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Even a few of our detractors have now come around
This morning AIM-listed Eddie Stobart Limited (ESL) released its interims – the first reporting period following the accounting shambles which threatened to destroy the Eddie Stobart business and left the company with a (just under) half share of the business it used to own (less a load of 18% debt). So how are things?
It was reported at the weekend that Neil Woodford’s funds' previous holding in AIM-listed Eddie Stobart Logistics (ESL) was sold at just 6p per share – as against the 70p suspension price. That should give a measure of the trouble Stobart is in, and also a measure of Woodford’s failure here. This morning DBAY updated on its proposals, presumably in response to noises from the competing Tinkler camp, as it tries to take control and rescue the outfit, and Tinkler has responded...
For all his past history at Stobart Group (STOB), having come second in a battle for its boardroom, Andrew Tinkler’s proposed refinancing of Stobart’s former subsidiary and now AIM-listed Eddie Stobart Logistics (ESL) seems to be gathering momentum. Yesterday it was announced that he already seems to have the proposed £70 million rescue funds in the bag – although the board of Eddie Stobart seems a tad reticent...
