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Having made a placing conditional on the successful outcome of the auction, the Directors have gone ahead with the placing anyhow despite coming second in the auction.
Are they mad?
They have clearly fallen for the charms of the commission hungry snake oil salesmen in the City.
Credibility is shot to pieces.
Perhaps Liontrust have found another buyer in the wings. Even so the current buyer can reduce the 75% super majority to a straight 50.1% majority to get over the line.
Blather about revenues etc, but nothing on debt. Any business only survives on its cash availability, so disappointing that there is a radio silence.
Yet another year of exceptional items which are no more exceptional than you or me getting out of bed every morning. Share is going nowhere until there is a real grip on operating costs.
Any half decent company knows by the minute their covenant position. They are not waiting to the middle of the next month to know. The only reason for a delay is if the lenders need a formal audit of the numbers. And of course there is always the possibility that there is no breach.
Does anybody understand the accounts. One certainty is that they are loss making, and another is that their net assets are in permanent decline. The CEO seems to think his job is to buy and sell assets rather than the boring bit of of the day to day grind of actually running Drax's operations.
As mentioned previously, probably a ramp and thus a false market. Don't hold your breath expecting the FCA to investigate.
As there has been no announcement from either the alleged buyer or Equiniti, beware of a ramp.
The trouble is all these one off charges which are not one off at all, as the previous CEO also demonstrated.
Suggest you sell them as since the change of strategy earlier this year, Troy has been a serious under performer. Heads should roll at both manager and director level, and fees all round drastically reduced.
The real published eps is 158p rather than the concocted 254p that IMB put their gloss on before disclosing their nasties. Even so they still trade at less than 10x earnings.
Disappointingly the UK is not the US when it comes to financial services. As evidenced by AJB announcing yesterday that it is increasing some of its fees up by an inflation busting 20% to its loyal customers.
Until regulators take action over failures such as the outages at a whole range of financial services companies during the market rebound last month, there is every incentive for these companies to continue with their rip off business model.
Physical car dealerships are similar to department stores: a relic.
OEMs will bit by bit learn to sell direct to the punter online, whilst second hand transactions are already trending fast online.
Lookers and all the others will have to adapt or die.
Nothing to write home about. Financials as ever peppered with 'one offs'. Stocks and inventories have increased despite reduced turnover, whist net debt is only down because of huge increase in payables i.e their suppliers are effectively acting as a bank.