Statement regarding Pendragon PLC (“Pendragon”)
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION. THIS PRESS RELEASE WAS ORIGINALLY PUBLISHED AS A REGULATORY STATEMENT VIA THE LONDON STOCK EXCHANGE’S REGULATORY NEWS SERVICE, AVAILABLE VIA THIS LINK: https://www.londonstockexchange.com/news-article/market-news/statement-regarding-pendragon-plc/15649083
Hedin Mobility Group AB (publ) (“Hedin Mobility”) notes the announcement by the Board of Pendragon on 27 September 2022 that it is conducting a review of potential strategic options for Pendragon. Hedin Mobility was surprised by the announcement which seems to contradict the long-term view of the Pendragon Board that Pinewood continues to be a fundamental aspect of Pendragon’s strategy, which was reiterated to Hedin Mobility by Pendragon as recently as 25 September 2022.
In light of this radical change of direction from the Pendragon Board, Hedin Mobility is considering its position in relation to its current shareholding, and refers to its own announcement entitled Statement Regarding Pendragon released on 26 September 2022 (the “Statement”). The Statement included the sentence “Hedin Mobility believes in the long term potential of Pendragon and will not consider or accept any other offers for its current shareholding in Pendragon.” Hedin Mobility reserves the right to set this sentence aside in the event that a third party announces a firm offer for Pendragon at a price not less than 35 pence per Pendragon share.
A further announcement will be made as and when appropriate.
Enquiries:
Hedin Mobility (Prosek Partners)
+44 (0) 7773 331589
Philip Walters
Deutsche Bank, Financial Adviser to Hedin Mobility
+44 (0) 20 7545 8000
Derek Shakespeare
Jan Olsson
Raed El Dana
Important Notices
Deutsche Bank AG is a joint stock corporation incorporated with limited liability in the Federal Republic of Germany, with its head office in Frankfurt am Main where it is registered in the Commercial Register of the District Court under number HRB 30 000. Deutsche Bank AG is authorised under German banking law. The London branch of Deutsche Bank AG is registered in the register of companies for England and Wales (registration number BR000005) with its registered address and principal place of business at Winchester House, 1 Great Winchester Street, London EC2N 2DB. Deutsche Bank AG is authorised and regulated by the European Central Bank and the German Federal Financial Supervisory Authority (BaFin). With respect to activities undertaken in the UK, Deutsche Bank AG is authorised by the Prudential Regulation Authority with deemed variation of permission. It is subject to regulation by the FCA and limited regulation by the Prudential Regulation Authority. Details about the Temporary Permissions Regime, which allows EEA-based firms to operate in the UK for a limited period while seeking full authorisation, are available on the FCA's website. Deutsche Bank AG, London Branch ("Deutsche Bank") is acting exclusively as financial adviser to Hedin Mobility and no one else in connection with the matters described in this announcement and will not be responsible to anyone other than Hedin Mobility for providing the protections afforded to clients of Deutsche Bank nor for providing advice in connection with the subject matter of this announcement or any other matter referred to in this announcement.
About Hedin Mobility Group
Hedin Mobility Group is one of Europe's largest privately owned mobility providers. The Group employs more than 6,300 people and operates approximately 240 dealerships in eight countries. Net sales in 2021 was SEK 28.2 billion and the Group sold more than 125,000 vehicles*.
Hedin Mobility Group provides sales of new and used passenger cars, commercial vehicles and trucks, as well as aftermarket services, to both private and corporate customers. The Group represents approximately 40 brands and is also the importer for Ford in Sweden; Renault, Dacia and Alpine in Sweden and Denmark; Hongqi in Sweden and the Netherlands; Dodge and RAM in Europe; and for INEOS Grenadier in 11 countries**, as well as distributor for MG in Sweden and for BYD in Sweden and Germany.
In addition, the Group's operations include wholesale and distribution operations of tires and spare parts, the car rental company Mabi Mobility AB, the private leasing company Car to Go Sweden AB, the corporate leasing company Unifleet AB and co-ownership in Pendragon PLC and iMove AS.
www.hedinmobilitygroup.com
Hedin Mobility Group is part of the Hedin Group together with Tuve Bygg AB 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
* Including approx. 21,500 vehicles attributable to operations transferred from Hedin Group AB in October 2021.
** Belgium, the Netherlands, Luxembourg, Sweden, Denmark, Norway, Finland, Estonia, Latvia, Lithuania and Switzerland.