Charles Morgan steps down

[Exige77]

http://www.autocar.co.uk/car-news/industry/charles...

Wasn't expecting that.

Can anybody shed any light on this ?

I thought he was the owner ?

Ex77

[CraigyMc]

Exige77 said:

http://www.autocar.co.uk/car-news/industry/charles...

Wasn't expecting that.

Can anybody shed any light on this ?

I thought he was the owner ?

Ex77

I've no info on this either -- but I'd simply observe that it's possible to own a company and take no part in the running of it.

[jke11y]

I went along last year to the factory with a friend and his father who knows him. He gave us the tour and you could not have imagined someone more passionate and involved. Sounds strange that someone like that would step down.

[Exige77]

https://twitter.com/charlesmorganuk

Just seen this on SELOC.

Maybe he doesn't agree with the financial backers ?

Ex77

[CraigyMc]

Exige77 said:

https://twitter.com/charlesmorganuk

Just seen this on SELOC.

Maybe he doesn't agree with the financial backers ?

Ex77

Reading the tweets it doesn't look like it was planned, which suggests some sort of discord.

MMC release here Press Release

Morgan Motor Company Ltd said:

Press Release 14th October 2013
Further to decisions taken in January of this year, Morgan Technologies is now in a position to announce that Charles Morgan is no longer part of the management team or Board of Directors of the company.

Over recent months, and in response to the growth in volumes, model range and overseas markets, the company structure has been strengthened across a number of different areas. This reflects the scale and complexity of an increasingly global business.

Whilst these are significant developments for the company, the Morgan family, Directors and management team look forward to sharing more news with the wider Morgan community in the near future.

These changes will help cultivate an exciting future for Morgan which continues to reinforce the unique attributes of the brand.

Board of Directors.

Edited by CraigyMc on Tuesday 15th October 14:36

[CraigyMc]

Is it just me or does that read a lot like "fk the Morgan family, we're in charge now".

[andyps]

It sounds to me like he wasn't a majority owner as I had previously thought, does anyone know who does own the shares or are they just spread thinly across the Morgan family?

[CraigyMc]

andyps said:

It sounds to me like he wasn't a majority owner as I had previously thought, does anyone know who does own the shares or are they just spread thinly across the Morgan family?

Morgan motor Company ltd is asubsidiary of Morgan technologies ltd, which is the parent of the rest of the group.

The shareholdings of this company are as follows:

Shareholders (Top 20 names shown)  Number of Shares (at Value)  Ownership (%)
CHARLES PETER HENRYMORGAN          29,133 (at £1)                  30.67
PHG MORGAN FAMILY TRUST            45,600 (at £1)                  48.00
JILLPRICE                          10,134 (at £1)                  10.67
JACQUELINEPERTWEE                   5,067 (at £1)                   5.33
CRAIGHAMILTON-SMITH                 5,066 (at £1)                   5.33

Have a peruse at http://companycheck.co.uk/company/07459137/MORGAN-...

Edited to sort out stupid preformatted text bug, which I'm about to notify the PH hamster team about...

Edited by CraigyMc on Tuesday 15th October 15:01

[Garvin]

Morgan Motor Company Ltd said:

Press Release 14th October 2013
Further to decisions taken in January of this year, Morgan Technologies is now in a position to announce that Charles Morgan is no longer part of the management team or Board of Directors of the company.

Over recent months, and in response to the growth in volumes, model range and overseas markets, the company structure has been strengthened across a number of different areas. This reflects the scale and complexity of an increasingly global business.

Whilst these are significant developments for the company, the Morgan family, Directors and management team look forward to sharing more news with the wider Morgan community in the near future.

These changes will help cultivate an exciting future for Morgan which continues to reinforce the unique attributes of the brand.

Board of Directors.

Not much of a valediction for poor old Charles Is it?

[CraigyMc]

Garvin said:

Morgan Motor Company Ltd said:

Press Release 14th October 2013
Further to decisions taken in January of this year, Morgan Technologies is now in a position to announce that Charles Morgan is no longer part of the management team or Board of Directors of the company.

Over recent months, and in response to the growth in volumes, model range and overseas markets, the company structure has been strengthened across a number of different areas. This reflects the scale and complexity of an increasingly global business.

Whilst these are significant developments for the company, the Morgan family, Directors and management team look forward to sharing more news with the wider Morgan community in the near future.

These changes will help cultivate an exciting future for Morgan which continues to reinforce the unique attributes of the brand.

Board of Directors.

Not much of a valediction for poor old Charles Is it?

He describes it on Twitter as a "Sad, strange day". He's also posted his new gmail account which suggests he's not permitted on the Morgan email any longer... It sounds like he's been ousted.

He also says: "Leadership is a privilege to better the lives of others. It is not an opportunity to satisfy personal greed"

[tbc]

They were on the news yesterday in China at some UK - China investment show

They had one big banner with the Morgan logo and a cream 4+4

It looked really poor against RR and Jaguar

Perhaps they're going back into Aero 8 territory and going to make a supercar that can do the Ring in sub 7 minutes

[DonkeyApple]

CraigyMc said:

andyps said:

It sounds to me like he wasn't a majority owner as I had previously thought, does anyone know who does own the shares or are they just spread thinly across the Morgan family?

Morgan motor Company ltd is asubsidiary of Morgan technologies ltd, which is the parent of the rest of the group.

The shareholdings of this company are as follows:

Shareholders (Top 20 names shown)  Number of Shares (at Value)  Ownership (%)
CHARLES PETER HENRYMORGAN          29,133 (at £1)                  30.67
PHG MORGAN FAMILY TRUST            45,600 (at £1)                  48.00
JILLPRICE                          10,134 (at £1)                  10.67
JACQUELINEPERTWEE                   5,067 (at £1)                   5.33
CRAIGHAMILTON-SMITH                 5,066 (at £1)                   5.33

Have a peruse at http://companycheck.co.uk/company/07459137/MORGAN-...

Edited to sort out stupid preformatted text bug, which I'm about to notify the PH hamster team about...

Edited by CraigyMc on Tuesday 15th October 15:01

I wonder if this now paves the way to dillute the family out via an issue of new capital?

If he and the family control 75%+ I can't really see that this news means much other than either a family rift or a voluntary step down?

[longblackcoat]

He was relieved of his position as MD in March of this year, was he not? This looks like the inevitable aftermath of a painful business divorce.

[CraigyMc]

Jill Price, Jacqueline Pertwee and Craig Hamilton-Smith are all directors as well as part owners in the company.

Lawrence Price is the most recently appointed board member -- he's an ex F1 guy who now does business stuff.

I have no inside info on this but it looks a lot like a boardroom takeover.

C

[MartynVRS]

Seems strange it's happened. Any video I've seen with him in the factory he always seemed enthusiastic about the product.

[CraigyMc]

MartynVRS said:

Seems strange it's happened. Any video I've seen with him in the factory he always seemed enthusiastic about the product.

Jill Price is Charles' Sister. Lawrence is her son.

<wild speculation> Perhaps they've decided that Lawrence should run the business now? </wild speculation>

I know it's not the Morgan name, but Lawrence's Grandad is still P.H.G Morgan, and most of the people involved are family.

[DonkeyApple]

CraigyMc said:

MartynVRS said:

Seems strange it's happened. Any video I've seen with him in the factory he always seemed enthusiastic about the product.

Jill Price is Charles' Sister. Lawrence is her son.

<wild speculation> Perhaps they've decided that Lawrence should run the business now? </wild speculation>

I know it's not the Morgan name, but Lawrence's Grandad is still P.H.G Morgan, and most of the people involved are family.

An intervention?

[Ozzie Osmond]

I suspect the question of who owns the shares is irrelevant and there is significant bank finance in the form of loans. Heaven knows, it's hard to believe they can finance new model development from the profit on cars currently being sold.

If the business is looking shaky the banks will want managers of their own choosing in order to try to avoid complete collapse and salvage something from the wreckage.

Don't be surprised if the next news release involves a "buyer" for the company.

[CraigyMc]

Ozzie Osmond said:

I suspect the question of who owns the shares is irrelevant and there is significant bank finance in the form of loans.

Their last published accounts had current liabilities at £6,690,020 and assets at £11,638,311.

C

[andyps]

CraigyMc said:

Morgan motor Company ltd is asubsidiary of Morgan technologies ltd, which is the parent of the rest of the group.

The shareholdings of this company are as follows:

Shareholders (Top 20 names shown)  Number of Shares (at Value)  Ownership (%)
CHARLES PETER HENRYMORGAN          29,133 (at £1)                  30.67
PHG MORGAN FAMILY TRUST            45,600 (at £1)                  48.00
JILLPRICE                          10,134 (at £1)                  10.67
JACQUELINEPERTWEE                   5,067 (at £1)                   5.33
CRAIGHAMILTON-SMITH                 5,066 (at £1)                   5.33

Have a peruse at http://companycheck.co.uk/company/07459137/MORGAN-...

Edited to sort out stupid preformatted text bug, which I'm about to notify the PH hamster team about...

Edited by CraigyMc on Tuesday 15th October 15:01

Thanks for that.