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What puzzles me is why did TB sell out £1.02
Ian Bull, Chairman of Lookers, commented: "We are delighted to welcome Constellation as a significant shareholder of the Group. Their investment endorses the Board's view that the Group remains significantly undervalued.
Well he would say that wouldn’t he?????
Cityjambo, great question been wondering the same myself. If these are such golden tickets worth 150 why sell for 102.
He ain’t no fool old Tony that’s for sure
Time will tell. And that too quite soon.
@Shelldonald - Well he would say that wouldn’t he?????
Have you read the latest trading update from 7th Jan. It says expectation of record underlying profit before tax ahead of company compiled market consensus of £82m;
RRN1
Phenomenal business if a little out of favour as most bricks and motar (excuse the pun) retailers are!!
It has been plain sailing in these troubled times as the manufactures back off and the businesses are left to operate without interference and with less adherence to standards which tend to add unnecessary cost.
Also the fact that all the motor trade have been allowed to restructure and closes loss making / marginal outlets has massively improved their position.
As things get back to normal watch costs go up with the resultant impact on profit.
Used cars need to be a bigger focus than currently, take a leaf out of Arnold Clarke’s book who could well make over 200m in 2021, now there’s something to aim for.
Still can’t work out why TB would cash out at 102 if it’s all as good as they say?
This may help
property with a book value of £303.9m (equivalent to 77.8p per share) as at 30 June 2021
Well if you really think a load of bespoke showrooms are worth their book value then good look with that.
They are valued as dealerships. The problem is your market is restricted to other car retailers generally.
When you have to sell outside of this (and let’s face it if the mighty lookers can’t make a particular location work then who can) then the price will undoubtedly be much less than book.
If your theory is true even more wonderment as to why TB sold at 102.
He knows more than most. Tread carefully
If you have subscription to FT read this article
https://www.ft.com/content/99a3e964-ef97-49f8-a574-2f49e63a9245
To discard the value of the physical dealerships is to discard the value of any business with bespoke premises.
The key difference is that manufacturers like Ford will ensure there is always a presence in every town. If a Ford franchise fails, another is in place that day.
Edward
Wake up lad
Checkout Harrogate and Sunderland as two examples of you being wrong. Oh, both incidentally owned and operated and closed by Lookers.
Checkout the closures in Essex, oh, again operated and closed by lookers!!!
Don’t see any of them reopening with a different operator or different franchise
The properties are independently valued as showrooms not Waldorf hotels. TB made £20m and probably doesn’t want the noise or pressure. Why is there a conspiracy theory. He sold on a market to market deal and above current trading price so not too shabby at all. The key is who persuaded him to sell and what is their agenda…………
Monty
So as I said worth less than book.
The key is why did TB sell out at 102
What does he know that we don’t?
I guess TB has held look shares for many years and paid much less than £1.2, I like many thought he was going to make a full takeover for lookers but maybe in the end he wanted to get out with a great profit and I bet it is a great profit if he bought for 60p-80p over the years.
Now maybe lookers will not get a takeover offer by the new shareholder. What a game. !!!
Jed
I suppose my point is if TB thought this was going higher than 102 anytime soon he would have held and made even a greater profit.
He’s as astute as they come and Yorkshireman to go with it, do would give now away cheap if you get my drift??
‘Out with the Old in with the New’ In more ways than one!
All, I thought TB had sold his shares to himself in effect as he is a major holder of constellation, is that not the case?
Tab
Not that I can see
Where did you pick that up from?
Shell, I thoght I read it in the press, could be my memory or their reporting or both!
There are plenty of legitimate, personal reasons a retired board member might want to sell their shares.
TB had a huge shareholding. If he were to sell those shares on the open market, it would collapse the share price. Constellation offered him a very generous offer way above the market price for those shares (which is, in effect, an even greater % if compared to the collapsed share price from selling on the open market).
Let the man enjoy his retirement with guaranteed income now, rather than waiting for a takeover offer that might not arrive :)
[url=https://writingmypapers.net/]interesting post[/url]
Brammell being Constellation is the myth that won't go away on here.
Bod
You make a fair point when it’s related to ordinary people.
TB is not like that. If he thought there was half a chance this was going ton150 he would have held
It’s the nature of the beast
He’s motor trade thru and thru, a dealer, not one to Chuck money away
It could be that if Constellation buy a few more in the market for 96p ish they could end up with a big enough stake that they can then offer to buy all the rest of the shares for less than 96p and catch everyone out. It's not always a G/Tee anyone will pay more than current share price.
Shelldonald. The dealerships are properties that can be turned in anything planning permission depending and that’s what they are valued at back in July 21. Probably worth a lot more now with property prices in the up and up. This is a perfect Warren Buffet share with net assets and cash and will get to 150p ish this year. Seems your a bit of a troll, what’s your agenda I wonder?