|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's range||70.00 - 71.00|
|52-week range||17.03 - 117.00|
|Beta (3Y monthly)||0.49|
|PE ratio (TTM)||16.01|
|Forward dividend & yield||0.06 (8.87%)|
|1y target est||N/A|
Eddie Stobart said on Wednesday DBAY Advisors, its second-largest shareholder, was granted more time to make a firm takeover offer for the haulage company, but former group boss Andrew Tinkler had abandoned any buyout interest. The UK takeover panel has given DBAY until Oct. 28 either to make a buyout bid or walk away, Eddie Stobart said. DBAY had been required to make an offer by 1600 GMT on Wednesday.
The UK takeover panel has given DBAY until Oct. 16 either to make a buyout bid or walk away, Eddie Stobart said. DBAY had been required to make an offer by 1600 GMT on Monday. The news came weeks after Eddie Stobart said it received a "highly preliminary" expression of interest from TVFC Ltd, a company controlled by Stobart Group's former boss Andrew Tinkler.
Two companies that shouldn't be confused: I'm drawn to Stobart Group Ltd. (LSE:STOB), but Neil Woodford probably won't like the other now.
The news comes days after Eddie Stobart said that its third largest shareholder, DBAY Advisors Limited, had expressed a similar interest in taking over the company. Eddie Stobart, which was earlier a part of the larger Stobart Group, has been hit by a series of bad news, including CEO Alex Laffey's departure and suspension in trading of its stock following a financial review that delayed its half-year results. According to UK takeover rules, TVFC has until Oct. 16 to make a firm buyout offer or walk away, Eddie Stobart said in a statement.
The news comes a month after the departure of Chief Executive Officer Alex Laffey and the suspension of trading in its stock following the company's failure to publish its half-year results in time. The company, whose largest shareholder is troubled fund manager Neil Woodford with a 22.9% stake, had warned on profit in July, citing a slowdown in some businesses and a forced exit from a "problematic" contract. Eddie Stobart said on Monday it continues to expect the underlying earnings before interest and taxes (EBIT) for the year to be "significantly below" its expectations.
The news follows the departure of Chief Executive Officer Alex Laffey and suspension of trading last month after it failed to publish its half-year results in time. The company, whose largest shareholder is troubled fund manager Neil Woodford, had decided to review its dividend policy and said it would publish the first-half results in early September, with its adjusted operating profit likely to be significantly lower than anticipated. DBAY Advisors Limited owns about 10.11% stake in the logistics group, whose brands include biForce, Logistics People and Speedy Freight, according to data from Refinitiv Eikon.
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The transport and logistics firm is reviewing its accounting, suspending trading until it can reveal a likely downgrade to its earnings.
The company also decided to review its dividend policy and said it would publish the first-half results in early September, with its adjusted operating profit likely to be significantly lower than anticipated. The logistics company had last month said that after a review of its previous statements under new Chief Financial Officer Anoop Kangits, it found that 2018 adjusted operating profit was overstated by about 2 million pounds.
Shares are also likely to be suspended on Friday as the company will not be able to meet a statutory deadline for publishing half-year results, Sky News reported, citing sources. Eddie Stobart did not immediately respond to a request for comment outside regular business hours. It was unclear whether the logistics group will have to further adjust any of its previous financial statements, Sky News said.
Eddie Stobart Logistics Plc will announce on Friday that Chief Executive Officer Alex Laffey will step down following a multimillion-pound accounting error, Sky News reported on Thursday. Shares are also likely to be suspended on Friday as the company will not be able to meet a statutory deadline for publishing half-year results, Sky News reported, citing sources. Eddie Stobart did not immediately respond to a request for comment outside regular business hours.
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The company also said on Tuesday its 2018 adjusted EBIT would be restated and reduced by about £2 million after a review of previous statements under new Chief Financial Offer Anoop Kang. Eddie Stobart, which provides transportation and warehousing facilities to construction companies, retailers and industrials, appointed Kang as finance chief in April and had reported underlying earnings before interest and taxes (EBIT) of £55.3 million for last year. "This (reduced first-half expectation) is partly due to slower-than-anticipated productivity improvements in our Contract Logistics and Warehousing business and the short term adverse effect on the operational efficiency of our transport network from exiting, in early March, a problematic contract," the company said.
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