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Hedin hold all the cards with any takeover for Pendragon, they offered 29p a share then withdrew, but in doing so stated that any buyer would have to pay 35p a share for their holding, so unless something dramatic happens, the only buyers will be Hedin, at a time and price which suits them. That and the court case will keep this share price down. IMHO.
Fingers crossed, because the sp is getting very boring now, nothing except takeover talks seems to move it upwards, but the sp goes down for no reason at all.
i have a TIP for all PDG shareholders,
if you hold quite a few PDG shares and thinking of selling some, go to your website where you sell, first click the buttons to sell all shares but obviously dont sell, just get the real price, look at the share price they give and the amount of cash you get, then amend the deal by nocking off the last digit of shares selling, example if selling 100,000 shares, get a price for that first, then nock the last zero off and try again, what your now doing is getting a price to sell just 10% of your shares, ie 10,000,
by selling smaller amounts you get a higher price, so do the maths both ways and see which is best, usually you get an extra 0.5p or so when selling smaller quantities, i guess its the market makers messing with the share price,
good luck to all PDG shareholder,
and bring back our dividends please PENDRAGON, we need them!
So any idea when this court case is or results will be known?
When was the last time any directors bought any shares to show confidence in the company, why don't they give any divi's even though they are making good profits. someone somewhere must be waiting for something to kick life back into PDG
Just more questions.
Why does the share price hardly ever go up in this company?, Share price now is the same as it was 30 yrs ago, WHY!!?? 30 yrs is half a life time, ITS CRAZY. The share price in PDG is weird, when there is lots of very good news (this is rare) the share price hardly moves at all, but when there is just a tiny bit of bad news the share price plummets, why?
The only time it really goes up (for a short time) is when there are takeover talks, but then the sp goes back down to almost nothing as soon as all talks fail and end with nothing, Why doesn't the share price go up purely on the merits of the company. I mean, we are all told that pendragon are doing well now, but the share price is deflated as always.
BRING BACK THE DIVIDENDS & THE TAKE OVER TALKS, PLS
Good morning david 1960, yes it's so difficult to know what's going on with PDG . they have already posted a pre close statement below The Group delivered another robust performance in the first half of FY23, with growth in gross profit more than offsetting the underlying pressures of interest rate rises and ongoing cost inflation. As a result, the Group expects to report a c.9% increase in underlying profit before tax to c.£36.5m for the first half of FY23 (H1 FY22: £33.5m).
And there will be again some good profit , but will there be any DIVI ? i GUESS NOT. And with plenty of takeover interest in the last 6 - 9 months at about 28p-29p this should be at least 50p+ by now. Been looking at buying more this last week as it should go up, but who knows.
With lookers also now taken out you would think PDG must be next.
I really don't understand this PDG company, Cars are selling very well, There is no prob in this market, Bosses are raking in their bonuses, But the share price 30 years ago was 16p per share, Today its not far off at 17p per share,
THAT MEANS ITS GROWN BY A WHOPPING 1p IN 30 YEARS, WELL DONE PDG. Bring back our much earned dividends, Anyone know why this share price is so rubbish by being the same now as it was 30 years ago?. its crazy, It should be up to 100p by now surely.
Could be tax sales for share options being exercised?
What's with all these small deals?
Yes I topped up recently at 17.30p, I would think its an attractive buy for some company out there, cars are selling like mad.
To buy more PDG now, ?
now that the deal has been passed to buy Lookers it leaves PDG as the next big target, and with results out soon predicting another improvement the SP should be on the way up.
Now looks cheap. !!!
So Constellation who own 19% of Lookers and are also getting all the trade cars to put through BCA sites as a bonus, when they sell their stake they may well be in pole position to buy into PDG through their Marshalls business who will very shortly have the old COO of PDG Martin Casha at the wheel who knows the business inside out and can take it back under the nose of T Finn the old CEO who is now part of Hedin, the old bidder for PDG.. interesting times
Some of us have lost far more than that over an even longer period. The fact that the previous CEO ( T Finn) and COO Casha are out of the equation now,this may well provide a platform to revive morale and develop a healthy culture from which the company will thrive. With the "fear factor" imposed by these two now being removed, the employees can be recognised for their efforts,(albeit the current CEO is not shy at taking the money!)which should contribute much to greater results?
HELP!, I recon i have lost 20k or more this last 4 yrs when PDG stopped paying dividends, I really needed those dividends too. But it just wasn't meant to be!. Feeling well robbed now!..
The way i see it is, PDG don't seem to care too much about us mere mortal shareholders, So long as the directors get their big bonuses each yr their all happy.
All we hear about now is how well PDG is doing, and how well all the cutbacks / debt management/restructuring etc is doing, and how profits are up now, But all that seems to do absolutely nothing for the shareholders and to the the actual share price. PDG always talk about giving good value to shareholders, WELL, WHERE IS THIS "GOOD VALUE"?.
WHAT IS IT?.... i don't see it anywhere.
They even kept everything hush hush for months and months during the take over talks. Then one day, suddenly dropped the bombshell on us all that the take over had collapsed. This sending the share price plummeting back to the low end prices of 15-20 yrs ago, GREAT VALUE FOR THE SHAREHOLDERS (NOT!)
The share price now is terrible, it should be £100p or so by now surely, For 20 odd yrs the share price has done nothing but go sideways, Except for the odd "short term" hike during takeover talks. But now they have finished, were back to having a low share price with sideways movement and ZERO value to shareholders, And still no divs....
when is the s/price going to go up?
Where is shareholders value?? ime sure directors are happy getting big bonuses,but what about us ?!?!?!?
Bring back our dividends please PDG.
Dividend payments would be a bit premature indeed, first get rid of the overhang from the case.
Secondly, if Hedin does not pull the trigger they should look to expand themselves imo.
Eat or be eaten.
Thanks Arbitrader75 good of you to look into it. Based on that finding I feel somewhat less concerned that could have been a reason for Hedin pulling out.
Do you think there’s any chance of a dividend payment in the foreseeable future?
As has been said the court case may or may not be costly.
I just reread the annual statement and saw this:
"The triennial valuation of the company’s pension scheme as at 31 December 2021 was completed during 2022. The valuation
concluded that the actuarial funding deficit had reduced from £117m as at 31 December 2018 to £33m as at 31 December
2021. The company and trustees agreed to continue the current level of contributions into the pension scheme (FY22: £13.1m)
until the end of 2023, at which point the actuarial deficit is expected to be met. Following this, the company and trustees
agreed to move towards a long-term funding target and continue contributions at a reduced level of contribution of £3.5m p.a.
until 31 December 2026, at which point the scheme is expected to be fully funded on a long-term funding target basis. "
Seems to me that shouldn't be a big issue for Hedin.
Interesting, I had not heard about the pension fund hole so thanks for that.
Any idea how big that hole might be?
I understand after due diligence they did not go ahead (wish I’d sold, just 1p more I was holding on for expecting it to go through). I understand during their research they came across a big hole in the pension fund. Sorry I’m not going back looking for the report that quoted this.
So not willing to pay and even offered to sell all their stock for 23p as I remember and there were no takers. So company only worth what someone will pay and I’m guessing Hedin are hoping someone else will think they can profit despite the pension fund issue. I’d imagine they would accept around 19p so let’s see if they start off loading if the price returns to over 20p. I’m just guessing I’ve no idea of the value of PDG.
Hedin submitted their most recent bid AFTER the claim was filed.
They placed a bid even after the claim was published on the website of claimants firm, with details including claim amount, for anyone to find with a google search. See the kslaw link in my history.
Total nonsense to suggest the biggest shareholder would have been unaware of it, then suddenly finding out at end of takeover process and pulling plug for that reason, then lying to everyone about reason for pulling out. Least of all believing all that just because of some website called cardealermagazine.
Wrong, Hedin didn't offer in the end last time due to “the challenging market conditions and uncertain economic outlook". See RNS at time FT or any other respectable publication
eg https://www.ft.com/content/d18fb3bc-72f6-489d-a922-b1f6c777c6f2
https://www.thetimes.co.uk/article/hedin-takeover-of-pendragon-misfires-and-shares-drop-25-b3wj70k9f
A random website nobody has heard of with a rumour proves absolutely nothing. If you're honestly basing your claim on carddealermagazine or whatever then lol.
Agree Arbitrader75 12 month period is significant. I've bought for similar reason, after seeing Lookers deal go through at such a big premium this looks primed for renewed interest from Hedin or private equity.
Court case is immaterial here too. Even if the Chinese outfit somehow manage to not have their claim thrown out, that's what litigation insurance is for. Hedin can't have been too bothered about it as they still haven't sold any shares.
Hello all, am I right in assuming the(looming) takeover by Hedin cannot be done until 1y after the first bid?
It is my understanding after reading the Takeover Panel regulations.
Personally quite convinced they will come back, since they have been very active again lately, also buying several dealer groups in Holland.
Have used the Odey sales weakness to re-enter the share and feel rather lucky to be able to do so at these levels considering last years interest from several parties.
That case is old news https://www.kslaw.com/news-and-insights/ks-represents-pinewood-asia-pacific-in-a-dispute-with-pinewood-technologies-claiming-that-the-software-developer-violated-two-agreements-by-not-delivering-features-needed-to-launch-a-software-system-in-japan
The amount this Chinese outfit are trying to claim is insane, for a tiny operation with less than $5m of revenue. Effectively they didn't know how to work the software, no wonder they've since been countersued by Pendragon.
This is the case https://cardealermagazine.co.uk/publish/exclusive-car-dealer-group-pendragon-facing-260m-claim-in-high-court-battle/277389
It's to do with the Pinewood Computers subsidiary.