Management at New Covent Garden soup maker S Daniels is exploring the possibility of taking the company private after a poor performance in the second quarter sent the share price to new lows. Executive chairman Cyril Freedman said: "The stock market isn't going to value us properly, so we have to look at other ways of raising cash. You only have to look at Perkins Foods, WT Foods and other suppliers to see there is a pattern developing." Prospects for the second half are good but second quarter results were "awful" said Freedman. In a statement to the stock exchange, Daniels said the effect of a downturn in sales in foodservice and catering, some 60% of sales, meant there would be a "severe reduction" in first half earnings. Daniels is looking at two options, a management buyout to take the company private or securing more cash from a "strategic partner". {{NEWS }}