Constellation Automotive snaps up 78m in Lookers stock

31st Jan 2022 08:19

(Sharecast News) - Car dealership chain Lookers revealed on Monday that Constellation Automotive had purchased 78.0m ordinary shares in the group, representing approximately 19.90% of its issued share capital.
The London-listed firm said the majority of the sock was purchased by Constellation's Tony Bramall, who stepped down from the board of Lookers in December 2020 after 14 years with the company, at a price of 102.0p each.

Lookers stated it had been in contact with Constellation about its investment in the group and that the company had indicated its support for the firm's recently outlined strategy and senior leadership.

Chairman Ian Bull said: "We are delighted to welcome Constellation as a significant shareholder of the group. Their investment endorses the board's view that the group remains significantly undervalued.

"As outlined in our recent announcement, trading performance is strong, with an excellent new car order bank and the group has a clear strategic framework to deliver our aspiration to become 'The UK's leading integrated automotive retail and services group'."

As of 0855 GMT, Lookers shares were down 0.23% at 88.40p.