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LDG Logistics Development Group Plc

11.25
-0.05 (-0.44%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Logistics Development Group Plc LSE:LDG London Ordinary Share GB00BD8QVC95 ORD GBP0.01
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.05 -0.44% 11.25 11.00 11.50 11.25 11.25 11.25 307,535 08:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Management Consulting Svcs 2.17M 1.15M 0.0021 53.57 61.14M
Logistics Development Group Plc is listed in the Management Consulting Svcs sector of the London Stock Exchange with ticker LDG. The last closing price for Logistics Development was 11.30p. Over the last year, Logistics Development shares have traded in a share price range of 11.175p to 15.45p.

Logistics Development currently has 543,510,036 shares in issue. The market capitalisation of Logistics Development is £61.14 million. Logistics Development has a price to earnings ratio (PE ratio) of 53.57.

Logistics Development Share Discussion Threads

Showing 1 to 14 of 750 messages
Chat Pages: Latest  6  5  4  3  2  1
DateSubjectAuthorDiscuss
13/4/2006
09:54
Well PCS bought me RC Group and thats roaring so Im not sure why you are all so sceptical about their credentials. I had not even heard of RC then and now im pretty pleased that I got in.
meerzaf
12/4/2006
10:31
Thanks for info..............mr
3frog
12/4/2006
09:41
>>3frog - 11 Apr'06 - 16:13 my understanding is that it is NOT a restricted stock since it is AIM listed.

Incidentally Pac Con came back to me and I queried that I had seen it seemed to have falling income and made a loss last year as per Crosstalk's post 8. the guys said it made profits of GBP 900k lsat year, I asked if he had a copy of this report to forward to me and he said it wasn't worth his time. (it is however worth his time to have continued to send me cuttings about RCG which I agree has been good for me (I bought around 33p)

.........to 30/6/2005...to 31/12/2004....to 31/7/2004.......2003.........2002
................$.............$..............$...............$............$
Net income..(133,002).......21,390........190,553.........209,393......544,692

mr_chaps
11/4/2006
15:13
Just been called by Pac Con to buy LDG at 13p. asked if it is a restricted stock, told 'no'. is that true? am suspicious about US stocks.
opinions will be appreciated.

3frog
10/4/2006
12:09
Apr 7 Pac Con still offering, just smelt a rat on this one, RCG a previous recommendation came out well but could have been bought much cheaper later. Cancelled this sort of selling attention now.
edjgee
06/4/2006
10:22
Pac Con are offering them at 13p to buy this a.m. - thanks for the research you have done above Crosstalk. I think I'll give this one a miss for now, I suggest you all have a look at the Pac COn thread to make your own decisons
mr_chaps
18/3/2006
16:08
Post removed by ADVFN
Abuse team
18/3/2006
07:58
Hi Crosstalk.

First of all, I've been trying to find more company details, such as a website or the prospectus online which you're quoting from.
I can't even find a website, though I must admit I haven't looked far.

From my knowledge of new AIM issues, the awarding of free or discounted shares pre-float is (or was) not unusual, though mostly confined to cash shells. An example of this was SovGEM [SOV] which floated from scratch at 55p, and an initial NAV of 12.7p. Actually, that became a decent investment once the share price had corrected itself down to about 9p.

So LDG may just be following a well-trodden route - and no wonder they didn't try it on in the States!
But it does call into question the stated aim of the company to use its paper for future acquisitions.

Your figures (which I haven't checked closely) suggest the share price will settle down rather lower than it is now!

jonwig
17/3/2006
23:56
The 66 page "Legacy Distribution Group Inc. Admission to Trading on AIM" document dated 10 March 2006 makes interesting reading.

NB All $/£ conversions are at $1.75/£

From page 13:
"17. Pre-admission funding
Prior to the introduction of Legacy to trading on AIM, the Company raised $1.54 million from existing shareholders. The proceeds of the funding were used to settle amounts due to previous shareholders and to provide additional funds for working capital for the Group".

From page 24:
"On 1 August 2004, Best Holdings acquired 100 per cent. of the outstanding shares of Best Candy for aggregate consideration of $5,405,000". [In Jan/Feb 2006 Legacy and Best Holdings merged, Best Holding then ceased and Legacy continued as the surviving corporation assuming all BH's rights, assets & obligations etc]

From page 28:
"CONSOLIDATED BALANCE SHEETS [For Best Holdings, now Legacy]
.......................................30 June 2005,$[....£,million]
...
Total current assets.....................4,557,395[........2.604]
Property and equipment, net................967,477[........0.553]
...
Total other assets.......................2,087,359[........1.193 see note 1]
TOTAL ASSETS.............................7,612,231[........4.350]
...
Total current liabilities................4,959,313[........2.834]
Notes payable, net of current portion....1,614,900[........0.923]
...
Total members' equity....................1,038,018[........0.593]
TOTAL LIABILITIES AND MEMBERS' EQUITY...$7,612,231[........4.350]"

note 1 - this figure includes $1,502,378 (£859k) of goodwill

From page 44:
"2.2 The Company's authorised and issued share capital as at the date of this document and, following completion of the Admission will be as follows, all issued shares being Shares of Common Stock and fully paid or credited as fully paid:
.....Authorised...............................Issued
................................Pre Admission............Following Admission
.Amount.......Number.........Amount.......Number.........Amount.......Number
$500,000...550,000,000.....$73,446.33...73,446,328.....$73,446.33...73,446,328"

From page 46:
"3.19 In preparation for the Admission, Legacy implemented a reverse stock split on 9 March 2006 whereby every 3.385 shares outstanding prior to 9 March 2006 was reclassified and converted into one share of common stock. As a result of the reverse stock split, the number of shares outstanding at 9 March 2006 was reduced from 132,222,390 to 39,061,269".

From page 53:
7. Interests of other major shareholders...
Shareholder........At admission......Percentage of issued Share Capital
George Aliferis.....30,112,994....................41.0%

From page 61:
"(iv) Lock-in and Orderly markets Arrangements
At admission the Directors will be interested in and aggregate of 11,928,286 Ordinary Shares representing 16.2 per cent. of the share capital of the Company. The Directors have entered into an agreement with the Company and Corporate Synergy only to dispose of their interests in Ordinary Shares with the consent of (which is not to be unreasonably withheld) and through Corporate Synergy for a period of twenty four months following Admission, to ensure an orderly market in the Ordinary Shares.

The orderly market arrangement as described above has also been signed by certain other shareholders, other than the Directors, with 52,704,482 ordinary shares representing 71.8 per cent of the share capital of the Company".


From p46 we know there were 39.1m shares in issue on 9 March.

From p44 we know there were 73.4m shares in issue on 10 March.

Therefore 34,385,059 new shares (an increase of 88%) were issued between 9/10 March.

From p13 we know $1.54m (£0.88m) was raised in a pre-admission funding exercise.

At $1.75/£ this means each share was placed at about 2.56p just a week ago.

From p24 the company was bought for £3.1m in Aug 2004.

From p28 current liabilities is 109% of current assets (at 30 June 2005) - this is not healthy.

From p28 shareholders' equity (total assets minus total liabilities) is under £0.6m at 30 June 2005. The fund raising produced £0.88m in March 2006. So shareholders' equity is up to about £1.5m. With 73.4m shares in issue the net asset value per share is about 2p.

Can anyone more knowledgeable than me please explain how a company that:
i) was bought for £3.1m in Aug 2004
ii) had net asset value < £0.6m on 30 June 2005
iii) issued shares 1 week ago at 2.56p (according to my calcs) to raise £0.88m
iv) therefore had net asset value of about £1.5m last week (according to my calcs)
v) has a net asset value per share of about 2p (according to my calcs)
now has a middle market price of 13.75p and a market cap of £10.1m?

Have I missed something?

From p53 and p61 I would guess that George Aliferis and the Directors will be leaking their shares out as fast as they can (in an orderly fashion). The 12% who have not signed the agreement with Legacy/Corporate Synergy may be getting rid of their shares even faster. These are the shares that Pacific Continental Securities are now selling.

Pacific Continental Securities told me that 72m shares were issued this week at 10p. Both aspects of this statement were false.

Yesterday PCS were offering these at 12p. A few buys yesterday pushed the share price higher and today PCS were offering them at 13p, then 13.75p later in the day I think.

Draw your own conclusions. Any corrections welcomed.

crosstalk
17/3/2006
06:33
Crosstalk - Pacific Continental - are we to bracket them alongside City Equities and Hoodless, then?
I must admit I'm not acquainted with these P&D merchants.

Ah - here's something, confirms what you've said.

jonwig
16/3/2006
19:43
IC (17 March 06) have a sceptical article - we'll see. But they make a very fair general point:

The tide of Aim floats continues unabated. Today's arrival is Legacy Distribution, which distributes tobacco, 'candy' and other goods to small grocers in Arizona.

The bigwigs at the stock exchange will be rubbing their hands with glee. They're desperate to get more US companies to float on Aim (think of all the potential listing fees involved), and Legacy is just what they want: a domestic US business floating in London rather than a US market because it's cheaper, quicker and less bureaucratic. The company says that the decision to go for London rather than New York, thus avoiding all that Sarbanes-Oxley nonsense, will save $1m and 12 months.

Legacy is, no doubt, also very pleased. It wants to make acquisitions and incentivise staff, both of which will be easier when it has publicly traded shares (although whether lorry (sorry, truck) drivers in Arizona are excited at the prospect of having Aim-traded shares in their 401k is anyone's guess).

But how well Legacy will be received by the London investment community is a different matter. There's nothing wrong with the business – it's been profitable for 20 years and it has decent expansion plans. The potential problem is that the Arizona grocery distribution market is not one that's deeply understood in London, and few UK investors are likely to put a lot of time and effort into understanding it. The investment thesis behind Legacy – growing through acquisition, adding volume to a fixed cost base, and winning market share from larger operators – is available through countless other companies in markets closer to home

This issue will grow in importance as Aim rolls out its plan for global domination. UK investors have a critical role – will they embrace the growing (and often esoteric) army of overseas companies with enthusiasm, or will they instead focus on the UK options, abandoning the foreign companies to a fate of feeble liquidity, drifting share prices and general investor disinterest?

jonwig
16/3/2006
19:41
Post removed by ADVFN
Abuse team
16/3/2006
19:41
I've no idea what to make of this - opportunism or opportunity?

Worth a bit of research, anyway.

jonwig
16/3/2006
19:40
Will update header soon...or maybe not!
jonwig
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