AA - share price movement and recent filings

All,

Please refer to our unchanged analysis here. 

Following on from RAC numbers earlier this week, plus the plethora of Rule 8.3 disclosures, we have again gone over the shareholder register for the AA Plc.  We shouldn’t over-estimate the recent share price movement - down nearly 20% over the last week, given that 1) at current levels the market capitalisation is £200m, and 2) nearly 70% of the share capital is held by only 14 holders, with the top 5 accounting for over 50%. 

The share price movement is on limited volume and coming up to the imposed “put up or shut up” deadline of 1st September (next Tuesday, post bank holiday in UK) we do not infer any great message from recent share price movements.  

Specifically, in relation to the bonds, we remain comfortable with the underlying business, especially after the read across from RAC numbers and would expect a robust defence by the Company at current share price levels.   

Happy to discuss. 

Tomas

Share Register from COB 27th August