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Hornby PLC (HRN.L)

HRN.L on London Stock Exchange

32.18GBp
4:22am EDT
Change (% chg)

-1.32 (-3.94%)
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33.50
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Volume
150
Avg. Vol
494,917
52-wk High
41.83
52-wk Low
27.00

Latest Key Developments (Source: Significant Developments)

Hornby updates on Phoenix UK Fund offer for Hornby
Monday, 17 Jul 2017 02:19am EDT 

July 17 (Reuters) - Hornby Plc ::Hornby-Phoenix UK fund said as at 1.00 p.m on 14 july,phoenix received valid acceptances in respect of 13.7 million hornby shares, representing about 16.2 pct.  Full Article

Hornby recommends shareholders reject offer by Phoenix UK Fund
Tuesday, 4 Jul 2017 02:00am EDT 

July 4 (Reuters) - Hornby Plc :Hornby directors "believe that offer does not reflect an adequate premium for control and significantly undervalues hornby".Hornby directors, advised by Numis Securities as to financial terms of offer, unanimously recommend that hornby shareholders reject offer.Hornby directors recommend shareholders should take no action in relation to offer; should not sign document sent by Phoenix UK Fund or advisers.  Full Article

Hornby says Phoenix UK cash offer significantly undervalues co
Monday, 26 Jun 2017 02:16am EDT 

June 26 (Reuters) - Hornby Plc ::Says board considers that mandatory cash offer of 32.375 pence per Hornby share significantly undervalues Hornby and its future prospects.Says shareholders are strongly advised to take no action for time being.  Full Article

Hornby names David Adams as interim chairman
Thursday, 22 Jun 2017 07:05am EDT 

June 22 (Reuters) - Hornby Plc ::Appointed David Adams as interim chairman of board.Board considers mandatory cash offer of 32.375 pence per hornby share "significantly undervalues Hornby and its future prospects".Board also notes Phoenix UK Fund's belief that Hornby should maintain its AIM listing.  Full Article

Hornby says Roger Canham resigns as executive chairman
Wednesday, 21 Jun 2017 07:06am EDT 

June 21 (Reuters) - Hornby Plc : :Roger Canham, executive chairman, has resigned from board with immediate effect.  Full Article

Phoenix UK Fund Ltd agrees to acquire 17.6 mln Hornby shares from New Pistoia Income Ltd
Wednesday, 21 Jun 2017 03:42am EDT 

June 21 (Reuters) - Phoenix Asset Management Partners::Rule 2.7 mandatory offer for Hornby plc.Phoenix UK Fund unconditionally agreed to acquire 17.6 mln Hornby shares from New Pistoia Income at 32.375 pence per share.It is expected that acquisition will settle on 23 June 2017.Offer values entire issued and to be issued share capital of hornby at about 27.4 mln stg.  Full Article

Hornby posts FY loss before tax of 9.5 mln pounds
Wednesday, 21 Jun 2017 02:00am EDT 

June 21 (Reuters) - Hornby Plc ::FY revenue of 47.4 mln stg versus 55.8 mln stg year ago.FY loss before tax of 9.5 mln stg versus loss of 13.5 mln stg year ago.Net debt at March 31, 2017, of 1.5 mln stg versus 7.2 million stg year ago.Says decision has again been taken not to pay a dividend (2016: nil).Says outlook for medium term has improved now first stage of turnaround plan has been completed.Says at this early stage in year the co remain on track to achieve board's expectations for year.  Full Article

Hornby announces progress on turnaround plan
Friday, 7 Apr 2017 02:24am EDT 

Hornby Plc : Solid progress on turnaround plan . Revenue performance for full year was slightly ahead of our plan, with Q4 showing an improving trend. . First stage of hornby's turnaround is now completed and has progressed in-line with board's plan . Group has restructured its uk and european operations . Product range has been rationalised and re-focused which has allowed hornby to reduce capital expenditure and improve working capital. .Business is focused strongly on improving cash flow and at 31 march 2017 net cash on balance sheet was £1.1m (31 March 2016 net debt £7.2m) which was ahead of management's expectations.  Full Article

Hornby reports FY pretax loss, announces turnaround plan
Wednesday, 22 Jun 2016 02:27am EDT 

Hornby Plc : Preliminary results and turnaround plan . £8 million placing to support delivery of group's strategic objectives . Renegotiation of banking facilities for three-and-a-half years . Turnaround plans involve reducing business scale and costs . Turnaround plan involves streamlining european operating model; leveraging central infrastructure . Board now intends to reduce number of individual product lines by approximately 40 per cent . In UK, group intends to exit a majority of its concession arrangements . New business plan expected to give rise to restructuring costs in current fy of about £1.7 million across UK and European operations . Fy pretax loss -13.5 million stg versus -200,000 stg loss year ago .Fy revenue fell 4 percent to 55.8 million stg.  Full Article

Hornby says appoints David Mulligan as interim finance director
Thursday, 26 May 2016 02:01am EDT 

Hornby Plc : Has appointed David Mulligan as interim finance director .David will report to Steve Cooke, who was appointed to role of chief executive in april 2016, having served previously as hornby's group finance director.  Full Article

BRIEF-Hornby updates on Phoenix UK Fund offer for Hornby

* Hornby-Phoenix UK fund said as at 1.00 p.m on 14 july,phoenix received valid acceptances in respect of 13.7 million hornby shares, representing about 16.2 pct Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +91 80 6749 1136)