Ann: Change in substantial holding from PPT, page-10

Hi there,
AHG is no different to all motor vehicle dealer groups, they hold new vehicles (nearly like being consignment from the manufacturer), and have an auto release new car floorplan with St.George, Mac Lease, etc. So whilst the debt levels look huge of both them & AP Eagers (APE), they fully secured by the new vehicle (assuming it hasn't been pre-registered), and in the event of default the manufacturer would take back all new vehicles.
The impact on the SP has come from the slowdown in new vehicle sales this year, & especially the potential impact on finance commissions due to the Royal Commission. All dealers will have amended finance plans come 11/2018, and only then will it be possible to see the impact of how hard the changes have impacted on commissions (but best guess it will be significant).
Tough to measure historic financial data against the 2018/19 year, but best of luck.