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Share Name Share Symbol Market Type Share ISIN Share Description
Aston Martin Lagonda Global Holdings Plc LSE:AML London Ordinary Share GB00BN7CG237 ORD GBP0.10
  Price Change % Change Share Price Shares Traded Last Trade
  -0.25 -0.14% 173.55 413,024 15:09:43
Bid Price Offer Price High Price Low Price Open Price
172.75 173.65 176.50 171.40 173.90
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Automobiles & Parts 1,095.30 -213.80 -165.90 202
Last Trade Time Trade Type Trade Size Trade Price Currency
15:11:06 O 125 173.65 GBX

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15:11:07173.65125217.06O
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Posted at 07/2/2023 08:20 by Aston Martin Lagonda Glo... Daily Update
Aston Martin Lagonda Global Holdings Plc is listed in the Automobiles & Parts sector of the London Stock Exchange with ticker AML. The last closing price for Aston Martin Lagonda Glo... was 173.80p.
Aston Martin Lagonda Global Holdings Plc has a 4 week average price of 153.65p and a 12 week average price of 116.05p.
The 1 year high share price is 1,205p while the 1 year low share price is currently 86.04p.
There are currently 116,459,513 shares in issue and the average daily traded volume is 1,089,792 shares. The market capitalisation of Aston Martin Lagonda Global Holdings Plc is £202,115,484.81.
Posted at 14/9/2022 10:03 by jonnywalker77
Jubberjim

The historic share price gets adjusted by the bonus factor (I.e. share price before ex-rights / TERP). Or inversely if you want to see the current share price in old money you can multiply it by the bonus factor.

Posted at 13/9/2022 17:56 by jubberjim
I am not invested but am really confused

I started keeping an eye on this share way back when they did the 20 shares for 1 consolidation sending the price up to 1900/2000 in the process as everyone piled Inn
Previously share price had plummeted to around 38 pence I think before resting at 50


With all the fund raising since what does this mean in real terms

My maths say in reality that translates to a share price equivalency of around 7/8 pence

Can someone enlighten me as there seems to be no mention of the price in real terms if the confusion generated by the loadings and consolidation had not occurred

Never likely to be able to afford an Aston Martin nor would I want to

I fail to see any value apart from the cachet the badge holds but that does not translate to £s shillings and pence

Anybody concur or willing to put me right

Posted at 13/9/2022 14:56 by wilmdav
JakNife

Thank you very much for clarifying the situation for shorters prior to ex-rights day.

Would you be willing to assist with another question? IG has emailed me as follows:-

"If you have a short position, you can:

(a) Buy back the rights to close out the short position.

(b) Run to expiry and possibly have your position taken up automatically depending on the result of the offer. This will mean potentially having a new short position booked on your account around the offer pay date, at the subscription price under the terms of the offer."

No problem with (a) but in (b), what does it mean to 'have your position taken up automatically depending on the result of the offer?

They provide the answer in the next sentence which is also unintelligible to the uninitiated.

Does a short position at the subscription price mean that the position would be the difference between 103p and whatever the share price is at the end of rights trading? For example, if the share price was 160p, the loss would be
160 - 103 = £57. This is on the basis of £1 per point. No doubt the outcome would be the same for an equivalent exposure by CFD shorters.

Wilmdav

Posted at 05/9/2022 10:44 by typo56
It's not insolvent. The rights issue is underwritten. It's the underwriters and existing shareholders who have the problem, not AML. They'd be a stock overhang during which time the share price would be depressed.

The share price doesn't really bother a company, as long as they can somehow keep tapping the market for money.

I can't see how much the underwriters are being paid. I expect that will be disclosed in the prospectus later today.

Posted at 05/9/2022 07:21 by typo56
"Makes much more sense to sell some here and use proceeds to take up rights."

That doesn't really make sense.

To qualify for the rights you need to be holding at close on Friday (corrected from next Monday)

When they go ex-rights on Tuesday next week the AML share price will likely fall by about 60%. That value will get transferred into the nil paid rights shares (which may trade in the range 60p-70p each - you get four of them per existing AML).

As I always bang on, rights issues are a devious way of companies raising funds. They don't offer any special deal to existing holders. It's smoke and mirrors.

The rights price is determined by the pound of flesh the underwriters demand, should the rights issue bomb and they're left picking up the shares. Otherwise the price the rights are set at doesn't really make a difference to existing holders.

Posted at 14/8/2022 15:45 by wilmdav
Tony

I beg to differ about what the £28.6m cap applies to.

For the benefit of others, what we are referring to are two paragraphs immediately below several bullet points on page 69 of the Prospectus accompanying the 2020 Placing. The Prospectus is not easy to find on AML’s website but, if anyone is so inclined, following this link is a good place to start:

hxxps://www.astonmartinlagonda.com/investors/funding/october-2020-placing

The two paragraphs in question are not easy to decipher because they are riddled with terms that have been defined in previous parts of the Prospectus, mostly on pages 68 and 69.


It needs to be understood that all the shares that are going to be issued to Mercedes (MBAG) were valued by an independent valuer (BDO.LLP) at the time of the placing at £286m on the basis of an entry price of 1,246.34p x 22,947,137 shares. The first tranche of 11,232,864 shares was valued at £140m on the same basis, which provided the Company with access to Phase 1 of MBAG’s technology.

There are various references to supplementary agreements yet to be made about the scope and value of MBAG’s technology associated with the outstanding shares to be issued.

The first of the two paragraphs referred to above implies an expectation that the value of all the technology would eventually exceed the initial valuation of £286m, presumably as a result of unquantifiable factors such as inflation. In which case AML would make a top-up cash payment to MBAG, capped at £28.6m, which is 10% of the original valuation.

The second paragraph requires AML to make an unrelated cash payment to MBAG at the time of issue of all remaining shares if the share price is lower than it was at the time of the original placing (1,246p). The size of the payment will be determined by the difference in price multiplied by the number of additional shares issued (over and above Tranche 1). For example, if the share price was 371p, the payment would be £102.5m.

All figures and prices quoted above have been adjusted for the consolidation in 2020.

To be read in conjunction with posts 10110 and 10112.

Posted at 12/8/2022 15:35 by wilmdav
There was another pressure on AML prior to the capital raise announcement, not so far discussed.

The Strategic Cooperation Agreement with Mercedes Benz (MB) required AML to issue 22,947,137 shares to MB in exchange for access to elements of the latter's technology. The shares were to be issued in at least two tranches from Dec 2020 and no later than Q1 2023. The first and only tranche issued so far was for 11,232,864 shares (adjusted for 20:1 consolidation in 2020).

If by the time of completion of the share issuance the share price were to be less than 1,246.34p (adjusted for consolidation) the Company will make a cash payment to MB to make up the difference.

Share price at close on 14/07/22, the day before the RNS announcement was 371.3p and sliding.

Quantity of shares yet to be issued is 11,714,273 shares.

If the price were to be no higher than 371.3p at the end of Q1 2023, AML would have to pay at least £102.m to MB [(1,246.3 - 371.3) x 11,714,273].

The agreement was finally renegotiated on 28/07/22, the day before the capital raise RNS, "to extend the time frame to agree additional technology requests by 12 months o 31/12/2023, with corresponding tranche 2 share issuance by July 2024".

As I understand it, the technology yet to be agreed relates primarily to electrification of vehicles.

MB's decision to take part in the rights issue means they will retain their c20% shareholding when they receive the final tranche of shares - failing which AML won't get its electrification technology.

Posted at 31/7/2022 10:31 by swiss tony
I would say you are mostly correct, Wilm.

But the first raise at £3.35 is just for PIF to gain a portion of AML, in order to take up the second rights issue, so 'technically' they are seperate entities.
There is no way the second rights issue will be higher than £3.35, unless the share price rises massively in the next few weeks before the announcement is made.
ie if the share price hit £8, the RI price would be c.£4 and TERP would be somewhere in between, c £5.80.

My intuition tells me the same as you, the average share price over the last month (before the RI price is officially calculated) is the key.

One thing is for sure, you can't raise more than your market cap with a dilution of less than 23%.
Double the shares means 50% discount, more or less.
You mess up the balance sheet, you pay hard in a fund raise. The market should not celebrate or reward bad business decisions.

I bet 10% of this raised money is going to the banks in fees alone.
Stroll mismanaged again, shareholders are paying a fortune for his mishandling of the situation.

The FT comments on recent stories are bang on again, the last one I read was blatant: Stroll is asset stripping the company, using the name to raise hundreds of millions for his private F1 team and loading AML.L up with unsustainable debt, while drowning shareholders with constant dilution.
Shareholders should be aggrieved.

Posted at 30/7/2022 20:55 by wilmdav
According to Investopedia, Theoretical Ex-Right Price (TERP) = (market cap at closing price of last day of rights offering + amount raised) divided by total number of shares after RI is complete.

I've been amusing myself by trying to calculate the TERP for various RI discounts, on the assumption that the pre-RI market value is £558m (475p), which is a rough average of where it has been over the last two trading days.

Amount raised is £653m, including £78m from placing. So numerator is 558 + 653

and TERP = 1,211 / Ts where Ts is the total number of shares post-RI

Ts = pre-announcement shares + placing shares + RI shares
Ts = 116.5m + 23.3m + Rs

Rs = amount raised in RI (£575m) divided by RI price

Plug in a figure for the RI price, say £2.50

Rs = 575 / 2.5 = 230 shares

So Ts = 116.5 + 23.3 + 230 = 369.8m shares

TERP = 1211 / 369.8 = £3.27

and RI discount to TERP = 23.5%

Plug in £2.25 as the RI price and TERP comes out at £3.07 at a discount of 26.6%

Plug in £1.00 as RI price and TERP comes out at £1.68 and discount at 40.5%, which is within jonnywalker's suggestion of an appropriate range for a high risk RI.

On this basis TERP will only reach or exceed the placing price of £3.35 if the share price rises significantly before the RI completes or if the discount is less than 23%.

Others might be inclined to deal with the placing differently in the calculations but the above seems to suggest that TERP is likely to be significantly lower than the placing price.

PS. I will be off line all day tomorrow but back on Monday.

Posted at 25/7/2022 11:37 by swiss tony
Of course it will be deeply discounted.
The market can't reward companies with this size of dilution otherwise everyone would be at it.

The share price is sitting at the current AML market cap similar to how much AML need to raise, £575m.
That means 1 for 1 at 50% discount, circa £2.50 RI price.
I bet Stroll wished he had listened to Ken Gregor now, and raised way back before Ken resigned.
The later he left it, the worse the dilution would be. And now we have somewhere around 50%.
TERP would be circa £3.45 ish.

I think the share price might miraculously rise just before the announcement, so am expecting £2.75 to £3.25 RI price, and TERP of just under £4, so currently slightly overvalued.
The saudis will want an instant profit.

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