The Chief Executive Officer, Simon Steeler of Snack Food Limited has never enjoyed working .vith analysts. However, aer his last analyst call, he was asked about the company's cash 1oldings, capital structure and their overall performance measures. Cine analyst complained at :heir growing cash position and lack of use of debt finance. The analyst noted that their large equity balance made itclifficult for the snack company to earn a high retum on equity. The analysts suggested that Simon should take a more aggressive capital structure. Simon Steeler is expectng :0 retire in 2years. Simon accepts he may not fully understand capital structure theory. However, Simon dislikes debt, he dislikes it so much that Snack food limited has zero debt. At the end of ECIZD, Snack Food Limited has zero debt, and held total cash equal to 18% of total assets {total assets in 202i] was valued to be EBSUmillion. Snack Food Limited is based in Wales, and distribute a wide range of crisps, pancakes, waffles, sakes, and popcorn. They sell their produce to thousands of customers every day in a wide range sf stores and distribution outlets. The company's growth is driven by its efficient operations and :lue to their strong position in Wales and England. They have even taken note of the recent trends n ESE and made healthier versions of their products to satisfy consumer demand. Snack Food Limited is a well-managed company and it followed a singular philosophy; maximise shareholder value. This singular philosophy came directly from Simon. This philosophy is sngrained at all levels of the company and new recruits spend sixweeks being trained on this shilosophy to ensure they fully understand it. The management own approximately one-sixth of :he 33.9million shares outstanding. Simon believes management owning shares helps reduce agency theory. Snack Food Limited works in a competitive landscape. They compete with large brands such as Walkers Chips Limited and smaller brands such as Bruce Cakes Limited. Snack Food Limited is Jery efficient in their operating and capital budgets, and Simon Steeler has had an active role in setting and managing their budgets. It costs change too much, they are always brought back into ine with savvy techniques. Snack Food: Limited have a cautious approach and are seen to be risk averse. The company nvested in new capacity and new products when attractive opportunities arose. They don't take sigh-risk bets, and see growth as a long-run incremental process of smalls steps in product design