The best line from this crop of regulatory news statements is undoubtedly the observation from Hornby (HRN) that 'We regret not producing a Brexit themed model. Our new grasp of social media has shown us that people are passionate about sharing their views on the topic. If the situation persists, we have plans for a locomotive that reliably gets stuck between stations'. Very good! Also before we get to the main event, I see that PZ Cussons (PZC) - which I have positively written up before - came out with a few pre-AGM thoughts, where it observed to 'expect the full year results to be in line with prior year, adjusted for the impact of disposals, but dependent on no further worsening in our key markets, specifically the UK and Nigeria'.
So plus ca chance there. I still see value in the owner of the Carex, Imperial Leather and St Tropez brands. Right...revving onto Aston Martin Lagonda (AML). Maybe it was in the light of the well-publicised failure by the dog Metro Bank (MTRO) to raise expensive financing that you could feel the excitement of Aston Martin Lagonda, which observed that it had 'successfully completed the pricing of a private placement of $150,000,000 aggregate principal amount of 12% Senior Secured Notes due April 15, 2022' plus a bevy of other complex financing options. Well done...the ratio of Covenant EBITDA to Pro Forma Interest Expense is now just 2.9x (excluding the Delayed Draw Notes). What a result (not!).
You can feel the desperation seeping through the statement. When you are having to raise money at 12% (and note in the details near the bottom of the statement that 'If the Delayed Draw Notes are issued unsecured, the interest will accrue at the rate of 15% per annum' - nice!) then you know that the options are mega limited. For what it is worth, apparently the SUV 'remains operationally on track' and hypercar demand 'remains strong' but this is clearly a company that is still all style and so little substance.
So apparently the company expects 'to meet current analyst consensus for key financial metrics for FY 2019, subject (naturally!!) to adjustments to reflect the impact of the issuance of the Secured Notes'. What a continued shocker. Down 4% as I write highlights the continued malaise of the stock. I continue to avoid – and you will not see me in one of its cars either.
Filed under: PZ Cussons, Aston Martin Lagonda, St James's Place, WPCT, Xaar, HotStockRockets
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