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Eddie Stobart Logistics plc (ESL - AIM)

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

#257140

Postby staffordian » October 11th, 2019, 12:51 pm

UncleEbenezer wrote: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?

I've never held, but recall the discussions on TMF.

If my memory serves me right, the main objections were to do with hard to decipher accounts and the degree of family control. Does this ring any bells?

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Re: Eddie Stobart Logistics plc (ESL - AIM)

#258982

Postby Bouleversee » October 19th, 2019, 4:24 pm

I see that there is a third company (Wincanton) who may make an offer for ESL. About time something happened here.

https://www.proactiveinvestors.co.uk/co ... 05115.html

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Re: Eddie Stobart Logistics plc (ESL - AIM)

#260702

Postby PinkDalek » October 28th, 2019, 11:06 pm

Eddie Stobart Logistics PLC - ESL
DBAY Advisors Ltd - Extension of PUSU deadline
Released 16:48 28-Oct-2019

DBAY Advisors Limited ("DBAY") - extension of PUSU deadline ... extended to not later than 5.00 p.m. on 8 November 2019.

Wincanton PLC ("Wincanton") ... extended to not later than 5.00 p.m. on 15 November 2019.

In more detail https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/ESL/14283611.html

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Re: Eddie Stobart Logistics plc (ESL - AIM)

#260749

Postby Bouleversee » October 29th, 2019, 9:34 am

Still no accounts and still suspended. I really don't understand why it should take so long.

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Re: Eddie Stobart Logistics plc (ESL - AIM)

#263049

Postby PinkDalek » November 8th, 2019, 4:59 pm

For you know who, the latest:

ESL DBAY Advisors Limited - Extension of PUSU deadline
Released 16:36 08-Nov-2019


https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/ESL/14301540.html

Extracts only - always best to read the entirety.

DBAY Advisors Limited - required, by not later than 5.00 p.m. on 13 November 2019, 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 does not intend to make an offer for the Company etc

Wincanton PLC - required, by not later than 5.00 p.m. on 15 November 2019, 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 does not intend to make an offer for the Company etc.

In both cases and as previously, This deadline can be extended with the consent of the Panel in accordance with Rule 2.6(c) of the Code.

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Re: Eddie Stobart Logistics plc (ESL - AIM)

#263055

Postby Bouleversee » November 8th, 2019, 5:16 pm

Thanks, PD, but it doesn't explain why dealings are still suspended. Have the revised accounts been published? I can't see any offer being made in the present circumstances so it is likely to drag on indefinitely.

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Re: Eddie Stobart Logistics plc (ESL - AIM)

#263075

Postby PinkDalek » November 8th, 2019, 6:59 pm

Bouleversee wrote:Thanks, PD, but it doesn't explain why dealings are still suspended. Have the revised accounts been published? ...


Not that I've seen, no. I don't think it is revised accounts we are awaiting. It is the Interim results for the six months to 31 May 2019 (which were originally to be released on 29 August 2019) that are outstanding.

I've seen your similar question a few times and I did look at AIM Rules for Companies the other day, to see how long they have to produce whatever it is they haven't filed (possibly only the full interims) before they'd be taken off AIM entirely but I failed in my mission.

https://www.lseg.com/sites/default/files/content/documents/aim/2018/January/AIM_Rules_for_Companies_January_2018.pdf is where I searched for keywords. In the days of TMF there were people who new the appropriate Rules. I'm not one of them.

All I saw was The Exchange will suspend AIM companies which are late in publishing their half-yearly report or their annual accounts, pursuant to rule 40. on page 42. I didn't read the entirety but, as we know, they are suspended and all will come to light in due course.

I can't see any offer being made in the present circumstances so it is likely to drag on indefinitely.


I'm not convinced any offer would be dependent on an unaudited interim report.

Not long now until the year end!

When and if those full year Financial Statements are available, they should have the prior year adjustment talked about as long ago as 9 July 2019 here https://www.investegate.co.uk/eddie-stobart/rns/half-year-trading-update/201907090700088669E/. I wouldn't be at all surprised if there are other PY adjustments, given the due diligence that is being undertaken by potentially interested parties and the review by the Group's auditors.

As before, I'm happy to wait.

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Re: Eddie Stobart Logistics plc (ESL - AIM)

#263085

Postby Bouleversee » November 8th, 2019, 7:56 pm

Thanks PD.
"I'm not convinced any offer would be dependent on an unaudited interim report." It was more the suspension I was referring to. A huge fuss was made about the Woodford Income Fund being suspended but none is being made about this. I should have thought that the 3 suitors might have been wanting to acquire more shares which might have driven the price up and anyone wanting to exit at that point would have been able to. What can be holding up the resumption of dealing other than a major problem with their ongoing accounting. I take it you didn't find any rules about suspensions? It has gone on for much longer than we were led to believe it would. I am surprised the rules allow takeovers to proceed in these circumstances. Why are they not being dragged before the relevant parliamentary committee?

I'm afraid I don't have your patience. I'm losing over 50% of my investment and would like to see a resolution and move on and hope to avoid more companies with dodgy book-keeping. There seem to be rather a lot of them around on the AIM register, however.

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Re: Eddie Stobart Logistics plc (ESL - AIM)

#263094

Postby PinkDalek » November 8th, 2019, 8:35 pm

Bouleversee wrote:[I take it you didn't find any rules about suspensions? ...


I did and I quoted one of them!

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Re: Eddie Stobart Logistics plc (ESL - AIM)

#263114

Postby PinkDalek » November 8th, 2019, 9:39 pm

More seriously, page 15 talks of potential “Sanctions and appeals”:

https://www.lseg.com/sites/default/files/content/documents/aim/2018/January/AIM_Rules_for_Companies_January_2018.pdf

One would then need to dig out the “Disciplinary Procedures and Appeals Handbook” for further detail.

For anything else, you may need to study the “UK City Code on Takeovers and Mergers”.

P(atience)D

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Re: Eddie Stobart Logistics plc (ESL - AIM)

#263120

Postby Bouleversee » November 8th, 2019, 10:00 pm

Sorry I asked. I think I'm losing the will to live. :lol:


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