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Wish the regulators and LSE would give the bod a kick up the backside; this ain't on.
I can imagine the sp being £0 when/if trading ever resumes as everyone sells so as not to be involved with this useless bod ever again.
The bod remind me of feeble people not having the balls to give bad news hiding behind each other for ever. Just publish all the bad news and the kitchen sink now and be done with it. Doing more harm by taking so long and showing incompetence than by just publishing bad results. The latter I can accept; I can't accept incompetent bod.
Well, another week and still absolute silence. The Board and their advisers seem to be taking self isolation to a new level. Something must have gone terribly wrong for it to take this long to clarify what their finances really are.
"Irresponsible" ?
That is putting it kindly. How about downright arrogant and rude? Add those to the ever growing list of negative adjectives for this incompetent bod.
Pendragon results out today which, as a comparable competitor, gives a good idea of Covid impact Lookers will have experienced. Although reporting good recent sales, like for like on prior half year is 43% down which will have damaged the balance sheet and suggests Redwine may well be correct on the capital raise prediction. Clarification RNS needed urgently, it is irresponsible to leave shareholders in the dark for so long.
Over a month since the last update. This can not be good news. With the external resources being thrown at it it should have been possible to completely reproduce the prior year’s accounts by now so must be requiring a detail review of many years.
I'd wager capital raise. Re-statement of accounts going back god knows how long, asset write down, no way are their sites worth what they were in this market and who would be a buyer anyway. New brooms to come will want to do a kitchen sinking.
When this is no longer suspended (hopefully this millennia) the sp will only go down. Just look at otherwise stronger companies than this without the financial mismanagement and c**p bod that are going down due to the world wise recession. This share will be no different but will plummet faster as it has some catching up to do and and should fall anyway because of the c**p that will be unearthed.
To be frank I just want my money out to put in to better bets than this.
If I knew how to sack the bod then I would do, not sure why the IIs haven't started that process themselves, it has to happen if the sp is to ever recover you can't keep this bunch of clowns at the helm. There are companies developing covid cures quicker than this lot can add up their own numbers.
Hope you are right but there are a couple of flaws in your argument. Firstly, Pendragon’s share price has hardly moved for weeks. They are a direct competitor and would have participated in the sales boom. Secondly, we have no clue over their asset position. It has taken so long to produce the accounts it is quite possible that there are major asset write-downs or a balance sheet reconstruction. The fact is that until we get a clarification RNS and comments are just pure speculation and these boards have been full of individuals predicting massive share price increases for troubled businesses and most were woefully wrong.
Hope you are right but there are two flaws in your argument. The share price of Pendragon, a direct competitor has barely move for weeks and presumably are sharing in this boom. Secondly, we have no clue about their assets. It is taking so long to clarify the accounts, they could be facing asset write-downs and possibly the need to recapitalise the balance sheet. Until we see a clarification RNS all comments are just total speculation. If you track back on these Boards you will find individuals predicting massive share price increases on companies with problems and the vast majority were wrong.
The motor trade is selling, selling, selling. Maybe they are trying to incorporate latest figures to bump up share price? 21 is way undervalued in any case. Should be more like 50 at least given their assets.
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 :-(