Pendragon PLC Disposal of Hornburg Jaguar and Land Rover, SMCA (6871I)
15 Dicembre 2020 - 10:30AM
UK Regulatory
TIDMPDG
RNS Number : 6871I
Pendragon PLC
15 December 2020
Pendragon PLC
("Pendragon" or the "Company")
Disposal of Hornburg Jaguar and Hornburg Land Rover, Santa
Monica, California
Pendragon announces that it agreed on 14 December 2020 to
dispose of the trade and assets of its Jaguar and Land Rover motor
vehicle dealership located in Santa Monica, California (the
"Transaction").
In relation to the Transaction, the purchaser of the business is
Redwood Automotive LLC ("Redwood"), the operator of a privately
owned dealership group. The consideration for the Transaction is
expected to be approximately GBP11.8 million, subject to completion
adjustments, to be satisfied entirely in cash payable at
completion, with the precise amount being determined following the
preparation of completion accounts in respect of the Transaction.
As at 31 December 2019, the gross assets that are the subject of
the Transaction amounted to GBP36.7 million and the profit prior to
central costs amounted to GBP858k. The proceeds of the Transaction
will be used for general corporate purposes. Completion of the
Transaction is subject to a number of conditions, including, inter
alia, the purchaser obtaining OEM approval.
Upon the agreement that has been entered into in respect of the
Transaction becoming unconditional, Jaguar Land Rover ("JLR"), as
the OEM, will have a right of first refusal over the trade and
assets that are the subject of the Transaction. In the event that
such right is exercised in respect of the Transaction, JLR will
nominate a replacement to the current purchaser, who will otherwise
acquire the relevant trade and assets on the same terms.
The Company will make a further announcement upon completion of
the Transaction or earlier in the event that the Transaction will
not proceed to completion.
Enquiries
Mark Willis Pendragon PLC 01623 725114
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Henry Wallers Headland 0203 805 4822
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END
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December 15, 2020 04:30 ET (09:30 GMT)
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