes in shells, not with scales, you’re in luck. Mussels, clams, and oysters are among the most nutrient-dense types of seafood.

Oysters contain more immunity-enhancing zinc than any other food—just six eastern oysters pack nearly 300 percent of the recommended dietary allowance (RDA) for this nutrient. Mussels are a surprising source of omega-3 fat as well as a fantastic source of vitamin B12, with each ounce serving providing more than a day’s requirement. Plus, they are sustainable—budget-friendly farmed mussels filter and clean the water they are farmed in.

The benefits of canned fish

They might not be the most celebrated option, but canned fish—convenient and budget-friendly!—is a great way to sneak more seafood into your diet. Salmon, sardines, and mackerel—which are all nice sources of omega-3 fats, protein, and hard-to-get vitamin D—can be found in the canned food aisle. Eating these options with their bones in provide calcium, too—tinned sockeye and pink salmon are almost always sourced from sustainable wild stocks in Alaska.

As for canned tuna, it’s a bit trickier. More meaty and flavorful albacore (aka “white”) has about three times as much omega-3s as skipjack (ahi). But this comes at a price of higher mercury levels (albacore is a larger species of tuna than skipjack, so it accumulates more of this contaminant) and some sustainability concerns including overfishing. Note: Draining the water or oil from canned tuna will not noticeably lower mercury levels. So you can opt for light tuna, just be sure to make up for the omega-3 shortfall with other types of lower mercury fish like canned salmon, or purchase cans from brands like SafeCatch and Wild Planet that are dedicated to using sustainable fishing practices. If you’re eating albacore tuna, make sure it’s tested for low levels of mercury.

The benefits of frozen fish

Frozen fish, such as wild salmon, can be more economical, and you can buy it well in advance and then use it when desired. Frozen fish is still super healthy, since state-of-the-art flash-freezing technology employed shortly after fish have been caught results the nutrients being preserved. There are environmental benefits as well, since frozen fish can travel to markets at slower speeds.

What you may not know is that much of the “fresh” fish displayed on ice at the fish counter was indeed previously frozen for shipping purposes and to aid in killing off any parasites. These are then thawed for display. So, your subzero piece of halibut may indeed be fresher than the thawed option that has been sitting on ice for a bit too long. The longer the fish sits thawed out, the more the quality deteriorates. Fish that’s labeled Frozen at Sea (FAS) or Individually Quick Frozen (IFQ) can signify higher-quality cuts.

The healthiest ways to cook your fish

To reap the benefits of eating fish, you’ll have to go easy on crispy fast-food fish sandwiches and fish and chips. Research suggests consuming fried fish can cancel out some of the health-boosting powers of consuming seafood. For instance, this review found that as the intake of fried fish increases, so does the risk for heart failure. And, this investigation found that eating baked or broiled fish can improve heart functioning, but this benefit was reversed for fried fish.

The high temperatures used in frying may induce oxidation of the cholesterol in fish, forming cholesterol oxidation products (COPs). COPs may raise the risk for certain ailments including heart disease.

The max out the benefits of your fish intake, use less harmful preparation techniques including baking, sautéing, and steaming. And limit how much fried, battered, or crispy fish you order off of restaurant menus.

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What to keep in mind when buying your fish

When you eat large amounts of seafood with high levels of methylmercury, polychlorinated biphenyls (PCBs), and other contaminants in their tissues, it can affect your health—including your brain and nervous system.

However, many health experts will say that the benefits of eating fish outweigh concerns over contaminants and the lack of omega-3s in our diets is more concerning health-wise to the population than potential exposure to mercury or PCBs.

Still, it’s a good idea to limit your contaminant intake by making wiser choices. Developing children and women who are pregnant or nursing should pay special attention to limiting their exposure to mercury in seafood. Larger, longer-living predatory fish tend to have higher concentrations of mercury (the metal bioaccumlates up the food chain), so consider trimming your intake of shark, swordfish, king mackerel, marlin, orange roughy, tilefish, and bluefin and bigeye tuna. Also, eating a greater variety of fish can be a good way to limit your intake of these toxins—salmon, sardines, rainbow trout, halibut, and mussels are all examples of species that carry a lower contaminant risk.

Additionally, doing your homework on which fish are your most environmentally friendly choices is important. A great place to start is with this Monterey Bay Aquarium Seafood Watch consumer guide that makes it easier to suss out the species that are farmed or harvested from the wild using the best farming and fishing methods (regional guides are also available). For instance, U.S. farmed shrimp is a much better choice than most imported shrimp, which can suffer from destructive farming practices and human rights issues. Thankfully, many supermarkets including Whole Foods and Target have made improvements in their sustainable seafood offerings, allowing you to buy with greater trust.

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This food delivery giant is down over 20% year-to-date. An investor says enough is enough - CNBC

In this article

• TKWY-NL

An employee makes a pizza next to a Just Eat Plc branded delivery bag in the kitchen of The Fat Pizza takeaway pizza restaurant in Southend-on-Sea, U.K., on Thursday, Dec 19, 2019.

Chris Ratcliffe | Bloomberg via Getty Images

LONDON — Just Eat Takeaway.com is one of Europe's biggest food delivery companies, with a market value of $17.8 billion. But one shareholder thinks it should be worth much more.

"JET's deeply flawed communication has made it the worst-performing online food delivery stock over the past two years despite strong operational performance," Cat Rock Capital, which holds a 4.2% stake in Just Eat Takeaway, said Tuesday.

Amsterdam-listed shares of JET are down about 22% since the start of the year. German rival Delivery Hero has fallen around 2% year-to-date.

Cat Rock Capital said JET's revenue multiple was weaker than that of competitors. DoorDash, which is expected to generate a similar amount of sales to JET, is worth more than four times as much as its European counterpart, the firm said.

JET was formed last year as a result of a merger between Britain's Just Eat and Dutch operator Takeaway.com. The combined online takeout app subsequently went on to acquire U.S. firm Grubhub, beating a rival takeover bid from Uber.

Cat Rock Capital said JET was itself vulnerable to a takeover from a competitor — and it wouldn't be at a favorable price.

"Just Eat Takeaway.com is a fantastic business with #1 positions in many of the world's most valuable online food delivery markets and a long runway for growth," said Alex Captain, founder and managing partner of Cat Rock Capital.

"However, JET has failed to upgrade its communications with investors and the markets since IPO, leaving it deeply undervalued and vulnerable to takeover bids at far below intrinsic value."

The investment firm took issue with JET CEO Jitse Groen sparring with Uber boss Dara Khosrowshahi on Twitter. Groen accused Khosrowshahi of trying to "depress" his firm's share price by announcing an expansion of Uber's Eats delivery business in Berlin, a major market for JET.

JET should explore "strategic combinations" with rivals to strengthen the company's performance, Cat Rock Capital said.

The stock rose more than 2% Tuesday, even as most European markets fell, following the publication of Cat Rock Capital's comments. The Greenwich, Connecticut-based investment firm is JET's fifth-biggest shareholder, according to data from Refinitiv.

"Just Eat Takeaway.com has a regular dialogue with all its shareholders and we take all their views very seriously," a spokesperson for JET told CNBC.

"We will be hosting a capital markets day in October to provide the market with increased visibility on how we will capitalise on the exciting, long-term growth opportunities that we have across our business."

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Cat Rock Capital Issues Presentation on Just Eat Takeaway.com - Business Wire

GREENWICH, Conn.--(BUSINESS WIRE)--Cat Rock Capital Management LP (together with its affiliates, “Cat Rock Capital”), a long-term oriented investment firm and beneficial owner of approximately 10.0 million shares of the common stock of Just Eat Takeaway.com NV (“Just Eat Takeaway.com”, “JET”, or “the Company”) (LSE: JET, AMS: TKWY, NASDAQ: GRUB), representing circa 4.7% of Just Eat Takeaway.com’s outstanding shares, today issues a public presentation on recent developments at the Company. This presentation is available at JustEatMustDeliver.com and upon request via info@catrockcap.com. Cat Rock Capital also comments:

“Cat Rock Capital has been a shareholder of Just Eat Takeaway.com and its predecessor companies for over four years, and we have intensively researched the global online food delivery sector over the past six years.

“We believe JET is a fantastic online food delivery business with #1 positions in markets representing 90% of its revenue,⁽¹⁾ a huge runway for continued organic growth, and highly experienced operational management.

“While we have been pleased with JET’s strong operational performance under CEO Jitse Groen and his team, we have been deeply disappointed by the Company’s poor handling of its relationship with investors.

“JET’s deeply flawed communication has made it the worst-performing online food delivery stock over the past two years despite strong operational performance. JET’s share price has declined -11% over the past two years even as its Gross Merchandise Value (“GMV”) has grown over 100%.⁽²⁾ Accordingly, the Company’s valuation has dropped approximately 75% from ~11x revenue in mid-2019 to just ~2.6x revenue today.⁽³⁾ Amazingly, JET and DoorDash are expected to generate similar amounts of GMV this year, yet DoorDash is worth over four times as much as JET.⁽⁴⁾

The Problem

“We believe it is clear why JET’s stock performed so poorly despite the Company’s strong growth:

1. Profit Guidance: The Company has not been transparent in communicating the costs of its investments and the corresponding short-term impact on EBITDA, seriously undermining its credibility with the market. JET completely failed to proactively communicate the cost of its logistics investments. Analyst estimates for 2021 EBITDA have come down from positive €400 million in August 2020 to negative €350 million today,⁽⁵⁾ a stunning €750 million reduction in profit estimates in less than a year. The updated profit guidance of -1.0% to -1.5% 2021 EBITDA / Gross Transaction Value (“GTV”) is not concerning in its own right – Delivery Hero and iFood both experienced -1% to -8% EBITDA / GTV during their own logistics transitions,⁽⁶⁾ and heavy startup investments are expected given the hyper-growth of JET’s logistics orders (+766% in the UK and +131% overall in 2Q21).⁽⁷⁾ However, JET’s failure to flag these investments early has undermined its credibility with the market.
2. Logistics and Grocery Commentary: JET has itself publicly criticized the potential of businesses it is actively investing in, such as logistics and grocery delivery, causing immense confusion and misunderstanding. JET has bizarrely insisted that logistics and grocery will never achieve profits in Europe, even as it invests aggressively in logistics and enters the grocery market. Investors therefore naturally give JET no credit for these attractive and fast-growing businesses. Indeed, we know it has been a recent surprise to some that JET is already active in the grocery market. JET’s effort to dampen investor enthusiasm for logistics- and grocery-based competitors has completely backfired, leaving the Company in the awkward position of downplaying the long-term profit potential of its own investments.
3. Responses to Competitor Aspersions: JET has failed to address competitor attacks and correct misinformation on its operational acumen. JET’s competitors have branded it as a marketing company with poor technology. Just one example of this occurred very publicly when Uber CEO Dara Khosrowshahi sent a tweet to Jitse Groen saying that he should pay ‘more attention to [his] Tech and Ops’. JET management responded by challenging the labor practices of its competitors, which is highly ineffective, instead of pointing to the clear evidence of JET’s operational and technical acumen – such as its ability to scale logistics at a >700% pace for the largest and most demanding global restaurant chains like McDonald’s, Burger King, KFC, Taco Bell, Pizza Hut, Starbucks, Subway, and many others.⁽⁸⁾

The Solution

“Cat Rock Capital believes the path forward for JET is clear.

1. Fix Communication: JET needs to provide investors with transparency on the expected magnitude, composition, and returns of its investments. Specifically, JET should provide disclosure on the current and future unit economics of its logistics and grocery businesses.
2. Clean House: JET needs to aggressively address and exploit the deep undervaluation of its equity by selling non-core assets, using the proceeds to invest in its growth and repurchase the shares issued in the Grubhub transaction.
3. Explore Strategic Options: JET should explore strategic combinations with other global players that could strengthen the Company and generate significant shareholder value.”

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

“Just Eat Takeaway.com is a fantastic business with #1 positions in many of the world’s most valuable online food delivery markets and a long runway for growth.

“However, JET has failed to upgrade its communications with investors and the markets since IPO, leaving it deeply undervalued and vulnerable to takeover bids at far below intrinsic value.

“JET can quickly and materially improve its standing in the capital markets by improving transparency, selling non-core assets, and exploring strategic options to strengthen the business and generate significant shareholder value.

“We remain incredibly excited about JET’s prospects and look forward to continued engagement with management and shareholders to help the Company achieve its great potential.

“We welcome interested investors to review our research at JustEatMustDeliver.com. We would also be happy to connect with other Just Eat Takeaway.com shareholders who reach out to us at info@catrockcap.com.”

Cat Rock Capital’s previously released research and public commentary can also be found at JustEatMustDeliver.com.

White & Case LLP serves as legal advisor to Cat Rock Capital.

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.

Notes:

(1) Excluding recent acquisition of Grubhub. According to Just Eat Takeaway.com March 2021 investor presentation dated 10 March 2021.

(2) Share price according to S&P Capital IQ as of 23 July 2021. Gross Merchandise Value (“GMV”) growth based on FY20 and FY18 GMV according to Just Eat Takeaway.com 2020 Annual Report dated 17 March 2021.

(3) According to Bloomberg as of 23 July 2021. Current NTM revenue based on Cat Rock Capital estimates, as consensus has yet to be fully updated for the acquisition of Grubhub.

(4) Gross Merchandise Value (“GMV”) according to company guidance. Expected JET GMV based on mid-point of FY21 Gross Transaction Value (“GTV”) guidance issued on 15 July 2021. Expected DoorDash GMV based on mid-point of FY21 Marketplace Gross Order Value guidance issued on 13 May 2021. Valuation reflects Total Enterprise Value (“TEV”). TEV based on share price according to S&P Capital IQ as of 23 July 2021, fully diluted shares outstanding calculated by Cat Rock Capital using the treasury stock method, and net debt according to the most recently published financial report. JET GMV and TEV converted from EUR to USD based on EURUSD exchange rate according to S&P Capital IQ as of 23 July 2021.

(5) Historical analyst estimates for FY21 EBITDA based on consensus FY21 EBITDA according to S&P Capital IQ as of 31 December 2020. Current analyst estimates for FY21 EBITDA based on consensus FY21 EBITDA according to S&P Capital IQ as of 23 July 2021, among analysts that have updated their forecasts following JET’s 2Q21 trading update provided on 15 July 2021.

(6) Reflects annual Adjusted EBITDA losses as a percentage of GMV during the roll-out of logistics. Delivery Hero Adjusted EBITDA and GMV according to Delivery Hero 2020 Annual Report dated 28 April 2021. iFood Adjusted EBITDA and GMV according to Just Eat Takeaway.com investor presentation dated 10 March 2021.

(7) According to JET 2Q21 trading update provided on 15 July 2021.

(8) According to restaurant listings on JET digital properties (websites and apps).

DISCLAIMER

Cat Rock Capital Management LP and certain of its affiliates and controlling persons (collectively, “Cat Rock Capital”), is publishing this announcement solely for the information of other shareholders in Just Eat Takeaway.com NV (“Just Eat Takeaway.com”). This announcement is not intended to be and does not constitute or contain any investment recommendation as defined by Regulation (EU) No 596/2014 (as it forms part of the domestic law in the United Kingdom by virtue of the European Union (Withdrawal) Act 2018). No information in this announcement should be construed as recommending or suggesting an investment strategy. Nothing in this announcement or in any related materials is a statement of or indicates or implies any specific or probable value outcome in any particular circumstance. 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 inducement or offer to purchase or sell or a solicitation of an offer to purchase or sell any securities or other investments in Just Eat Takeaway.com 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. This announcement is not intended to provide the sole basis for evaluation of, and does not purport to contain all information that may be required with respect to, any potential investment in the Company. 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. To the best of Cat Rock Capital’s ability and belief, all information contained herein is accurate and reliable, and has been obtained from public sources that Cat Rock Capital believes to be accurate and reliable. However, such information is presented “as is”, without warranty of any kind, whether express or implied, and Cat Rock Capital has not independently verified the data contained therein. All expressions of opinion are subject to change without notice, and Cat Rock Capital does not undertake to update or supplement any of the information, analysis and opinion contained herein. This announcement, and its content, distribution and use, is subject to the terms specified at www.JustEatMustDeliver.com.

FORWARD LOOKING STATEMENTS

This announcement contains certain forward-looking statements and information that are based on Cat Rock Capital’s 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 (or their negative) 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 assumptions 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 Just Eat Takeaway.com or any other 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. Neither Cat Rock Capital nor any of its directors, officers, employees, advisers or representatives shall have any liability whatsoever (for negligence or misrepresentation or in tort or under contract or otherwise) for any loss howsoever arising from any use of information presented in this announcement or otherwise arising in connection with this announcement. Any historical 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. Nothing in this announcement should be considered as a profit forecast.

PERMITTED RECIPIENTS

In relation to the United Kingdom, this announcement is being issued only to, and is directed only at, (i) investment professionals specified in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 as amended (the “Order”), (ii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order and (iii) persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of any securities of Just Eat or any member of its group may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as “Permitted Recipients”). Persons who are not Permitted Recipients must not act or rely on the information contained in this announcement.

DISTRIBUTION

Not for release, publication or distribution, in whole or in part, directly or indirectly, in, into or from any jurisdiction where to do so would constitute a violation of the relevant laws of that jurisdiction. The distribution of this announcement in certain countries may be restricted by law and persons who access it are required to inform themselves and to comply with any such restrictions. Cat Rock Capital disclaims all responsibility where persons access this announcement in breach of any law or regulation in the country of which that person is a citizen or in which that person is residing or is domiciled. Cat Rock Capital is subject to supervision by, and registered with, the U.S. Securities and Exchange Commission.

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