Supermarket giant Woolworths has become a “cleaner story” for investors since it split off its big, liquor-retailing chains, Dan Murphy’s and BWS, and the hotels and poker machines business that had been an important profit engine.

But Endeavour Group, the new entity housing the liquor stores and hotel assets, says it is up to shareholders to make up their own minds. It acknowledges it won’t be able to sway the opinions of some, but it is making changes in its business.