Hedin Mobility Group divests its holding in Pendragon PLC
During the period November 2023 to February 2024, Hedin Mobility Group has divested its entire holding in the listed company Pendragon PLC ("Pendragon").
Hedin Mobility Group AB (publ) (“the “Company”) has divested the equivalent of 385 million shares in Pendragon, of which 132 million were sold during the fourth quarter of 2023.
The shares have been sold at a volume weighted average price of GBP 0.335 per share. The net proceeds from the divestments amounted in total to SEK 1,690 million. The anticipated result from the sales amount to SEK 290 million in the fourth quarter 2023 and an additional SEK 90 million in the first quarter 2024. The anticipated total result during the holding period, including reported profit from associated companies, amounts to approximately SEK 700 million.
Following the divestment, the anticipated extraordinary dividend from Pendragon, communicated in the Company’s interim report for the period January to September 2023, will not be received by the Company.
Contact
Per Mårtensson
CFO, Hedin Mobility Group
031-790 04 81
ir@hedinmobilitygroup.com
This information is information that Hedin Mobility Group AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2024-02-12 15:00 CET.
About Hedin Mobility Group
Hedin Mobility Group is one of Europe's largest mobility providers, with more than 12,000 employees and operations in 14 countries. In 2022, net sales amounted to SEK 52.7 billion (approx. €4.8 billion) and the Group sold more than 180,000 vehicles.
Our operations consist of three main business areas:
- In Distribution, we are a significant importer/distributor of vehicles, spare parts, tires, rims and wheels as well as accessories on the European market. We are importer and/or distributor for BYD, Dodge and RAM, Ford and Ford F-150, Hongqi, INEOS Grenadier, MG as well as Renault, Dacia and Alpine. Within spare parts we are, among other things, an authorised partner for GM and Mopar in Europe as well as the exclusive global supplier of Saab Original parts.
- In Retail, we represent over 40 brands and provide a comprehensive offer – sales, financing, insurance, and aftermarket services – comprising new and used passenger cars, commercial vehicles, and trucks to both private and corporate customers. Sales take place both online and via a European dealer network comprising more than 330 own dealerships with a total of over 800 sales points under names such as Hedin Bil, Bavaria, Hedin Automotive, Motor-Car, Torpedo Gruppe, Stephen James, Delta Auto and Renova.
- In Mobility solutions, we address new user needs and sales models in the automotive industry by providing and developing innovative services. Through Carplus, Unifleet, MABI Mobility and Hedin Supercharge, users are offered various flexible and morden mobility solutions.
Hedin Mobility Group's operations also include Hedin IT, which provides the Group with high-end operations, support and digital development, as well as strategic investments in Pendragon PLC, Lasingoo Sverige, Casi (formlerly Imove), and Mercedes-Benz Financial Services Slovakia.
Read more on www.hedinmobilitygroup.com
Part of Hedin Group
Hedin Mobility Group is part of the Hedin Group together with the Hedin Construction group and I.A. Hedin Fastighet AB. Hedin Group is also a partner in Consensus Asset Management and Ripam Invest AB, which owns Marstrands Kurhotell, Kurbadhus and Societetshus.
www.hedingroup.com