Pendragon Share Discussion Threads

[jaf111] 19/9/2023 20:01

I certainly agree Danes…..definitely a bargain for Lithia to say nothing of why would Hedin want a 28% stake in Pinewood Technologies?

[daneswooddynamo] 19/9/2023 11:06

The more you look at this seems to be a great deal for Lithia who snap up 150 plus dealerships for 250-280m. Lookers valued at 500m for similar number. I expect hedin to come back with a 27/28p straight offer for the whole shooting match

[jaf111] 18/9/2023 13:13

Quite a bit about Hedin here……

hxxps://cardealermagazine.co.uk/publish/analysis-why-hedin-wont-be-able-to-block-pendragon-deal-this-time-around/289894

[daneswooddynamo] 18/9/2023 11:54

Guess it at least ensures the hedin stalemate situation doesn’t endure which seems to be where it is at the moment

[daneswooddynamo] 18/9/2023 11:15

Lithia paying 250m quid for pendragon motor business. Blimey, they paid 300m for Jardine which supposedly made half as much money!

[mortimer7] 18/9/2023 11:12

So if this came to fruition as proposed today, Hedin would end up with a substantial stake holding in a SaaS DMS business. Can't see that happening.

[samsj] 18/9/2023 10:01

Not sure I understand - they can't decide with <28% - they can only block if they can win over other shareholders with a more attractive offer?

[daneswooddynamo] 18/9/2023 09:57

You can effect a takeover with more than 50 percent too, it’s just that you wouldn’t want to as you don’t have nearly enough control. Same reason why this won’t go through without Hedin’s nod, they hold a big enough percentage in pdg now to effect all kinds of blocking moves

[samsj] 18/9/2023 09:21

hxxps://x.com/jefke00/status/1703665573157056948?s=20 "Class 1 transaction subject to shareholder approval (over 50%)"

[eezymunny] 18/9/2023 09:00

daneswood

Lookers was a takeover. This is a disposal of a subsidiary. There may be different vote requirements to pass. If it only requires 50%+ for approval then Hedin may not be able to block (if indeed they want to).

[daneswooddynamo] 18/9/2023 08:57

Interesting when you listen to Berman’s recent interview, he said that Hedin was very interested in the potential for the Pinewood business. Can’t see Hedin wanting this deal to go to Lithia when they supposedly stumped up 300m for Jardine which makes 50 percent of Pdg profit

[jaf111] 18/9/2023 08:47

To bid or not to bid….that is the Hedin question…̷0;.

[daneswooddynamo] 18/9/2023 08:42

Hedin own 27 percent they control the situation end of. Lookers only got it done due to Constellation with 22 percent forcing another 10p out of Global Auto

[eezymunny] 18/9/2023 08:35

Anyone know what % vote required to pass the disposal at the GM? This is not a takeover so those rules don´t apply, I think...

Maybe doing it this way, if only 50% required, Hedin don´t get a block?

[cb7] 18/9/2023 08:28

Further - the board were not satisfied with 29p last year, so I am somewhat bemused that they expect us to settle for circa 27p this year, (including only 16.5 in cash), when the company's financial position has further improved.

[cb7] 18/9/2023 07:55

Also Hedin unusually stated they would only sell for, was it 34p? This deal falls well short of that price.

[cb7] 18/9/2023 07:53

The directors always knew that Pinewood was the icing on the cake and threatened to sell that division when a bid came along, which Hedin didnt like. I am happy with the Pinewood side of the deal, but not at all with the 16.5p for the whole motor division.

[c_k] 18/9/2023 07:45

Not quite what I thought now I have skim read it. Dividend of 16.5p per share and Lithia taking a stake in the software business and will help grow business sin the US.

[daneswooddynamo] 18/9/2023 07:41

Looks too cheap to me. Still hopefully the end game has begun with hedin either putting up or selling out

[c_k] 18/9/2023 07:38

£280m, equivalent to 16.5p per share with the Pinewood software part spun off with shareholders retaining 83.3%. Interesting to see where the share price opens

[jaf111] 18/9/2023 07:19

Interesting news out…..Lithia back…..how will Hedin respond???

[mortimer7] 05/9/2023 09:26

UK New Car Registrations for the quieter month of August released today by SMMT.
Total 85,657 being a 24.3% increase over last years figure of 68,858.

[niklol] 05/8/2023 14:35

Last bid 29p I think