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Eddie Stobart Logistics plc (ESL - AIM)

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

#246578

Postby westmoreland » August 23rd, 2019, 3:43 pm

PinkDalek wrote:
westmoreland wrote:if you really must, you should only invest in the stobart's of this world with a massive margin of safety, to guard against corporate governance problems.

as for logistics, it's is a poor business to be in. high fixed costs, commoditised service, business buyers who drive prices down, and very complex to execute well. at some point, a massive logistics company gets economies of scale that give it a competitive advantage (like royal mail), but a non regulated one doesnt exist in the UK.


I'm sure you are correct, as was simoan back in March earlier on this thread, but what I love about TLF is the number of posters who tell us such things on bad news.

Please don't take that the wrong way, if only I'd found such warnings on here before I foolishly (lower case f btw) invested.


ok - here's another one - sports direct. wouldn't touch them with a bargepole.

obviously, i had no idea that ESL would suspend their shares, but the weakness of the business model is there for all to see.

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Re: Eddie Stobart Logistics plc (ESL - AIM)

#246594

Postby Dod101 » August 23rd, 2019, 5:03 pm

OK The Title is LSE (Main Market) Accept reprimand. But it does not make a lot of sense.

Dod

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Re: Eddie Stobart Logistics plc (ESL - AIM)

#246626

Postby PinkDalek » August 23rd, 2019, 7:32 pm

One thing I hadn't seen before was KPMG's resignation letter dated 27 November 2018. This was mentioned in one of the FT's*** articles today.

I've found the letter at Companies House WebCheck https://beta.companieshouse.gov.uk/company/08922456/filing-history. It looks like it was filed on 30 July 2019. Bearing in mind those accounts were filed on the 31 May 2019 6 month deadline and not a day earlier, I can't say much of this inspires me with confidence.

Does anyone in the know, know when such resignation letters should be filed?

Here's the legislation http://www.legislation.gov.uk/ukpga/2006/46/section/519#section-519-4 but I don't know when such matters should be filed at Companies House.

Off to read whatever comments appear at Stockopedia ...

*** Search incognito using Woodford woes deepen as Eddie Stobart chief steps down and it should be available. For subscribers this should find it https://www.ft.com/content/b586c10e-c53 ... 6ca66511c9

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Re: Eddie Stobart Logistics plc (ESL - AIM)

#246635

Postby PinkDalek » August 23rd, 2019, 7:52 pm

Correction: The last set of consolidated accounts that KPMG audited were the Group of companies' accounts made up to 30 November 2017. They would appear to have been filed a few days late on 06 Jun 2018.

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Re: Eddie Stobart Logistics plc (ESL - AIM)

#246639

Postby csearle » August 23rd, 2019, 8:09 pm

Bouleversee wrote:...but who am I to argue with the powers that be?
I did it, argue away! ;) I agree that maybe the title of "Share Ideas" should be augmented. Chris

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Re: Eddie Stobart Logistics plc (ESL - AIM)

#247008

Postby PinkDalek » August 26th, 2019, 9:40 am

PinkDalek wrote:Bearing in mind those accounts were filed on the 31 May 2019 6 month deadline and not a day earlier, I can't say much of this inspires me with confidence.


Replying to self but, of course, I've ignored that the accounts can't be file at Companies House until approved at the AGM. For that particular year, the AGM was on 28 May 2019. Previous year, 29 May 2018.

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Re: Eddie Stobart Logistics plc (ESL - AIM)

#247081

Postby gnawsome » August 26th, 2019, 2:50 pm


However, if by "with a massive margin of safety" you mean a very diversified and extensive portfolio, I can confirm that that is the case and I never invest huge amounts with any one company or other vehicle so I won't starve.

... mirrors my situation but pretty much by happenstance.
Fortunately, several of my other picks have done very well.

I've not been so fortunate.
Nevertheless, I find it more irritating than consoling to find that these experts are often no better than I am at picking winners or spotting fraudulent activity and accounts manipulation in the companies with which they claim to be closely in touch, which I am unable to be.

Mostly, one expects that listening to experts - medical - art - motoring - gardening etc would give some form of improvement to one's own performance but I seem never to find any investment opinion that is not flatly contradicted by another expert. The level of expertise required to arrive at an informed judgement is far beyond my abilities so I suppose I'm a Doris.
I wonder if others would like to point out where they have looked for suggestions as to stock investments...
Just as a taster; The Mail on Sunday - Velocity Composites (VEL) at around 110p.
Many others available...

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Re: Eddie Stobart Logistics plc (ESL - AIM)

#256424

Postby Bouleversee » October 7th, 2019, 7:21 pm

Today was the deadline for DBay Advisors to make a firm offer for ESL or walk away for 6 months. Has anyone heard anything?

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Re: Eddie Stobart Logistics plc (ESL - AIM)

#256428

Postby PinkDalek » October 7th, 2019, 7:54 pm

Bouleversee wrote:Today was the deadline for DBay Advisors to make a firm offer for ESL or walk away for 6 months. Has anyone heard anything?


Welcome back to this thread and good point!

Looks like I've failed to get alerts from Investegate.

DBAY Advisors Limited ("DBAY") - extension of PUSU deadline 07 Oct 2019
https://www.londonstockexchange.com/exc ... 57019.html reflects extensions to 5.00 p.m. on 16 October 2019.

Both deadlines can be extended with the consent of the Panel in accordance with Rule 2.6(c) of the Code but I'm sure you'll read the detail yourself.

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Re: Eddie Stobart Logistics plc (ESL - AIM)

#256435

Postby Bouleversee » October 7th, 2019, 8:16 pm

Thanks to both. In the meantime, why are the shares still suspended? Surely they have had time to sort out the accounts queries by now. It seems very odd to be making offers in these circumstances unless those making the offers know that it means that they will get the company for a lot less than full value. Surely shareholders should not be prevented from climbing onto the bandwagon also, or selling out for that matter. Something very fishy about all this, don't you think?

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Re: Eddie Stobart Logistics plc (ESL - AIM)

#256444

Postby csearle » October 7th, 2019, 9:00 pm

For copyright reasons johnhemmings's contribution is replaced with this link:
https://uk.reuters.com/article/us-eddie ... KKBN1WM1YH

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Re: Eddie Stobart Logistics plc (ESL - AIM)

#256456

Postby dspp » October 7th, 2019, 9:56 pm

csearle wrote:For copyright reasons johnhemmings's contribution is replaced with this link:
https://uk.reuters.com/article/us-eddie ... KKBN1WM1YH


Bid deadline extended per RNS, see e.g. https://www.lse.co.uk/rns/ESL/dbay-advi ... fsslz.html though oddly enough not on the ESL website (duh !):

Mon, 7th Oct 2019 16:34

RNS Number : 0438P
Eddie Stobart Logistics PLC
07 October 2019

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

FOR IMMEDIATE RELEASE

07 October 2019

Eddie Stobart Logistics plc

DBAY Advisors Limited ("DBAY") - extension of PUSU deadline

On 9 September 2019, the Board of Eddie Stobart Logistics plc ("Eddie Stobart" or the "Company") confirmed that it had received a preliminary expression of interest from DBAY in relation to a possible offer to be made by funds managed by DBAY for the entire issued, and to be issued, share capital of the Company (the "Possible Offer"). The announcement stated DBAY was required, by not later than 5.00 p.m. on 7 October 2019 (the "PUSU Deadline"), either to announce a firm intention to make an offer for the Company in accordance with Rule 2.7 of the Code or to announce that it did not intend to make an offer for the Company, in which case the announcement would be treated as a statement to which Rule 2.8 of the Code applies. ..............etc


The offer is from "TVFC Ltd, a company controlled by Stobart Group’s (STOB.L) former boss Andrew Tinkler." I'm sure I don't need to mention that there are more than one Stobart entities so be careful not to muddle them up.

- dspp

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Re: Eddie Stobart Logistics plc (ESL - AIM)

#256481

Postby PinkDalek » October 7th, 2019, 11:56 pm

dspp wrote:Bid deadline extended per RNS, see e.g. https://www.lse.co.uk/rns/ESL/dbay-advi ... fsslz.html though oddly enough not on the ESL website (duh !): ...

The offer is from "TVFC Ltd, a company controlled by Stobart Group’s (STOB.L) former boss Andrew Tinkler."


That's the same RNS Number: 0438P I provided earlier but from a different source.

There are two potential but not yet made offers (not yet) in play.

The one you describe, from TVFC (3) Limited, which had an original deadline of 16 October 2019.

The earlier from DBAY Advisors Limited, which had an original deadline of 7 October, which is the subject of the RNS and has had that deadline extended to 16 October 2019.

Thus both deadlines are now contiguous.

I'm sure I don't need to mention that there are more than one Stobart entities so be careful not to muddle them up.


That's already happened earlier in the thread. No harm in reminding people, of course, but I hope my original subject header is self-explanatory. :D

Whilst here, I wouldn't rely on articles such as the one from Reuters (penned by Justin George Varghese in Bengaluru). That states The UK takeover panel has given DBAY until Oct. 16 either to make a buyout bid or walk away, Eddie Stobart said. As I extracted earlier from today's RNS Both deadlines can be extended with the consent of the Panel in accordance with Rule 2.6(c) of the Code.

Until tomorrow.

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Re: Eddie Stobart Logistics plc (ESL - AIM)

#256507

Postby dspp » October 8th, 2019, 8:31 am

PinkDalek wrote:
dspp wrote:Bid deadline extended per RNS, see e.g. https://www.lse.co.uk/rns/ESL/dbay-advi ... fsslz.html though oddly enough not on the ESL website (duh !): ...

The offer is from "TVFC Ltd, a company controlled by Stobart Group’s (STOB.L) former boss Andrew Tinkler."


That's the same RNS Number: 0438P I provided earlier but from a different source.

There are two potential but not yet made offers (not yet) in play.

The one you describe, from TVFC (3) Limited, which had an original deadline of 16 October 2019.

The earlier from DBAY Advisors Limited, which had an original deadline of 7 October, which is the subject of the RNS and has had that deadline extended to 16 October 2019.

Thus both deadlines are now contiguous.

I'm sure I don't need to mention that there are more than one Stobart entities so be careful not to muddle them up.


That's already happened earlier in the thread. No harm in reminding people, of course, but I hope my original subject header is self-explanatory. :D

Whilst here, I wouldn't rely on articles such as the one from Reuters (penned by Justin George Varghese in Bengaluru). That states The UK takeover panel has given DBAY until Oct. 16 either to make a buyout bid or walk away, Eddie Stobart said. As I extracted earlier from today's RNS Both deadlines can be extended with the consent of the Panel in accordance with Rule 2.6(c) of the Code.

Until tomorrow.


Thank you PD.

By posting it the way I did - c/w RNS header & all - it avoids the risk that it gets deleted on copyright grounds.

This is an interesting little takeover battle and I must admit I had missed a few of the nuances so thank you again PD for drawing them to my attention.

regards, dspp

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Re: Eddie Stobart Logistics plc (ESL - AIM)

#256566

Postby Bouleversee » October 8th, 2019, 12:40 pm

When the shares were suspended on Aug. 23 it was supposed to be for 6 weeks. Why do you suppose no new accounts have been issued and dealings resumed? I reckon those potential bidders will seek extensions until there is some clarification. I thought I had signed up for RNS releases but don't seem to be getting them.

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Re: Eddie Stobart Logistics plc (ESL - AIM)

#256894

Postby PinkDalek » October 10th, 2019, 9:31 am

Bouleversee wrote:I thought I had signed up for RNS releases but don't seem to be getting them.


Where have you signed up?

I know some from Investegate a month or so back were not getting through, at least according to the discussion you had with Breelander, back in early September, when Yahoo had been down.

Come what may, I didn't receive any of the recent ones from Investegate for ESL, although I saw them anyway.

Your post has prompted me to look at my Investegate alerts list, where I see I hadn't ticked "General". Having done so, I now see DBAY Advisors Ltd - Extension of PUSU deadline etc on my:

Announcements filtered by registered alerts
https://www.investegate.co.uk/UserAnnouncements.aspx

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Re: Eddie Stobart Logistics plc (ESL - AIM)

#256895

Postby PinkDalek » October 10th, 2019, 9:40 am

Bouleversee wrote:When the shares were suspended on Aug. 23 it was supposed to be for 6 weeks. Why do you suppose no new accounts have been issued and dealings resumed? ...


There was a further RNS on 16 September 2019 which you may not have seen:

Company Update RNS Number : 3660M Eddie Stobart Logistics PLC
https://www.investegate.co.uk/eddie-sto ... 00143660M/

It stated that work remains ongoing regarding certain accounting-related items and The Group Auditor's review is not yet complete.

No revised timetable was apparent to me.

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Re: Eddie Stobart Logistics plc (ESL - AIM)

#256911

Postby Bouleversee » October 10th, 2019, 11:07 am

Many thanks for all that info., PD. No, I hadn't seen that announcement or read anything about it in the press, which is surprising. I thought I had registered for RNS announcements with Investegate but I don't seem to be getting anything from them now. Perhaps I inadvertently cancelled my registration when I cancelled notices which continued to flood in after RPC had been taken over. I couldn't see it on their website either and when I 'phoned Cenkos a few days ago I wasn't told about it and was given the brush off.

The update isn't exactly inspiring, is it? As I understand it, the main problem is they have to pay out to suppliers before their customers have to pay them (no wonder they claim high customer satisfaction), thereby increasing their debt and borrowing costs. Difficult to see how any company could succeed on that basis and difficult to understand why it has taken these directors so long to wake up to that. I must look at last year's annual report to see how much they paid themselves. It will be interesting to see how successful they are at renegotiating existing contracts.

So what is likely to happen when the suspension is lifted? I seem to remember one broker recently saying they are worth twice the suspension price but I remain to be convinced. If the potential bidders have still not declared their offers, I shall be more inclined to get out before things get worse but that would be a huge % loss so I expect I shall sit tight and see what happens. How about you, PD? You know more about the company than I do.

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Re: Eddie Stobart Logistics plc (ESL - AIM)

#257039

Postby UncleEbenezer » October 10th, 2019, 11:36 pm

For what it's worth ...

I held STOB for a while, before the split. Bought originally on optimism about how they were handling the fuel nonsense ("more expensive is Good - it favours the Efficient") and growing rail freight routes. It did OK for me, with a good dividend stream and decent if unspectacular capital growth. But watching the management shenanigans associated with the airports and (especially) biomass, and then their incentive scheme, I felt I could sleep easier after disposing of it.

I recollect from that time it would periodically come up on TMF, where the prevailing reaction was "bargepole". I don't remember individually who was discussing it there, but aren't any of you here now?

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Re: Eddie Stobart Logistics plc (ESL - AIM)

#257046

Postby Dod101 » October 11th, 2019, 1:03 am

UncleEbenezer wrote:For what it's worth ...

I held STOB for a while, before the split. Bought originally on optimism about how they were handling the fuel nonsense ("more expensive is Good - it favours the Efficient") and growing rail freight routes. It did OK for me, with a good dividend stream and decent if unspectacular capital growth. But watching the management shenanigans associated with the airports and (especially) biomass, and then their incentive scheme, I felt I could sleep easier after disposing of it.

I recollect from that time it would periodically come up on TMF, where the prevailing reaction was "bargepole". I don't remember individually who was discussing it there, but aren't any of you here now?


It wisnae me!

Dod


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