Pendragon shareholder warns of Pound-Dollar parity

25 September 2022

Crispin Odey, whose asset management firm is one of the largest Pendragon shareholders, has warned Sterling risks heading to dollar parity for the first time ever.

The trader has reportedly been shorting UK debt. However, he said “there is much that I like in Kwasi’s budget. It is bravely Tory”. He added he will become “long term optimistic” on UK assets if a Labour government is avoided.

Odey Asset Management is the second-largest shareholder in Pendragon, which last month turned down a takeover bid at 29p a share. Pendragon closed last week at 22.7p.

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Tags: Odey, Pendragon

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