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Eddie Stobart gets early buyout interest from investor DBAY Advisors

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(Reuters) - Eddie Stobart Logistics Plc (ESLE.L) said on Monday its third largest shareholder DBAY Advisors Limited has made a preliminary expression of interest to buy the firm, which has been grappling with issues that have led to a shake-up of the top level management.

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.

The logistics company said in July that a review of its previous statements under new Chief Financial Officer Anoop Kangits found that 2018 adjusted operating profit was overstated by about 2 million pounds.

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.

Eddie Stobart has a market value of about 270.4 million pounds.

Source - Reuters

Photo © Albert Bridge (cc-by-sa/2.0)

About the author

Philip Scott

Head of Equities, Director

Philip has worked as a Private Client Stockbroker for nearly 20 years, commencing his career in Operations with Rensburg Sheppards (now part of Investec plc) before spending 9 years with Killik & Co advising on and directly managing portfolios. He joined SI Capital in 2006 to head up the Private Client Advisory desk.

Philip is a regular contributor to local media commenting on stock market dynamics and is a Chartered Member of the Chartered Institute for Securities & Investment (MCSI). His RDR qualification gained special recognitionfrom the CISI for achieving the highest combined pass mark in the country for the Investment Advice Diploma in 2012.

“At SI Capital I enjoy being part of a talented team who collectively share the same desire to provide excellence in service.  My focus is to ensure that each client receives effective and optimal management of their assets.”

Philip lives locally, is married with 2 daughters and is an avid sports fan (if now predominantly from the sidelines).  His other interests include music and film.

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