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Eddie Stobart Logistics plc (ESL - AIM)

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Bouleversee
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Re: Eddie Stobart Logistics plc (ESL - AIM)

#269119

Postby Bouleversee » December 4th, 2019, 7:31 pm

Correction to previous post:

I had better say that they would seem to have vested interests and be biased.

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Re: Eddie Stobart Logistics plc (ESL - AIM)

#269127

Postby Bouleversee » December 4th, 2019, 8:17 pm

When I put "ESL share price" into my address box, the first one that comes up (which I think is Microsoft) says it is 6p. I haven't heard that the shares are no longer suspended and HL is still saying 71p but it does raise the question as to what price should be shown when shares are traded off-market at a very different price from that on the date of suspension.

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Re: Eddie Stobart Logistics plc (ESL - AIM)

#269272

Postby Bouleversee » December 5th, 2019, 12:06 pm

An article in The Times today, headed "Eddie Stobart workers fight to stop takeover" says workers' representatives at ESL have begun an 11th hour attempt to prevent a takeover, saying that a promised £75m cash injection by Dbay could be worth a fraction of that amount. A report b Syndex said that interest and refinancing payments, payoffs to departed senior executives and fees to City advisers and lenders could mean that only £15m stays in the business. However, City sources said that if the Dbay proposal was not accepted, the company could go into administration. Adrian Jones, of the Unite union, said they were urging shareholders to delay a decision and actively encourage other bids and that there is no reason why a long-term solution cannot be achieved.

I don't see how shareholders, other than the two bidders, can delay it and it doesn't sound as though Dbay will. What a mess!

https://www.google.co.uk/search?source= ... NIQ4dUDCAs

PinkDalek
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Re: Eddie Stobart Logistics plc (ESL - AIM)

#269311

Postby PinkDalek » December 5th, 2019, 2:05 pm

At least there's some clarification in the latest RNS as below. It would appear that William Andrew Tinckler purchased the 21,576,007+3,132,280=24,708,287 on 29-Nov-2019, representing 6.51% of the voting rights. I'm still unclear who purchased the other 21,576,007 on that date or even if that was a purchase at all. At one stage Link Fund Solutions Ltd had a reduced holding of 21,576,007 (5.69%).

https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/ESL/14337280.html

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Re: Eddie Stobart Logistics plc (ESL - AIM)

#269582

Postby PinkDalek » December 6th, 2019, 1:00 pm

Resolutions passed overwhelmingly

Results of General Meeting & Proposed Transaction
Released 12:23 06-Dec-2019


https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/ESL/14339212.html

Bouleversee
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Re: Eddie Stobart Logistics plc (ESL - AIM)

#269599

Postby Bouleversee » December 6th, 2019, 1:37 pm

That will be over £3550 down the pan for me, then. I can't see my subscribing to any rights issue that will presumably follow.

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Re: Eddie Stobart Logistics plc (ESL - AIM)

#269606

Postby PinkDalek » December 6th, 2019, 1:58 pm

Bouleversee wrote:That will be over £3550 down the pan for me, then. I can't see my subscribing to any rights issue that will presumably follow.


Not even the option I think I saw where it was suggested we may be able to partake in the PIK? ;)

No, me neither.

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Re: Eddie Stobart Logistics plc (ESL - AIM)

#269607

Postby Bouleversee » December 6th, 2019, 2:02 pm

Whatever they care to call fleecing me further.

I wonder what Tinkler will do now.

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Re: Eddie Stobart Logistics plc (ESL - AIM)

#269615

Postby PinkDalek » December 6th, 2019, 2:21 pm

Bouleversee wrote:I wonder what Tinkler will do now.


Make a polite announcement and wish everyone "the best of luck"?:

Response to Result of ESL General Meeting
Released 13:47 06-Dec-2019

https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/other/14339320.html

dspp
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Re: Eddie Stobart Logistics plc (ESL - AIM)

#269626

Postby dspp » December 6th, 2019, 2:49 pm

PinkDalek wrote:
Bouleversee wrote:I wonder what Tinkler will do now.


Make a polite announcement and wish everyone "the best of luck"?:

Response to Result of ESL General Meeting
Released 13:47 06-Dec-2019

https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/other/14339320.html


and get a severe attack of "old rectory syndrome" as the vc's call it, regards, dspp

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Re: Eddie Stobart Logistics plc (ESL - AIM)

#269635

Postby Bouleversee » December 6th, 2019, 3:09 pm

Do you suppose he was paid off?

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Re: Eddie Stobart Logistics plc (ESL - AIM)

#269637

Postby PinkDalek » December 6th, 2019, 3:11 pm

vc's?

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Re: Eddie Stobart Logistics plc (ESL - AIM)

#269639

Postby Bouleversee » December 6th, 2019, 3:12 pm

Venture capitalists?

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Re: Eddie Stobart Logistics plc (ESL - AIM)

#269789

Postby Bouleversee » December 7th, 2019, 11:15 am

There is a long and scathing article by Alistair Osborne in The Times Business today pointing out the jiggery pokery, much too late in the day. Am not sure what he says about Tinkler is quite correct; I thought he said he could come up with the money given the chance to formulate his offer and get it on the table which would mean postponing the meeting for a short time. You may be able to get it if you Google the heading: Dbay back behind wheel at Stobart if this link doesn't work:

https://www.thetimes.co.uk/article/dbay ... -wclc2dqrt

I remain astonished that this has been allowed to happen and am exercising my brain to see if there is any way it could possibly be unravelled.

Dod101
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Re: Eddie Stobart Logistics plc (ESL - AIM)

#269801

Postby Dod101 » December 7th, 2019, 11:39 am

Alistair Osborne loves this sort of thing but as far as I can see he seems unable to get much beyond writing the occasional amusing and critical article and very little by way of positive opinions on an alternative.

Dod

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Re: Eddie Stobart Logistics plc (ESL - AIM)

#269802

Postby Bouleversee » December 7th, 2019, 11:44 am

I agree, Dod. I drew his attention to the situation quite a while ago and said I hoped we could look forward to some juicy articles and investigative journalism but to write this one after the event seems just an ego-trip and achieves nothing; not what I had in mind. The Times coverage of this up to now has been very bland and I don't think the reporters understood what was going on.

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Re: Eddie Stobart Logistics plc (ESL - AIM)

#269820

Postby Bouleversee » December 7th, 2019, 1:17 pm

I gather that dealings will resume next week. No comment!

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Re: Eddie Stobart Logistics plc (ESL - AIM)

#269904

Postby Dod101 » December 8th, 2019, 12:25 am

The same Alistair Osborne has written an item after his on ESL in today's Times, about Phoenix Holdings' takeover of Reassure and strangely enough, I am inclined to agree with his comments (as will be evident form my posts on the current Phoenix Holdings thread.)

I do not know enough about ESL to comment.

I hope it works out for you, Bouleversee. Investing is a difficult business.

Dod

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Re: Eddie Stobart Logistics plc (ESL - AIM)

#270360

Postby PinkDalek » December 10th, 2019, 12:47 pm

Completion of Disposal
Released 08:16 10-Dec-2019
RNS Number : 3248W

Completion of the disposal of Greenwhitestar Acquisitions Limited

https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/ESL/14342144.html

Extract only:

Completion of the Transaction on 9 December 2019 follows a general meeting of the Company held on 6 December 2019, where entry into the Transaction was approved by an overwhelming 80.76% of the Company's shareholders.

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Re: Eddie Stobart Logistics plc (ESL - AIM)

#273239

Postby PinkDalek » December 24th, 2019, 2:49 pm

From a Topic elsewhere on TLF:

Dod101 wrote:I have just received the half year report to 30 September. One item caught my eye. I do not hold Eddie Stobart I am glad to say, but Edinburgh has just written down its holding in Stobart from £11,901,000 at 31 March 2019 to £966,000 at 30 September. ...


The Annual Financial Reports and Half-Yearly Financial Reports are available here https://www.invesco.co.uk/uk/products/the-edinburgh-investment-trust-plc and reflect what Dod has said.

The closing price for ESL was approximately 99p as at the cusp of March/April 2019. If and only if The Edinburgh Investment Trust plc's holding was constant and assuming that 30 September 2019 valuation also applies now, they are valuing each share at about 8p (as against the 6p transactions reflected at https://www.londonstockexchange.com/exchange/prices-and-markets/stocks/summary/company-summary/GB00BD8QVC95GBGBXASQ1.html?lang=en).

In other news, the table of ESL's significant holders was updated as at 11 December 2019:

https://eddiestobart.com/investor-relations/significant-shareholders/

I note, for Dod, that Schroders Investment Management Limited is included.


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