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PDG Pendragon Plc

35.55
0.00 (0.00%)
24 May 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Stock Type
Pendragon Plc PDG London Ordinary Share
  Price Change Price Change % Share Price Last Trade
0.00 0.00% 35.55 01:00:00
Open Price Low Price High Price Close Price Previous Close
35.55 35.55
more quote information »
Industry Sector
GENERAL RETAILERS

Pendragon PDG Dividends History

No dividends issued between 24 May 2014 and 24 May 2024

Top Dividend Posts

Top Posts
Posted at 09/2/2024 10:34 by jaf111
So not just “further Hedin selling”…;.. he has sold out completely 👍👍👍
He has done well, not least in terms of keeping the price up…..will now wait news on who bought them….
Nevertheless plenty of upside now with the ‘new PDG’ 🤞🤞🤞
Posted at 02/2/2024 15:54 by elsa7878
Last sentence.

28 December 2023
Pendragon PLC ("Pendragon" or the "Company")
Update on the Disposal, Subscription by Lithia, Strategic Partnership, and proposed Board changes
Pendragon is pleased to announce that the FCA Conditions have now been satisfied after both Pendragon and Lithia received approval from the FCA for the change of control of Pendragon Finance and Insurance Services Limited.
As a result, and in accordance with the terms of the Sale Agreement, the completion date for the sale of the entire issued share capital of Pendragon NewCo 2 Limited, the entity that holds, either directly or indirectly through its wholly-owned subsidiaries, Pendragon's UK motor business (sale and servicing of vehicles in the UK) and leasing business (fleet and contract hire provider and used vehicle supply), to Lithia is expected to take place, following the satisfaction of the remaining customary completion conditions, on 31 January 2024 ("Disposal Completion") alongside the completion of the Subscription to Lithia and entry into the Strategic Partnership with a wholly-owned subsidiary of Lithia Motors, Inc..
Completion of the Transaction will mark the beginning of the transformation of Pendragon into Pinewood Technologies, a pure-play SaaS business, which operates the Company's dealer management software business. The Board strongly believes that the growth prospects for the Company will be enhanced materially as a result of becoming a standalone business, as well as through the Strategic Partnership with Lithia.
Outstanding Conditions
The Reorganisation Condition and the Pensions Condition remain outstanding and are expected to be satisfied on or before 31 January 2024.
Satisfaction of the Reorganisation Condition is within the control of Pendragon.
The Pensions Condition has been addressed by all relevant parties executing the documentation necessary to satisfy this Condition. Satisfaction of the Pensions Condition remains subject to a technical statutory formality which cannot be addressed earlier than Completion and which is therefore expected to be addressed on Completion.
Transaction Dividend to Shareholders
Following completion of the Transaction, the Company confirms its intention to return a cash amount equivalent to approximately 24.5 pence per Ordinary Share to Shareholders by way of a special dividend (the "Transaction Dividend"). The Transaction Dividend is now expected to be paid in Q1/Q2 2024.
Posted at 02/2/2024 14:25 by elsa7878
Dividend in March. The company year end accounts are being done and need to be signed off saying they have sufficient distributable reserves. Box checking but part of full audit process hence not immediate.
Posted at 01/2/2024 08:07 by jaf111
A little disappointed by the lack of news on divi payout….surely this is pretty straightforward and no reason to delay now deal completed🤔
Posted at 31/1/2024 13:34 by jaf111
Very much looking forward to RNS tomorrow confirming completion of Lithia deal and further info / timing of the 24.5p divi….

Shares have had a decent rise so far this year despite Hedin’s selling and, imho the outlook for the new company looks pretty exciting
Posted at 22/1/2024 20:28 by nfs
Presumably when the dividend is received people will be re-investing back into the remaining/newco business?
Posted at 02/1/2024 11:57 by jaknife
loglorry1,

"Does anyone know what date PDG goes ex-dividend for the cash repayment of 24.5p."

The exact date hasn't been announced. However ...

From:

Pendragon Circular Proposed Disposal Partnership

"The Transaction Dividend is expected to be paid in Q1 2024 to those Shareholders who hold Ordinary Shares (other than Lithia in respect of the Subscription Shares) at the relevant record time. Further details in respect of the intended Transaction Dividend, including the record time for participating in such Transaction Dividend, will be announced by the Company in due course." [my bold] (from page 9)

And more recently from the 28 Dec RNS:



"The Transaction Dividend is now expected to be paid in Q1/Q2 2024."

The subtle change of timing does make it look as if the dividend payment has likely been pushed into Q2 albeit all of the conditions are expected to be satisfied by 31 January and so I don't see what's stopping them paying the dividend much earlier. I had originally expected Feb 14th - two weeks after the conditions are satisfied - but that looks too optimistic now.

JakNife
Posted at 02/1/2024 10:55 by loglorry1
Does anyone know what date PDG goes ex-dividend for the cash repayment of 24.5p.
Posted at 31/12/2023 12:12 by jaknife
niklol,

"Am I correct that however many shares held in PDG will be the same of shares
in Pinewood but at approx 10p per share?"

Yes ... but ...

The deal structure is (broadly):

1. Pendragon pays a dividend of 24.5p, hence on the current numbers (share price of 32.3p) the share price should fall to 7.8p ( 32.3p - 24.5p ).

2. Lithia will put money into the remaining Pendragon business and be issued shares at 10.3p a share.

3. The business will be renamed "Pinewood Technologies plc".

So nothing ever happens to your original shares, you will always hold the same number.

But the "10p" seems a bit vague at the moment, it looks to me that it could be generally anything in the range of 7.8p to 10.3p but then there's nothing stopping it being less or more! And if you listen to Chris Mills in the video highlighted above I think that he suggests a 40p value for the remaining business, which seems very optimistic!

JakNife
Posted at 31/12/2023 00:01 by samsj
how does he get to 10p tax on the dividend? edit: ok sorry, I wasn't aware UK resident dividend tax rates went up to just under 40%...

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