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But Cinch only hold 3% now, so do not see how they alone can block scheme of arrangement requiring 75% approval to compulsorily purchase the holdouts. And of course the acquirer could go for a simple resolution just requiring 50% plus 1 approval, but then has to get to 90% acceptances to compulsorily purchase the holdouts.
But who has been buying and why are excellent questions.
Looks like ii are selling down lots of shares at the higher price since announcement.
No TR1’s so don’t know who’s buying them
Looking doubtful that the sale will proceed ?
Trotsky, agree with your post except for upgrading the electricty network - this is an almost insurmoutable problem , if the gas network is no longer supplying four times the energy of the electricity network as it does today. There is not enough time, labour or materials to upgrade the elecky network , even if the money was available!
It looks to me as if there is currently only a 30% acceptance of this offer from shareholders?
When is the meeting 100% agreed it? Thanks
Definitely agree with you tpinvest. In so many ways EV seems to be a poor choice. Production very polluting, poor range and performance in the cold, charging networks etc etc. Hydrogen makes far more sense as a cleaner more usable fuel. Can’t help but think that this EV malarkey is just a fad, designed to part those easily parted with their cash.
Anybody who thinks that the current iteration of EVs is the final say in the matter is blinkered. EVs in 5-10 years time will be completely different from the current offerings; new materials, new batteries, new motors etc. The re-sale value of current EVs will likely go thru the floor (unfortunately). Alternatives, in development, to lithium-based batteries will be critical to the next leap forward.
Hydrogen isn't suitable for mass produced private cars; it uses 3x the amount of electricity per mile compared to an EV. We will struggle to produce enough electricity to power EVs let alone generate hydrogen. The electricity transmission network does need to be upgraded but that should not be an insurmountable problem (if this government ever gets off its backside and comes up with a cohesive energy policy).
Fast charging at service stations should be the priority not home charging points.
Suggest you blinkered lads backing EVs should check what's been going on in Japan for a long time and it's Hydrogen cars. They have been sold long enough to have a second hand market.
Check the latest Tesla nitrogen offering, courtesy of Toyota. https://www.youtube.com/watch?v=Aw4Z4awLXFw
I might just be that the hydrogen fill-up issues are resolved before the EV grid overloading issues are, particularly if that Plonker Starmer goes the windmill route.Maybe your home charger will come with a wind sock so you can see if it's safe to venture any distance!!!!!
Looking at the large number of buys continuing to go through individuals may well be anticipating a further offer. As I said previously i still think this offer slightly undervalues Lookers so may well see some other company come in with an increased bid. The current offer only values the company at just over 5 years profits. Either way this is still good for all fellow shareholders. Continued good fortune to one and all. Rgds S
Any talk of a rival bidder emerging?
I guess we all thought this might happen at some point. A good price for Lookers
Andsoforth - Thanks for taking the time to post that link. Much appreciated. I think the price they are talking about (120p) still undervalues the company slightly. I think we should be looking at around 135 -145pps. Still happy with the news. Thanks again. Rgds S
Https://twitter.com/MarkKleinmanSky/status/1670896772682510337
Another acquisition, and an other refusal to disclose the price paid. The BoD seem to think they own Lookers, and not the shareholders.
Taverham - I agree entirely with your comments.
I think the numerous legacy manufacturers that have fully committed to EV such as Ford are completely doomed in Europe. In the next 3 or 4 years, they will realise they have passionately embraced their own demise and pull up the drawbridge.
Others, such as Toyota, that have paid minimal lip service to EV, will reap the benefits.
And the rest will realise that a Chinese EV has more in common with a dishwasher than an ICE car as a manufacturing proposition, and wither away, Nokia style.
A tragic end to more than a century of European industry progress; but relatively neutral for Lookers.
So what? Well in the short term zero impact but within a few years I would guess there will be less EVs sold than anticipated and the 2030 deadline could be extended . The industry could become a bit chaotic but I don't think it will adversley affect LOOK.
So what? Lookers has enough franchises to sell cars with every kind of engine available. Company car drivers get a great tax deal for EVs and won't argue if they are given one - these are volume sales which keep the manufacturer relationships healthy.
The unspoken of challenge for EV's is the capacity of the electricty distribution system at street level and higher which will be unable to cope with the increased demand that will arise from charging on top of the increased demand from air sourced heat pumps [when they are working lol]. On a cold day the gas system transports four times the energy of the electricity system and whilst not all of that is used in the distribution system it provides an insight into the scale of demand and upgrades required if we electrify the economy. Frankly we do not have the money or labour to complete the work required over the next few years - so something has to give. I want to be able to use my car on a cold day and will be sticking with ICEs into the future.
It would seem that the easy fruity - the prosperous 3 car woke, with easy home charging - has been picked.
Now it is the real world, and the real world doesn't like what it sees, or being told what to buy.
What does that mean for Lookers? Very bad for new cars, very good for used.
I think they should buy up every decent ICE car they can get hold of, and enjoy the profit. We need to get used to being somewhat like Cuba in that people just keep driving the cars that they like.
I bought a new petrol car 4 weeks ago from a well known dealer( not Lookers) who said they were getting many electric cars being offered back to dealers after many problems with charging points and range etc, many dealers were offering to buy back these cars at 15%-20% discount even though they were only a few months old simply because they cannot sell second hand electric cars. Anyone else have any info. ?
Looking at the P&L of the 2022 accounts, I'm seeing £10.5m tax paid and profit after tax of £73.9m.
Jed, in the cash flow statement the tax paid is outlined and from memory around £18m.
The Board's expectations for underlying PBT for the year ended 31 December 2023 are now ahead of its previous expectations.
OK so results are in and as expected rev up a little but sales of new cars van and business are down with Profit before tax is about £80m and tax ws about £20m but it doesn't say what profit after tax is, now is it £60m or a lot less after all the other deductions. Just looks to me as if they only want to tel you some of the final results.
Hi Hunter-2, who knows what's going to be reported but PDG reported about £45m after tax but said supply for 2023 will not be as good. So I guess lookers should be looking at £60m-£80m after tax, but I bet that will push the SP down as normal.