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17 Nov 2016 (AFR) – Free shares for staff as Autosports drives to solid ASX debut

(17 November 2016, AFR, p22, by Simon Evans)

‘High-end car dealership company Autosports Group (ASX:ASG) gave 500 of its employees $1000 of free shares ahead of its solid debut on the Australian sharemarket, with chief executive Nick Pagent saying he feels “energised” by the group becoming a public company. Autosports operates 25 car dealerships in the eastern states and two crash repair outlets. They include the Audi Centre Mosman, Audi Centre Parramatta, Lamborghini Sydney and Five Dock VW in Sydney, and Toowong Mazda in Brisbane. Mr Pagent said the firm would retain the same discipline in pursuing future acquisitions and expansion as it did in building up the business as a private company. Autosports had an issue price of $2.40 for new investors and accelerated as high as $2.66 in early trades before falling back in the afternoon to close its first day on the ASX at $2.47.’

Read more at AFR.com (might need AFR login access, or try: AFR.com/trial)

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