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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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Re: Eddie Stobart Logistics plc (ESL - AIM)

#263884

Postby PinkDalek » November 13th, 2019, 8:29 am

As pointed out by MrC, DouglasBay in play:

https://www.londonstockexchange.com/exc ... 05467.html

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Re: Eddie Stobart Logistics plc (ESL - AIM)

#263906

Postby Bouleversee » November 13th, 2019, 9:57 am

Thanks, PD. I'd prefer a takeover myself. I would guess that the value of our holdings under such an arrangement might be even less than the ESL s.p. at suspension but I haven't done any research on that company as yet. What do you think? It remains to be seen whether that announcement will encourage the other potential suitors to get their act together or walk away.

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Re: Eddie Stobart Logistics plc (ESL - AIM)

#263910

Postby PinkDalek » November 13th, 2019, 10:16 am

Bouleversee wrote:[What do you think? It remains to be seen whether that announcement will encourage the other potential suitors to get their act together or walk away.


I don't see much will come of this in so far as our respective losses are concerned but we'll have to wait for the detail, if it ever proceeds.

In the meantime, Wincanton have released their Half Year Results which include:

Potential offer for Eddie Stobart Logistics plc

As per the announcement on 18 October 2019, the Group is engaged in a thorough assessment of the potential merits of a combination with Eddie Stobart. Wincanton's ability to deliver any firm offer for the listed entity, Eddie Stobart Logistics plc, primarily remains contingent upon the provision of outstanding due diligence information, including the finalisation of the ongoing accounting review by Eddie Stobart's auditor.

Our remaining due diligence is focused on achieving assurance as to the underlying profitability, balance sheet and cash flow; cost saving opportunities; and the funding of working capital requirements on a short- and medium-term basis. Consistent with Eddie Stobart's announcements to its shareholders on 9 July, 23 August and 16 September 2019, we still have no visibility on when Eddie Stobart's auditor's review may be complete.

There can be no certainty any offer will be made, nor as to the terms of any such offer, and a further update will be provided in due course.


Source: RNS Number : 2355T
Wincanton PLC
Released 07:00 13 November 2019
https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/WIN/14305472.html

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Re: Eddie Stobart Logistics plc (ESL - AIM)

#263913

Postby PinkDalek » November 13th, 2019, 10:28 am

To add some flavour, here is what Sky News said yesterday evening:

https://news.sky.com/story/eddie-stobart-investors-face-long-haul-under-dbay-rescue-deal-11860051

Including:

Sky News has learnt that a proposed offer for Eddie Stobart Logistics from its former controlling shareholder, DBAY Advisors, would be at a huge discount to the price at which its shares were suspended in August

and

One source described Eddie Stobart's existing equity as "virtually worthless" and said that the DBAY proposal had been pitched as "a rescue proposal aimed at salvaging thousands of jobs"

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Re: Eddie Stobart Logistics plc (ESL - AIM)

#263917

Postby Bouleversee » November 13th, 2019, 10:38 am

Thanks again. Exactly what I had feared would be the case. A bit like Carpetright where my long held shares are now almost worthless.

I thought I had signed up with Investegate again for their releases but am not getting them.

As regards Wincanton, that doesn't surprise me either. I can't understand anyone making an offer till the accounts had been properly audited unless they were some sort of insider who was getting in on the cheap. Nor can I understand why the heck the auditors are taking so long. Anyway, I have mentally written off my investment in this company. Fortunately, I do have a few who are showing gains of well over 300%.

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Re: Eddie Stobart Logistics plc (ESL - AIM)

#263918

Postby PinkDalek » November 13th, 2019, 10:54 am

O/T but:

Bouleversee wrote:[I thought I had signed up with Investegate again for their releases but am not getting them.


Yahoo of course.

You are not alone, as you know, but the problem and potential solutions have been posted at viewtopic.php?p=259944#p259944 for anyone else in the same situation.

In the meantime I continue to look at https://www.investegate.co.uk/UserAnnouncements.aspx every so often and other ESL related bookmarks. Fortunately I continue to receive my email alerts from News@londonstockexchange.com so all is not lost, which is more than can be said for our ESL investment!

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Re: Eddie Stobart Logistics plc (ESL - AIM)

#264019

Postby PinkDalek » November 13th, 2019, 5:12 pm

... another extension released this afternoon:

https://www.investegate.co.uk/eddie-sto ... 48213247T/

An additional day (at the moment) for DBAY or not ToPay.

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Re: Eddie Stobart Logistics plc (ESL - AIM)

#264310

Postby PinkDalek » November 14th, 2019, 4:55 pm

... yet another extension released at 16:51 this afternoon:

Both currently at not later than 5.00 p.m. on 15 November 2019.

https://www.londonstockexchange.com/exc ... 08986.html

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Re: Eddie Stobart Logistics plc (ESL - AIM)

#264496

Postby PinkDalek » November 15th, 2019, 10:46 am

Bouleversee wrote:[Anyway, I have mentally written off my investment in this company. ...


Me too!

As already summarised by MrContrarian in his MrC's Smallcap Sweeps for Nov 2019 on this board, some of the gory details of the accounting adjustments required so far (and more possibly to come) together with the Proposed Transaction are included in this morning's:

Company Update, Offer Update and £55m injection of new financing

https://www.londonstockexchange.com/exc ... 09195.html

Including the poorly worded:

The Board of Eddie Stobart also announces today that it has entered into a conditional sale and purchase agreement (the "SPA") with a wholly owned subsidiary of DouglasBay Capital III Fund LP (a fund managed by DBAY Advisors Limited) (the "Fund") whereby:

1. the Fund will indirectly acquire a 51% stake Greenwhitestar Acquisitions Limited, which is currently a wholly-owned Subsidiary of the Company and in turn holds the Company's interests in the trading entities of the Group; and

2. DBAY will agree to (directly or indirectly) inject approximately £55m of new financing into the Group's operations through a PIK Facility, which will be used to provide necessary liquidity.


Best to read the entirety or await the Circular with further details of the Proposed Transaction.


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