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Hi Truth - did you tune in to the webinar presentation.
WB seems very confident that the Group will divest Stobart Air by the Financial Year. End - Feb 2021. He actually said he'd be very disappointed if they had not exited it by Feb, and it was the BOD's main short term focus.
All positive on the Energy Division - they reinforced the high cost barriers to entry, interesting that they advise they have a third more wood stock than this time last year, so looks like no issues on the supply contracts.
They remain very optimistic as regards Southend, whilst acknowledging global issues from the virus. Looking for a re set by April 2021. Not sure why they dodge confirming it's Amazon, always refering to the Global logistics partnership,though they did state that Southend was the "best performing base" in the UK. Not sure how to independently verify that statement, though they did mention the close link to the Tilbury distribution centre.
G
Hi Truth - must be good weather up North, it's been lashing down all day down here, truely not biking weather for a Southern lad lol.
Yep you can watch a re run the whole presentation and the Q & A session on - https://www.investormeetcompany.com. if you have signed up. It still there as I type.
WB made one statement, that surprised me by saying the Railway station at Southend is the only one in the Country actually owned by the Airport Operator, ( sure I heard that right ), which I wasn't aware of.
Lots of soundbites as you'd expect :
The World and Aviation will recover, to WB the downside risk is priced into the SP, but he would say that.
Confirmed they still value non core assets at £40M - but there seems no real urgency to divest, suggested over a three year period when opportunities present themselves.
You're going to have to park anythoughts on a quick sale of the Energy Division, it's still the plan to monetize it in a time frame of 14 - 20 months, which suggests they expect to get a full Years trading / revenues in for 2021 / 2022, before a sale. ( they mentioned the independent valuation @ in excess of £210M which I guess is their ball park valuation.
Next step is the interims ( Mar - Aug 2020 - should read pants ) then the exit of Stobart Air, expected in the next 5 months, imo that should move the sp north ( though that's only my glass half full view ).
WB stated that in his opinion, low cost carriers and short haul holiday travel to the usual destinations will recover quickly, and that when planes get back in the air he sees pressure on London slots, during peak periods.
We'll deffo be "shooting the breeze" here for a long time to come. They confirm they are managing Liquidity carefully, and are progressing the plan as laid out in the June 2020 rns.
Where the sp will trade - got no idea lol
G