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Started: saintly, 20 Oct 2023 13:50
Last post: niklol, 20 Oct 2023 22:32
Best of luck everyone
Being in cash at the moment looks like the best place to be! Good luck in the future.
Well money from Lookers sale has now been paid in to my account. Continued good fortune to all investors and may your choice of new investment be the right choice for you. Thanks for the journey lookers. Regards, S
Started: saintly, 6 Oct 2023 08:10
Last post: saintly, 6 Oct 2023 12:51
Could be earlier as it all depends on when your broker receives the funds:
Effective date: 6th October 2023
Terms: GBP1.30 for each Lookers plc share held
Pay date: Within 14 days after the Effective Date
Twas good whilst Lookers lasted.
Rgds, S
I believe we are paid on 20th Oct. Good luck to everyone on future investments!
Well it has finally arrived. The last day of trading on this market for Lookers. I think the new owners certainly got a bargain here so well done to them. Time to look for new homes for the funds that will be coming. Good fortune to one and all. Rgds, S
Started: Deenice, 6 Sep 2023 07:19
Last post: niklol, 18 Sep 2023 16:15
Thanks for the link.
Not too long now hopefully
So the ‘Scheme Shareholders’ have voted the deal through, but they are only 30 odd % of the total eligible voting shareholders. I’m not sure of the distinction, can you enlighten me ?
Do they still have to receive enough votes from the rest of us to reach what I think was originally 75% of eligible holders ?
Great news! The Deal has been agreed by the Shareholders. Will be completed by the end of the year.
Started: jedclampit, 18 Aug 2023 08:19
Last post: Deenice, 18 Aug 2023 10:18
My understanding he needs 50% . I believe he would also be buying all the shares that are being sold at the moment
So am I reading the latest rns correctly , todate there is still only just over 22% confirmed /agreed to the bid and they need 75%.?
Started: saintly, 17 Aug 2023 07:34
Last post: saintly, 17 Aug 2023 11:45
Very true. All in all a win all round. Rgds, S
Yes every penny helps as the saying goes!
Well we snuck in with the int dividend!!! Definitely an added bonus.
Div - 1pps
Xd - 24/8
Pd - 8/9
Regards, S
Started: Monty888, 5 Aug 2023 04:03
Last post: saintly, 5 Aug 2023 17:00
I think the offer on the table is slightly below what is a realistic offer albeit by only 10 to 15p less. I have previously posted this but am happy to accept this offer. The added bonus as always is that with a takeover there will be no selling fees so all in all its an acceptable offer to me. With regards the comment about "the promised dividend" I think this is possibly misleading as nothing has been promised. The company has advised that if the Lookers board declares a dividend before this deal goes through then there will be no reduction in offer price. Not a promise as I read it, details posted below, but I understand where you are coming from. We could in effect receive, up to a 1pps dividend, with no reduction in offer price. All in all I think this is a good outcome so bring it on. Continued good fortune to all Lookers shareholders and I hope that your gains exceed your losses. Well done one and all. Regards S
Interim Dividend
If the Lookers Board approves and declares an interim dividend of an amount not to exceed 1 pence per Lookers Share between the date of this announcement and the Effective Date, Lookers Shareholders shall be entitled to receive and retain such dividend per Lookers Share without any reduction in the Increased Offer Price provided such dividend is due and payable by Lookers prior to the Effective Date (the "Agreed Dividend").
Even though we have an offer of 130p that will go through now plus the promised dividend per the terms of the scheme of arrangement - It’s still seems a really low ball offer. I would be surprised if we get a new bidder come to the table within the next couple of weeks. (Sitting on this golden and staying patient) GLA
Yes so does that now mean they could go after Pendragon with 30p offer, otherwise they could be left out in the cold as there are not that many other groups to go for.
Have capitulated bar the shouting.
Started: xxxAccountant, 27 Jul 2023 14:25
Last post: xxxAccountant, 27 Jul 2023 14:25
Berenberg target price 36p, takeover bid coming soon
Started: Nova2020, 27 Jul 2023 10:23
Last post: schwee, 27 Jul 2023 12:32
Maybe, but as they only have 19%, I think the Buyer will get across the 50% plus one threshold to win the day. Cinch will then be a minority shareholder. Perhaps they will be happy with that, but I doubt it.
Just got some more - seems a no-brainer at £1.23, but maybe get blocked again by Cinch
Started: rad121, 27 Jul 2023 08:37
Last post: niklol, 27 Jul 2023 09:20
I'm surprised the SP is not 130 now
Only if the sale is completed.
Ok maybe a daft question here. If they've agreed to buy at a minimum of 1.30, and I was to buy a load at the price now, say 1.22, does that mean I am guaranteed 1.30 whatever happens to the share price?
Started: highstakes, 21 Jul 2023 10:28
Last post: Monty888, 27 Jul 2023 08:34
Well I was right on the button in my yesterday post apart from calling the offer at 140p when it was 130p. Oh Happy days
The data we know does seem to suggest Constallation value the company at 140p to 150p. My sense is they now have time to raise more capital to buy it or would be fine at the higher take out price but not 120p. I wouldn’t be surprised if another offer has already been unofficially mooted at a higher price but the new people want more time. Either way anyone in at 109p or less will likely make 30 to 40% by Christmas, can’t get that at the bank. GLA - Let’s be patient and hang in there…
Bid Vote result tomorrow. Hopefully some news, or possibly Friday.
Could get interesting once the 120p is off the table.
Does everyone think Alpha Auto Group will just walk away after failing with 120?
If CInch are so enamoured in Lookers, why don’t they acquire it. But perhaps they don’t have the wonga?
Started: saintly, 27 Jul 2023 07:10
Last post: highstakes, 27 Jul 2023 07:28
Sweet
But will Cinch or another come back with a counter offer?
Arghh! Sold at 118 re. First offer. Planned to buy back in after it fell through for the inevitable increased offer. It came quicker than I anticipated.
Hey ho!
This is excellent news and fully deserved
So it was not long in coming. Here we have an increased offer of 130pps which is a nice improvement on the 120pps previously offered. Personally I still think it is a little short but I will be happy to accept this amount if it goes through. I imagine there will be a good few hoping to buy in this morning but fear it might just be a tad too late. Continued good fortune to all those that have continued to hold. Regards S
Last post: EdwardSeaton, 20 Jul 2023 15:59
Whoever the person is that sat on this share at 119p for the last month and then sold for 99p this morning is an uncontested winner of the 'Moron of the Year 2023' competition.
Cinch are blocking as BCA auctions (same group) want the auction disposal cars from Lookers and rival bidder inbound gives them better chance of that IMO
Started: keltman, 20 Jul 2023 10:41
Last post: EdwardSeaton, 20 Jul 2023 12:54
I don't see it as bad news in any way. The only reason to have held this share post offer was the expectation of a higher bid.
Anyone happy with 120p could just take it.
Deenice - Many thanks for taking the time to post that link. Makes very good reading. When I submitted my votes with regards the takeover I rejected it as I think the current bid undervalues the company. Nice to see the share recovering - possibly in anticipation of a new bid!!! Rgds S
Unfortunately no surprise here, but I dot think this failure is all bad news. Possibility of a better bid , even from a fresh bidder is def possible, and it will be nearer the 132p-135p that we all know the business is worth . Hold tight!!
Last post: schwee, 20 Jul 2023 09:27
Can find no announcement from the Acquirer that they have withdrawn their offer, though clearly it has failed at the current price. Another 10p should do it.
The reason why acceptance has been so low is that many think the offer undervalues the company.
I agree with them.
Cinch hold 19.52% according to the latest RNS from LOOK
This has been openly in news for over a month - they have been issuing regular updates on the acceptance level via Live RNS.
Acceptance is low because shareholders expect more.
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.
Started: saintly, 20 Jul 2023 09:11
Last post: saintly, 20 Jul 2023 09:11
Latest update just posted on site>
Update on offer
Further to this morning's announcements that Cinch Holdco UK Limited ("Cinch") intends to vote against the Acquisition and that Lookers was re-engaging with other shareholders to understand whether the resolutions required to effect the Scheme of Arrangement in order to implement the Acquisition (the "Resolutions") are capable of being passed, the Lookers Directors now believe that shareholders representing in excess of 25% of the voting rights of the Company intend to vote against the Resolutions and therefore that the Resolutions are not capable of being passed.
Rgds S
Started: tpinvest, 20 Jun 2023 08:59
Last post: Taverham, 20 Jul 2023 07:48
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!
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!!!!!
Last post: EdwardSeaton, 18 Jul 2023 14:16
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
Started: andsoforth, 20 Jun 2023 06:41
Last post: saintly, 20 Jun 2023 08:39
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?
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
Started: jedclampit, 20 Jun 2023 08:08
Last post: jedclampit, 20 Jun 2023 08:08
I guess we all thought this might happen at some point. A good price for Lookers
Started: schwee, 4 May 2023 08:38
Last post: schwee, 4 May 2023 08:38
Another acquisition, and an other refusal to disclose the price paid. The BoD seem to think they own Lookers, and not the shareholders.
Started: jedclampit, 19 Apr 2023 10:27
Last post: EdwardSeaton, 27 Apr 2023 17:30
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.
Started: jedclampit, 5 Apr 2023 08:20
Last post: EdwardSeaton, 6 Apr 2023 14:38
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.
Last post: jedclampit, 29 Mar 2023 15:16
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.
Results a week today. This is incredibly cheap - trading update on 11th Jan referenced £80m+ profit and a cash/property value of 95p per share. Tough recession already priced in? Lithia's recent purchase of Jardine, a much smaller UK dealer group than Lookers, for a reported £300m+ highlights the value on offer.
The market though remains unimpressed!
Started: schwee, 6 Mar 2023 09:05
Last post: schwee, 6 Mar 2023 09:05
But what is the consideration? We shareholders do own Lookers. Why the secrecy?