Pendragon Share Discussion Threads

[niklol] 25/2/2024 15:14

Thanks for setting it up

[niklol] 25/2/2024 15:14

Thanks for setting it up

[niklol] 25/2/2024 15:13

Thanks for setting it up

[niklol] 25/2/2024 15:13

Thanks for setting it up

[eagle eye] 21/2/2024 09:34

Pendragon has been relisted as Pinewood Technologies (PINE).

A new thread has been set up here:

[niklol] 20/2/2024 19:24

Chief Exec of Pinewood sold shares worth £509,546

[jaf111] 09/2/2024 10:34

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’ 🤞🤞🤞

[jaf111] 08/2/2024 17:15

Either way volume quite high suggesting some further Hedin selling….

[jaf111] 08/2/2024 11:10

News pending me thinks…..certainly Mr Market believes so!

[elsa7878] 06/2/2024 19:31

I've been in direct contact with them and the expectation is by the end of March as per my earlier post.

[jaf111] 02/2/2024 16:39

Sorry but without wishing to be pedantic that RNS was over a month ago….i was referring to the 1 Feb announcement confirming disposal completion.
Anyway hopefully there will be another announcement re timetable shortly 🤞🤞🤞

[elsa7878] 02/2/2024 15:54

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.

[jaf111] 02/2/2024 15:15

Ok maybe that is the case but that could be easily communicated….a sentence or two added on to the last RNS???

[elsa7878] 02/2/2024 14:25

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.

[jaf111] 01/2/2024 21:19

From Lithia’s news announcement….

MEDFORD, Ore., Feb. 1, 2024 /PRNewswire/ -- Lithia & Driveway (NYSE: LAD) announces today that it has completed the transaction with Pendragon PLC ("Pendragon", to be renamed Pinewood Technologies Group PLC "Pinewood Technologies") acquiring the UK motor and fleet management divisions of Pendragon, the UK's third largest automotive dealership group and forming a strategic partnership with Pinewood Technologies.

LAD's UK operations will expand their digital capabilities by integrating the Pinewood technology platform across all locations and will co-develop automotive technology solutions to capitalise on the North American market opportunity through a joint venture. Pinewood's dealer management software remains listed on the London Stock Exchange under the name Pinewood Technologies plc and will become a pure-play software-as-a-service (SaaS) business.

LAD's acquisition of Pendragon Vehicle Management ("PVM") adds a highly profitable fleet management services business, and the UK motors business expands the brand and geographic footprint rounding out the reach and density of the network in the UK market. These additions build on the final adjacencies contemplated in the company's strategic design outlined in 2020 and growth in the United Kingdom.

[niklol] 01/2/2024 19:39

No word of when Pinewood will take the place of Pendragon on The Stock Exchange

[jaf111] 01/2/2024 08:07

A little disappointed by the lack of news on divi payout….surely this is pretty straightforward and no reason to delay now deal completed🤔

[jaf111] 31/1/2024 13:34

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

[jaf111] 22/1/2024 21:02

Not necessarily….I might add to my Vertu position

[nfs] 22/1/2024 20:28

Presumably when the dividend is received people will be re-investing back into the remaining/newco business?

[jaf111] 22/1/2024 08:54

As predicted Hedin still selling….actually at increased pace….now done to just under 11%…

Price remains steady so all good imho…..

[elsa7878] 17/1/2024 21:36

The offer is valued at 35.4 so still money to be made even before an uplift in Pinewood. If you do buy make sure it’s in a SIPP or ISA or the dividend will be taxed.

[c_k] 17/1/2024 20:06

Another Hedin offload today is likely. The share price increases on a bad stock day. It's good to see there is faith on the software/cloud business going forward.

[jaf111] 15/1/2024 13:59

Hedin continues to offload….stake now below 15%, but share price remains steady as new / existing institutions take the shares…….eg Newtyn has doubled its stake to 10%

All looking rather bullish to me post the completion of the Lithia disposal

[mortimer7] 05/1/2024 16:26

The total for new car regns in the UK for December issued this morning :
141,092 a 9.8% increase on Dec 2022 total of 128,462.
The years total for 2023 is 1,903,054 vs 2022 total of 1,614,063.

The annual increase has been due to increased Fleet market sales, apparently largely due to order backlog catch up.

SMMT forecasted a total for 2024 of 1,970,000 in October. They are due to revise that figure this month.