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alot of the costs are in the underwriting. I do not see them underwriting much here only the £50m not taken up by sir roger. Don't think they did much to reject the bid, they just did not provide access to their books.
Roger De Haan watched as the holidays-to-insurance empire his father built lost its way. He’s returning with a plan to woo people like him — the over-70s
https://www.thetimes.co.uk/article/saga-heir-roger-de-haan-sails-back-to-target-even-greyer-pound-w95z6tjpn
Sir Roger has given away alot of his wealth through charity, I doubt he is out to screw over the little guy PI. This is a business his old man set up and he grew consistently year on year before selling. It is a no brainer for him to buy since the business now is twice the size it was when he sold it for £1.25bn.
After the RI and boat delivery they will have net debt of £760m. Post Covid they will have EBITDA of £200m. How long do you think it will take them to take big bites out of that debt figure especially as they have 65% retention of cruise bookings. Sir Roger is getting too good a deal I feel. He should have paid 30-40p.