Stobart - get out the popcorn...

[vrdiver]

Some of us have (or had) Stobart (STOB) in our HYPs. Looks like there's going to be an interesting AGM this year as Andrew Tinkler seems to have fallen out with the rest of the board and Iain Ferguson in particular, and will be marshalling 25% of the voting shares against his re-appointment as Director and Chairman*. The rest of the board appear to have taken a united stance and are dissing Mr Tinkler in a tit-for-tat RNS.**

No idea what impact it will have on the share price (perhaps a wobble if Mr Tinkler decides to offload his 7% (ish) stake, or a surge as both sides attempt to secure votes)? Don't really care, but it may be instructive to see a boardroom tiff play out!

I'm assuming there will be no impact on the dividend per share, so despite the drama, this is a HYP no-news story!

VRD



* http://www.londonstockexchange.com/exch ... 56509.html
** http://www.londonstockexchange.com/exch ... 58484.html

[vrdiver]

Latest RNS announces that Stobart have postponed their AGM, which was due on 28th June, to a later, as yet unspecified, date.

Dividend (4.5p, due for payment 6th July) is not affected.

http://www.lse.co.uk/regulatory-news-ar ... al_Meeting

VRD

[Bouleversee]

vrdiver -

Do you know how all these goings on will affect the Eddie Stobart Logistics company on AIM? O/T here I suppose so perhaps you could reply on the Share Ideas board or privately.

[vrdiver]

vrdiver -

Do you know how all these goings on will affect the Eddie Stobart Logistics company on AIM? O/T here I suppose so perhaps you could reply on the Share Ideas board or privately.

I'll reply here on the basis the answer falls under the "popcorn" theme of this thread.

Stobart (STOB) owns 12.5% of Eddie Stobart Logistics, but is otherwise a separate company. (The trucks you see on the roads are part of the AIM Logistics company, not the LSE Group company).

I expect there to be no impact on the Logistics business, as the Group has largely sold out of its position and the two companies have separate boards.

NB - I don't follow the Logistics company (unless stuck behind one of their trucks) so probably not the best person to ask.

VRD

[Bouleversee]

Many thanks, VRD.

[UncleEbenezer]

vrdiver -

Do you know how all these goings on will affect the Eddie Stobart Logistics company on AIM? O/T here I suppose so perhaps you could reply on the Share Ideas board or privately.

I'll reply here on the basis the answer falls under the "popcorn" theme of this thread.

Stobart (STOB) owns 12.5% of Eddie Stobart Logistics, but is otherwise a separate company. (The trucks you see on the roads are part of the AIM Logistics company, not the LSE Group company).
VRD

When did that happen?

I used to hold STOB when they were a leading logistics company, and watched them go very multimodal with things like the Tesco freight trains bearing oranges/etc from Spain, and the Southend Airport. Good income and a decent capital gain, but I found the management shenanigans less than conducive to a good night's sleep. So I've not followed them for a while.

[vrdiver]

Stobart (STOB) owns 12.5% of Eddie Stobart Logistics, but is otherwise a separate company. (The trucks you see on the roads are part of the AIM Logistics company, not the LSE Group company).
VRD

When did that happen?

I used to hold STOB when they were a leading logistics company, and watched them go very multimodal with things like the Tesco freight trains bearing oranges/etc from Spain, and the Southend Airport. Good income and a decent capital gain, but I found the management shenanigans less than conducive to a good night's sleep. So I've not followed them for a while.

Back in 2014 they separated out the Logistics business from the rest of the group, selling half of it to raise funds for other activities. Andrew Tinkler was the CEO at the time. In 2017 the Logistics company listed on AIM and STOB sold down some more of its holding (not sure of the sequence / dates).

As a STOB holder, I find holding a share with part of a 1/8th interest in an Eddie truck not quite so much fun as having an interest in the whole truck
When I looked at the board for the Logistics company I half expected Andrew Tinkler to be named. like you, I'm not a fan of the shenanigans, but the new CEO seems to have put his foot down on those (although the share price has gone up yesterday and today on the news that Tinkler has the backing of the Woodford Investment Group in his attempt to oust the current CEO and replace him with his own candidate!)

VRD

[vrdiver]

Perhaps the delayed AGM was so as to be able to include the Ryanair/Southend Airport deal in the AGM?
https://uk.webfg.com/news/risers-and-fa ... 45239.html

(Share price up just over 11% at 263p) so somebody is happy. I assume this will strengthen the current board's hand in seeing off any mischief from Mr Tinkler, although it could all turn to ashes if Ryanair cancel under pressure from Easyjet (who opened rival routes from Stansted last time this sort of deal was tried).

VRD

[Vince56]

Yes, the deal's done now. However, the forecast is for turbulence ahead, so remain seated and fasten seatbelts - or bail out?

[onthemove]

More news....

15:57
stobart sacks former chief executive
more on that boardroom battle at stobart group (which is not to be confused with the eddie stobart trucking firm).
the company has also fired former chief executive andrew tinkler, who was still a director, from its board for the conduct mentioned in our previous post.

https://www.bbc.co.uk/news/live/business-44444769

[edit]

RNS here...

http://www.londonstockexchange.com/exch ... 80198.html

Including ... "The Company will be writing to shareholders shortly to provide them with further information on the situation, including its concerns that Mr Tinkler and his associates are attempting to secure control of the Company."

[idpickering]

Stobart put this out today;

Shareholder letter

Stobart Group advises that a letter will be dispatched to shareholders shortly, a copy of which is set out below.

Shareholder letter

Dear Stobart Group shareholder,

I am writing to provide you with further information in relation to the actions which the Company has been obliged to take in order to protect the interests of all shareholders.

https://www.investegate.co.uk/stobart-g ... 00054840R/

[Bouleversee]

Woodford sounds off on Citywire:
http://citywire.co.uk/money/neil-woodfo ... ly_Summary

[Ricksure]

Eddie Stobart boss who made £5.5million last year complained of earning a 'pittance' in the job and said he would be better off if he had 'a pair of t***', leaked emails reveal.. http://www.dailymail.co.uk/news/article ... tance.html

[Bouleversee]

Poor chap; my heart bleeds for him. It must be terrible to have such a warped mind that £5.5m seems like a pittance.

[vrdiver]

Poor chap; my heart bleeds for him. It must be terrible to have such a warped mind that £5.5m seems like a pittance.

Considering the rest of his statement, I'm surprised he didn't get implants in order to boost his pay cheque somehow.

At least Stobart appear to be helping balance the gender pay gap. poor old Andrew's personal sacrifice to bring male pay more in line with female ought to be good for a gong, surely?

[Bouleversee]

I see from an article in the Sunday Times that Tinkler and Day's plan was to reunite the aviation and energy conglomerate with the haulage firm Eddie Stobart Logistics which was only spun off 4 years ago. I hold the latter and so far it has not been a good investment.

[PinkDalek]

... the haulage firm Eddie Stobart Logistics which was only spun off 4 years ago. I hold the latter and so far it has not been a good investment.

Nor has it been bad, if my memory is correct. You may have bought before it went ex and that divi has been paid.

[Bouleversee]

True. On checking, I see the dividend exceeded the small loss so I shouldn't complain, especially as the loss is trivial compared with some of the stonkers I have had. I just don't like seeing red on my p/f valuation but hopefully it will recover in due course.

[Ricksure]

StockMarketWire.com
Airport operator Stobart Group said it had issued a notice convening an extraordinary general meeting next month related to an attempt to change its chairman.

The meeting would be held on 18 July at 1100 at the St Pierre Park Hotel in Guernsey.

Stobart has recommended that investors vote against the resolution.

Current chairman Ian Ferguson is being targeted by former chief executive Andrew Tinkler, who wants to replace Ferguson with his own nominee.

[flyer61]

On page 3 of the Investors Chronicle dated 15 - 21 June their piece, 'Stobart winning', contains factual inaccuracies or half truths at best.

Ryanair will invest $300 million.....I don't think so. This might be the list price of the aeroplanes but MOL will have Stobart's paying for the privilege of his aeroplanes operating out of EGMC/SEN. I am still trying to work out how Ryanair will go from 1 million pax to 5 million in 5 years. Even 1 million pax will take some doing with 3 planes. Standing room only! This airport is only doing just over a million pax a year from all comers now.

If I could I would be short Stobart's