Company H.R. Owen PLC TIDM HRO Headline Result of AGM Released 15:23 18-May-2012 Number 21521-2314 H.R. OWEN PLC A Public Limited Company Registered No. 1753134 The following resolutions were duly passed by Members of the Company at the Annual General Meeting on 18 May 2012:- ORDINARY RESOLUTION That the sale on arm's-length terms by the Company's subsidiary, Broughtons of Cheltenham Limited (`Broughtons'), of a new Aston Martin Virage, on or about 6 January 2012, to Joe Doyle, a director of Broughtons and the Company, be affirmed. ORDINARY RESOLUTION That the sale on arm's-length terms by the Company's subsidiary, H.R. Owen Dealerships Limited (`H.R. Owen Dealerships'), of a used Rolls-Royce Ghost, on or about 25 January 2012, to Jon Walden, a director of the Company, be affirmed. ORDINARY RESOLUTION That the sale on arm's-length terms by the Company's subsidiary, H.R. Owen Dealerships Limited, of a used Rolls-Royce Phantom, on or about 17 May 2011, to Jon Walden, a director of the Company, be affirmed. ORDINARY RESOLUTION That the sale on arm's-length terms by the Company's subsidiary, H.R. Owen Dealerships Limited, of a new Ferrari California, on or about 9 May 2011, to Adrian Martin, a director of the Company, be affirmed. ORDINARY RESOLUTION That the rules of the H.R. Owen 2012 Long Term Incentive Plan (the "Plan") produced in draft to this meeting and, for the purposes of identification, initialled by the Chairman, and the principal terms of which are summarised in Appendix 2 to this Notice of Annual General Meeting be approved and the Directors be authorised to: a. adopt the Plan and to do all such acts and things as they may consider appropriate to implement the Plan; and b. establish further plans based on the Plan but modified to take account of local tax, exchange control or securities laws in overseas territories, provided that any shares made available under such further plans are treated as counting against the limits on individual or overall participation in the Plan. ORDINARY RESOLUTION The directors be generally and unconditionally authorised in accordance with section 551 of the Companies Act 2006 (`the Act') to exercise all the powers of the Company to allot shares in the Company and to grant rights to subscribe for, or to convert any security into, shares in the Company (`Rights') up to an aggregate nominal amount of £3,935,290 during the period commencing on the date of the passing of this resolution and expiring at the conclusion of the next Annual General Meeting of the Company or on 30 June 2013 whichever shall be the earlier, and provided that the Company may at any time before such expiry make offers or agreements which would or might require shares
Just thinking out loud, If they are not paying divi's to shareholders, another positive step would be for HRO to use some of the surplus cash to buy back a few shares, it would make good commercial sense if they don't want to commit cash to the business in the current business environment.
I have to agree Bumpkin, its good they have the purse strings tight and appreciate they are keeping the costs under control, I think they like their comfort zone, when what they need to do is sell a few more motors, if they paid us tuppence a share,it would relieve them of only a short half million. Out of interest, does anyone know the beneficial owners of Shelton Holdings LLC who have a 21.15% interest, was this the Ozzy guy who showed an interest in bidding for them a few years back, also may I assume only one market maker trades as they seem to get marked up and down when only scraps are traded.
Company H.R. Owen PLC TIDM HRO Headline AGM Statement Released 12:00 18-May-2012 Number 21032-26A1 Trading Update The H.R. Owen Chairman - Jon Walden - will make the following statement at today's AGM: "We are pleased to report that the Group has made a very positive start to the year and that profits are currently ahead of internal expectations. New car sales have been particularly strong. We have increased market share within all of our franchises, with notable performances from the Ferrari, Lamborghini and Rolls-Royce businesses. As already announced, in March the Group surrendered the lease of its former Alfa Romeo premises at Parsons Green in return for a cash sum of £315,000. This receipt will be shown as an exceptional profit from discontinued businesses in the Group's 2012 results. The Group continues to control its working capital levels carefully, and has substantial cash balances in hand which have increased from £7.2 million held at the 2011 year-end to £12.4 million as at the end of April 2012." Information: H.R. Owen (020 7245 1122) Joe Doyle, Mike Warren Halkin Communications (07904 680 547) Sara Batchelor About H.R. Owen H.R. Owen has evolved into the business it is today over a period of nearly 70 years. We operate a number of vehicle franchises in the prestige and specialist car market for both sales and aftersales, predominantly in the London area. These cover fourteen sales franchises and fifteen aftersales franchises for Aston Martin, Audi, Bentley, BMW, Bugatti, Ferrari, Lamborghini, Lotus, Maserati, MINI, Pagani and Rolls-Royce. We have a long and prestigious history and can trace our foundations back to the formation by Harold Rolfe Owen of a dealership selling Bentley and Rolls-Royce cars in 1932. More information about H.R. Owen can be found on our website http:// www.hrowen.co.uk.
Good to see a director picking up a few shares H.R. OWEN PLC ("The Company") Director Shareholding We have been notified by Joe Doyle, a director of the Company, that on 28 December 2011 he acquired 40,000 ordinary shares of 50p each in the Company at a price of 66.5p per share. 30 December 2011
I think HRO will be taken over in 2012, either one of the larger PLC's will snap them up as an upmarket bolt on (whats 30m when you have a market cap of hundred of millions) or a juicy cash bid from a far eastern or russian businessman as a trophy, estimate they will be taken out at the 125/150 range, maybe a bit more if you have two interested parties, i will keep topping up at these levels, just my gut feel, all in my honest opinion, good luck.