The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
At last price movement of 10% and not much trading? I hope the takeover offer is good enough for the shareholders. The CEO has got his come uppance? Those pay and bonus payments are scandalous.
Don’t know if any of you are in TLY. Been doing well and yet their recent share bonus to management is to my mind very hefty. My concern there is with NHS contracts surely high salaries and big share option holdings might be frowned on? I’m happy with modest salaries and some share options just not excessive. Guess it’s all relative to everyone’s take on wealth and sharing the wealth.
On top of the "standing down" of chair of the Remuneration Committee, Mike Wright, on the 1st June this shows Hedin flexing their muscle.
Hopefully it gives management a wake-up call. It beggars belief that they can award themselves such a hefty payout, but not recommend a dividend! Completely unjustifiable after that 2021 performance. If not that, then hopefully it's a precursor to another takeover attempt from Hedin.
I would assume someone from Hedin group were also there and seeing how the current directors work, if it's for the shareholders or themselves.
Maybe now would be the time for some action and move to a takeover.
Again fantastic publicity Remuneration rejected....CEO barely hangs onto his job could not make this stuff up!
I think it was more than a rumour.
Mon, 21st Mar 2022 09:30
(Alliance News) - Pendragon PLC rejected a secret GBP400 million takeover approach from major shareholder Hedin Group, Sky News reported at the weekend.
According to Sky News, Hedin Group, which operates more than 200 vehicle showrooms in Belgium, Norway, Sweden and Switzerland through its subsidiary Hedin Bil, tabled a secret 28 pence offer for Pendragon several weeks ago.
In addition, the approach was not disclosed to Pendragon's investors, and is said to have been rejected by the ompany's board, according to the report.
https://news.sky.com/story/pendragon-shareholder-hedin-group-in-400m-raid-on-car-dealership-giant-12569980
Pendragon shares were up 20% at 26.00 pence on Monday.
I think the rules say once someone get 30% stake they have to either make a full takeover offer or state they have no intention of doing so.
Can anyone explain the drop to nearly 20p. If a takeover offer is likely then surely investors would be buying now. The 28p was just a rumour? Pendragon are not allowed to have secret talks and turn down 28p? What happens if Hedin get to 30%? Could they end up agreeing a low price with other major shareholders? Something stinks? Also the management seem hell bent on awarding themselves big salaries and bonuses? Are joe public with shares just getting duped?
28p looks good now, i think 30p should do it.
So with Hedin now holding 27% and knowing how well the business is doing as they must be on the BOD's jsu how long will it be before they put in another offer.
Last time they offered what a low value 28p thinking they might get lucky, but what do they think the business is really worth and could they get control with a 50p offer. Surely it's only a matter of time and I would have thought they will want to bid before the SP gets above 50p. After all they only need another 24% to hold the power.
Both LOOK and VTU are both undervalued compared to PDG, both LOOK and VTU are Net debt free and give out divis. VTU are actually buying back shares.
PDG for some reason has an higher mkt cap than both, has £47m debt and give out no divi, they give ridiculous directors remunerations. Question needs to be asked are they looking out for the interests of shareholders? they rejected a good offer of 28p per share in March from Hedin Group.
If the board think they can provide shareholder value better than the 28p per share offer then where is it, where are all the company profits going to? no divi just directors getting rewarded with ridiculous bonuses. Just sell the company..
I am surprised why this company is not paying divi. They made pbt £83m in 2021, in q1 21 they made £10m pbt and now in q1 22 they have made £18m pbt.
The way they are going they will be debt free by year end.
Im expecting they will make over £70m pbt in 22.
If we get an offer in next few weeks the company will be sold if we dont i cant see a sale as the company are not willing to sell. How we are trading below 28p is unbelievable.
It doesnt take a rocket scientist to realise another bid is coming in, 28p was rejects but they just manages to buy another 1% of the company for 22p.
Imho Hedin Mobility Group AB is likely to put another bid in.
UP to 27%. I don’t think they are buying for nothing! BID soon I guess
Am I wrong or did a big 15m buy go through last night, and why is the share still falling, good profit making company, takeover target, yet still down?
Pendragon took a big stick today, sign of the crisis times ahead?
I am of the same opinion, its a good business, but worth more than the 28p offer.
Very little talk over the last few weeks .Last month it was said that it would have an offer.In the last week it keeps going up so I believe something is happening and it would not surprise me if we got an rns out of the blue with an offer over 30p
I’ve topped up again… still underwater
Strange, no RNS about this!!
the need to produce shareholder value here, are they going to give divi? they rejected 28p a share offer..
Last year produced an interim management statement for first 3 months on 21st April. Hopefully a positive announcement due tomorrow. Whilst volume may be down due to chip shortage gross margins should continue to be high and costs should reflect the lower volumes. Disappointed that has dropped below Hedin's 28p indicative offer (that we are not allowed to know about)
Well,someone just sold / bought 4.5% of the company today.
Good to see share price above the 28p that Hedin were supposed to have offered. I think still significantly undervalued, but any bid would have to be at least a 20% premium - so 34p +?
I think the board would accept 32p and yes, not paying a dividend despite good results could we’ll be an indication the board are anticipating a higher offer than the 28p that was made.
I see two brokers are raising their targets to 33 and 36 respectively
Very odd that no comment on media reports of a 28p bid from Hedin. If wanted to discourage a bid then a dividend would have boosted the share price perhaps beyond what Hedin would be prepared to pay. It would be good to hear if the board would be interested in a tie up with Hedin at the right price.