The tale of Stobart's ever falling share price. Two weeks ago, in the wake of Avril Palmer-Baunack's unceremonious demotion, this column wrote about the woes of backing the Stobart horse. Even the gloss of a three-year deal with Tesco couldn't reverse it's fortunes (and given Tesco's current performance there can't be that much gloss). However the machinations of the Stobart board have continued to hurt its performance on the stock market.
Today the share price hit a new low of 76p. A significant slump from the 100p at the start of the year. Over the past 52 weeks it has fallen by 50p (a 40% fall). On the 30 April 2012 the share price was 131.75. You'd have probably been safer backing Royal Diamond at the Irish St Ledger.
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As for the rest of the industry, shares have been flat for the week, with UK Mail retaining the vast majority of the bump it felt last week. However Hargreaves announced a share placing this morning of new ordinary shares at 775p each, which could raise £42m. Primarily the cash will be invested in its mining interests.
Tim Ross, Non-Executive Chairman, said: "The fundraising which we have announced today will enable us to accelerate our strategy of expanding Hargreaves' portfolio of UK surface mining assets and development pipeline through acquisition.
"This will consolidate the company's position as a leading owner and operator of surface mines and provide significant benefits for the wider operations of Hargreaves," he added.
What effect this will have on the Motor Transport basket of shares will play out over the next week.
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