Today, on May 21, 2019, Automotive Holdings Group Limited (ASX: AHG) announced the notice of change of interest under institutional acceptance facility (IAF) along with the change of interests of its substantial holders.
A.P. Eagers Limited (ASX: APE) increased its interest in the company from 183,225,729 shares (with 55.2512%) to 187,895,810 shares (with 56.6595%). AHG Shares, which are the subject of the Acceptance Facility, can be withdrawn at any time subject to the meeting of pre-conditions, and therefore do not constitute a formal acceptance of the offer. Those pre-conditions require the facility operator to receive written notice from A.P. Eagers that it has declared the offer free of all Bid Conditions or will declare the offer free of all Bid Conditions no later than the time that all Acceptance Instructions are processed. A.P. Eagers doesn't include those AHG shares subject to the Acceptance Facility. The facility operator has the authority to release the Acceptance Instructions to enable A.P. Eagers to obtain a relevant interest in AHG, provided confirmation notice has been given to the facility operator by the A.P. Eagers.
Other substantial holders of AHG, WFM Motors Pty Ltd, NGP Investments (No 2) Pty Ltd, NGP Investments (No 1) Pty Ltd, Sitil Management Pty Ltd and N G Politis, increased their voting power from 32.3613% to 33.7696% effective from May 20, 2019.
The company published its H1 FY19 results on February 22, 2019, where it reported an increase in the group’s revenue from $3.17 Bn in H1 FY18 to $3.22 Bn in H1 FY19. Its statutory net loss after tax NPAT was reported at $225.6 Mn in H1 FY19 from the profit of $40.7 Mn in H1 FY18. Its statutory Earnings per share(EPS) was reported at -68 cents in H1 FY19 from EPS of 12.1 cents in H1 FY18. AHG’s operating EBITDA for the period stood at $93.4 Mn, which is a decrease when compared to $111.4 Mn in H1 FY18. Its operating EBITDA margin decreased from 3.5% in H1 FY18 to 2.9% in H1 FY19. Its net operating profit after tax reduced from $42.1 Mn in H1 FY18 to $24.2 Mn in H1 FY19. The Board of Directors declared no interim dividend for the period.
AHG has downgraded its full-year operating NPAT range from $56 Mn to $59 Mn to $52 Mn to $56 Mn, due to a decline in the automotive market. The recent transformation program and strong pipeline in the refrigerated logistics division are expected to improve earnings (divisional) in H2 FY19.
At market close on May 21, 2019, Automotive Holdings’ stock traded at $2.520, down 1.176%, with a market capitalisation of ~$845.64 million. Today, it touched day’s high at $2.520 and day’s low at $2.430, with a daily volume of 893,532. Its 52 weeks high and 52 weeks low price stands at $3.030 and $1.390, with an average volume of 1,583,281 (yearly). It posted absolute returns of -13.56%, 38.96%, and 47.40% for the past one year, six months and three months, respectively.
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