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The markets not going to like the lack of dividend and lack of explanation as to why there isn’t one.
Even with no takeover the investment case here is compelling imv with a p/e of 6 or so - and as a consequence I have bought in today with £4k.
Yes, could be a good target, Jan and feb sales far above same time last year, all good signs.
Walkey
I think another offer is coming way higher than 28p
Correction £83m pre tax
£83m after tax underlying profit but no dividend or worse no explanation, that I have found, of why no dividend. Come on Hedin make us an offer!
Im confident in a week or so Hedin will make another offer, we havent past the first offer yet of 28p.
Closed at 27.5p - surely 30p tomorrow!!
Its a buy from yesterday.
Hopefully some interest in the afternoon, results out tomorrow.
Divi? Takeover? Current trading?
They own almost a third of the shares already.
Im surprised why it wasnt rns'd, shareholders have right to know.
Hedin is a private company so would have to finance any takeover by borrowing. There must be a limit on how much they would want to borrow though £80m pa would service quite a lot of debt.
Shareholders
Name Equities %
Hedin Group AB 366,117,558 26.2%
Odey Asset Management LLP 141,580,929 10.1%
Schroder Investment Management Ltd. 141,485,659 10.1%
Briarwood Chase Management LLC 140,307,967 10.0%
Hosking Partners LLP 69,148,867 4.95%
DUMAC, Inc. 53,107,693 3.80%
Dimensional Fund Advisors LP 41,942,691 3.00%
Farringdon Netherlands BV 40,182,834 2.88%
Huntington Partners LLLP 27,859,210 1.99%
JPMorgan Chase Bank, NA 27,859,000 1.99%
Same as me, but I also put some in Lookers as didn't know which to do so did both. Looks like both are coming home with the bacon!
I said back in December that Pendragon was prime for a take over, glad I backed myself then. 26p to low/
I think another offer may be coming.
If Pendragon wants to repel a takeover offer then we need a good dividend. If the £80m profit is sustainable then a 3p dividend should be possible giving an 11.5% yield at 26p
Even at 35p a 3p dividend would give a yield of 8.5% so 35p might be too low!
Walkley
Offer was made over 2 weeks ago, why release to mkt now, me guess another offer coming.
Whats the chance it will be announced on wed?
Results due this week. Expect good Dividend as share buy-back might take Hedin over 30%. The cost of a 1p dividend £14m - profit expected to be £80m
I think another offer will come around 35p.
Imho
(Sharecast News) - One of Pendragon's largest shareholders has reportedly been blocked from a £400m takeover of the car dealership.
According to Sky News, the Hedin Group - which operates 210 car dealerships in Belgium, Norway, Sweden and Switzerland - made a secret 28p-a-share approach for Pendragon several weeks ago.
It was understood that the approach was not disclosed to Pendragon's investors, and has been rejected by the board, which is chaired by Ian Filby.
Sky said there were suggestions this weekend that Hedin, which owns around 25% of Pendragon, was weighing whether to return with a further offer. Hedin has been a vocal critic of the company's board in recent times and last year described a bonus payment to chief executive Bill Berman as "out of tune".
Pendragon operates more than 150 dealerships across the UK under the Evans Halshaw, Stratstone and CarStore brands.
Should be told if bid approach made - insiders who knew about the bid have been in a position to benefit
Yes rejected bid of 28p a few weeks ago
Looking forward to results (Last year on 24 March) -Expect £80m profit which makes current market cap of £300m look on the low side!