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    APE   AU000000APE3

EAGERS AUTOMOTIVE LIMITED

(APE)
  Report
Delayed Australian Stock Exchange  -  07:13 2022-12-01 pm EST
12.20 AUD   -2.09%
09/26AMC hires Citigroup as underwriter for preferred shares
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09/02EAGERS AUTOMOTIVE LIMITED : Ex-dividend day for interim dividend
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08/29UBS Adjusts Eagers Automotive's Price Target to AU$13 From AU$12.9, Keeps at Neutral
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AMC hires Citigroup as underwriter for preferred shares

09/26/2022 | 10:01am EST
A screen displays the logo and trading information for AMC  at the NYSE  in New York

(Reuters) - AMC Entertainment Holdings Inc said on Monday it had hired Citigroup as an underwriter to help it sell up to 425 million units of its preferred stock, APE.

The theater-chain, however, warned potential investors that investments in APE might involve "losing all or a substantial portion of your investment" given the recent fluctuation in prices of the preferred shares and the underlying shares of AMC Entertainment.

AMC stock and the preferred equity dropped about 4% each following the announcement.

The company also said Citigroup will receive 2.5% cut per unit sold for the first $250 million gross sales of APE units, and a 1.5% cut per unit sold for the subsequent $250 million gross sales. It may also sell APE units to Citigroup.

Monday's development comes after AMC Entertainment on Aug. 5 announced APE as a special dividend for shareholders and a means to raise capital in the future.

But, APE's value has nearly halved since it began trading on the New York Stock Exchange on Aug. 22, while AMC has itself slid to near two-month low, as investors worried about potential dilution of value due to the new security.

APE carries 1/100th fractional interest in a Series A common stock of AMC Entertainment.

(Reporting by Yuvraj Malik in Bengaluru; editing by Uttaresh.V)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AMC ENTERTAINMENT HOLDINGS, INC. 13.00% 8.17 Delayed Quote.-58.17%
CITIGROUP INC. -1.30% 47.78 Delayed Quote.-19.84%
EAGERS AUTOMOTIVE LIMITED -2.01% 12.2 Delayed Quote.-8.78%
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Analyst Recommendations on EAGERS AUTOMOTIVE LIMITED
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Financials
Sales 2022 8 627 M 5 788 M 5 788 M
Net income 2022 297 M 199 M 199 M
Net Debt 2022 1 978 M 1 327 M 1 327 M
P/E ratio 2022 10,6x
Yield 2022 4,98%
Capitalization 3 134 M 2 102 M 2 102 M
EV / Sales 2022 0,59x
EV / Sales 2023 0,57x
Nbr of Employees 8 537
Free-Float 57,9%
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Mean consensus OUTPERFORM
Number of Analysts 14
Last Close Price 12,26 AUD
Average target price 13,79 AUD
Spread / Average Target 12,5%
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Managers and Directors
Keith Thomas Thornton Chief Executive Officer
Sophie Alexandra Moore Chief Financial Officer
Timothy Boyd Irving Crommelin Non-Executive Chairman
Marcus John Birrell Independent Non-Executive Director
Gregory James Duncan Independent Non-Executive Director
Sector and Competitors