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Agree. How can a company of this size possibly take 10 months to close it’s books? The only answer can be it’s a proper mess and goes back for quite a while. Why would you think it will rise? Doesn’t take 10 months to find good news.
Then again WFDIK...
Why? Could go either way depending on the extent of the bad news and the impact on the balance sheet. It is taking a ridiculous amount of time to get the numbers sorted which suggests it is more complex than first thought.
Wish I knew, only got a small holding in here but I’d expect it to jump once it starts to trade again.
Does anyone have any idea when Lookers will come back from suspension? 1 month? 3 months? 6?
Unless this re-lists with takeover news, can’t see it can be anything other than a car crash (forgive the pun) T least for the first days. Vertu, a model of sobriety management wise in comparison to LOOK is treading water despite some positive RNS. Lookers OTH will come back with an RNS will all of the dirty laundry for all to see. And that’s before any additional potential horrors we don’t know about. Could be a traders dream though.
May well be volatility depending on what news emerges but their direct comparator, Pendragon, has been fairly stable, albeit at a low level, in the same sector, for several weeks.
given the status they're in I have a hunch the once they'll open trading this will fluctuate wildly in either directions until a major event for the business will stabilise the situation. A paradise for speculator & co :-(
Wonder if they were able to count how much money if any they made or we need to wait 18 moths to find out....
All 14 Lookers Mercedes Dealers have just had a 4day sales event Last weekend and sold an unbelievable 721 cars!!!
Quite shocking. PV redux I doubt but could be cap raise due to restatements, property valuations, etc.
Agree that this is shocking governance for any organisation and an indication that the Board had no grip on what was going on. In these situations, no news is generally not good news and suspect a recapitalisation of some sort may be being looked at.
Agree, very poor for a company of this size. Doesn't install any confidence.
it's the 8th of September, this can't be real :-(
By the time its re-listed the mini UC boom will be history. All the laid off peps will be handing back their jalopies and taking the bus to the jobcentre and the self employed company directors in their Audis will be squeaking in their trousers over the incoming Boris blindingly brilliant no deal which as an aside will see the car business in the UK wiped out.
Well two weeks on and useless bod still can't add their numbers up and publish them. I'm hoping for an RNS to sack the management team or a takeover bid. The current bod continuing isn't an option.
I think (also hope) you will be pleasantly surprised! The FCA Investigation was the big cloud (joined by the late accounts!) I cannot understand why it has taken a company of Lookers size and stature such a long time to sort this out. They keep reiterating positive expectation re 2019, so I like to think all will be fine. The culture at Lookers was pretty rotten and this is being addressed. With regards to the FCA Investigation, there probably isn't another dealer group around that is more currently compliant than Lookers! Lookers have spent a lot of money and time re training their staff. I have heard that Lookers and the FCA have come to an agreement, but this is hearsay and I would not put my house on it. Constant rumour of a buyout and again this would not surprise me in the least.
They will come back from suspension, unlike a couple I've had in the past!!
2022 lol. Must admit my feeling was they were trying to drag it out til better market conditions and better sales figures. Hence them finding some new issue to look in to further in their last RNS just to string it out further.
It will depend on the final outcome of the investigation colliding with market sentiment on the day. If they came back this week, SP would of been hammered I think.
Maybe they can string out the suspension till 2022, when all this has passed. Come back with all skeletons out and some blockbuster car sales. The main business does seem to be coping.
I've never owned suspended shares before. I'm curious what will happen on the 1st day trading restarts. Right now FTSE is about same level as it was when LOOK was suspended so in simple terms no external influence on the sp. Their numbers have been hit by CV of course as have most other businesses and this was known and priced in to the current 21p sp. In reality if they had never been suspended I can't see why there sp wouldn't be about 21p today also. Or maybe down a touch.
I imagine there will be some owners who need their cash back as they only ever intended to be in Looker short term and so will sell immediately. Some institutions and others may have lost patience and want to be out of a business that can't get its numbers right. I imagine on day one there will be more sellers than buyers. It'll be interesting to watch.
I notice in the Accounting RNS they continue to talk about expected profit at PBT level in 19.
Call my cynical but what they don't talk about is prior years and BS impact. I can see some sort of restatement for previous years hitting the BS and forcing an equity raise. Other point they don't talk about is covenants. I think it highly likely that if there is a significant restatement then there can be a breach of covenants, which again would infer an equity raise.
2 RNS's actually. Positive trading on one but accounts delayed even further and won't be finalised by the end of August on the other.
I have a relatively small holding here (about 30000 shares), but am in the Motor Industry ad have been for 18 years. Lookers are one of our suppliers. I purchased my shares 2 days before suspension. I have heard that an agreement has been reached with the FCA and that all is very positive at Lookers. They are selling used cars like hotcakes (getting enough vehicles is the issue). They still have a large amount of staff furloughed (saving money, though contributing to stress of working staff). Factory lead times for new vehicles have settled in the main. I would hope for news prior to the new registrations (IE by end of next week). Hoping for initial re rating in the 28-35pence range. GLA
was the end of August a wishful thinking or can they prolong further?
Not believing the auto express story myself, used to work at Honda and knew about future developments etc... the amount of crap they spout out just to get a headline/news story is unreal. Bit like half the newspapers.
As for the accounting, taking their sweet time that's for sure..... must be a fair few discrepancies in there to take this long! That said, keeping my hopes up.