- Leasing disposal augments strategic resource
Marshall Motor Holdings (MMH) has announced that it will sell its vehicle leasing activity to Bank of Ireland for £42.5m. The net proceeds equate to 33% of the market cap and will leave the company ungeared. The strengthened balance sheet provides increased financial resource with which to pursue its growth strategy in vehicle retail, both organic and acquired, which should reverse the initial dilution. On completion, the net asset value should rise by nearly 25% to around 254p per share, further underpinning the shares.Marshall Motor Holdings PLC is a holding company. Co. is an automotive retail group. The principal activity of Co.'s subsidiary undertakings is the sale and servicing of passenger cars and commercial vehicle and associated activities. Co. is organised into one business segment being the retail segment. The retail segment includes sales of new and used vehicles, together with the associated ancillary aftersales services of; servicing, body shop repairs and parts sales.
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