Our Q&As are emailed in our Saturday Morning Report, find the answer to this question below.
Hi James and Team, I am wondering if you have a view on SGF. F23 results were strong and they are guiding to another positive performance in F24. Recently they advised of a sell down by a major shareholder and, more alarming, the resignation of their auditor due to "incompatible working styles". The share price fell accordingly. Do you have any insight into this? Thanks, Ian
Hi Ian,
The market has regularly adopted an if in doubt keep out approach to stocks through 2023 and this looks like another example – understandable considering the recent events. For those not familiar with SG Fleet Group Ltd(SGF), its a provider of integrated mobility solutions, including fleet management, vehicle leasing and salary packaging services
Last week saw the stock plunge after the company announced that the company’s 2nd largest shareholder LeasePlan had partially sold down part of its 13% stake at $2.23 per share. The 91mn shares made up ~9.1% of the company. Management advised that all referral and other commercial arrangements between the two parties remain in place and both companies intend to further pursue their ongoing close cooperation.
From a holdings perspective this is a tightly held stock with Bluefin Investments holding over 53%, it only traded ~100,000 shares on Friday. We find it hard to be anything but neutral/cautious into 2024 after the recent news flow, and think the market is right to be concerned given those two events put together.
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