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LDG Logistics Development Group Plc

10.80
0.50 (4.85%)
Last Updated: 15:16:30
Delayed by 15 minutes
Share Name Share Symbol Market Stock Type
Logistics Development Group Plc LDG London Ordinary Share
  Price Change Price Change % Share Price Last Trade
0.50 4.85% 10.80 15:16:30
Open Price Low Price High Price Close Price Previous Close
10.375 10.375 10.80 10.30
more quote information »
Industry Sector
CONSTRUCTION & MATERIALS

Logistics Development LDG Dividends History

No dividends issued between 23 May 2014 and 23 May 2024

Top Dividend Posts

Top Posts
Posted at 10/5/2024 15:57 by lpavlou
APH price is back at 35p having fallen to 25p and LDG is down 10% in the process
Posted at 08/5/2024 08:24 by tyranosaurus
I reckon LDG should liquidate all their investments and return the money to the shareholders.
Time to loosen ties with Dbay as they got us into this APH mess.
Posted at 03/5/2024 19:45 by dartron
I think it is the same trade. One is a SINT which is usually ignored on some charting platforms. Look at the details here:
Posted at 22/3/2024 20:31 by lpavlou
With Esken now in admin, the administrators are more likely to seek to dispose of their LDG stake to cover their fees. We need to buy them back as cheaply as we can, to increase NAV
Posted at 13/2/2024 21:37 by lpavlou
They are using LDG as a cash cow to help fund other deals. As you say the their stake increases with each buyback, but so does ours. I'm happy for them to continue the 200k buyback each day. I'm taking a 5 year view here
Posted at 13/2/2024 11:16 by kirmich
agree with you on the last one, this is the first one i don't like, mainly because of the lack of information. I view the finsbury transaction as a positive.

We are a part of the Dbay Empire, i presume why the discount is this big and i fully expect LDG to be absorbed by Dbay at one point in time. But why would they rush this? They can gobble up shares at a hefty discount and increase their position with a 40% discount to the actual value. I view it the same way.
Glad to see they upped to around 200.000 a day on the buyback.
Posted at 29/1/2024 21:51 by lpavlou
Now that Esken have sold the biomass business, there's very little income generating assets. The airport is going to continue to lose money and can only be funded from non core asset sales which includes property and LDG shares. They are probably waiting for 15p+ and probably 17p, but may run out of money by them. Dbay not in any rush
Posted at 27/10/2023 10:04 by spob
.
2023 Bargain Share Portfolio constituent 10/Feb/2023 (peak offer 16.4p)


This investment fund's NAV is holding up yet the share price is taking an unwarranted hit

October 23, 2023
by Simon Thompson

Proforma cash of £44.4mn (8.3p) in price for free
Four listed holdings worth £59.1mn (11p)
Finsbury Foods in a takeover situation
41 per cent share price discount to NAV

Investor risk aversion is so extreme right now that there have been some disproportionate de-ratings of quality companies in the small and micro-cap hunting ground.

For instance, the share price of Logistics Development Group (LDG:11.4p), an investment company managed by asset management firm DBay and one of my 2023 Bargain Share Portfolio constituents, has fallen 18 per cent since I reiterated my buy call, at 13.9p, at the recent interim results (‘Exploit this double-discounted small-cap fund’, 7 September 2023).

I estimate that LDG has net cash of £44.4mn (8.3p) after factoring in £0.8mn spent on net asset value (NAV) per share accretive share buy-backs since last month’s article as well as the purchase of a further £4.8mn of shares in Finsbury Foods (FIF) (pictured). The speciality bakery manufacturer of cake, bread and morning goods is in the process of being acquired for £143mn by funds managed by Dbay.

LDG now holds a 12.5 per cent stake in Finsbury worth £17.8mn (3.3p), or 29 per cent above cost. It’s not as if Dbay is overpaying. The offer is pitched on a price-to-book value of 1.13 times and values Finsbury on an enterprise valuation of £165mn. It equates to 5.2 times cash profit and 8.3 times operating profit reported in the financial year to 1 July 2023, low multiples for a business that has just reported double-digit annual profit growth and is forecast to continue growing.

LDG also holds three other listed investments: 10.5 per cent stake valued at £21.2mn (4p) in Alliance Pharma (APH), a distributor of consumer healthcare and pharmaceutical products; 9.5 per cent holding worth £17.2mn (3.2p) in SQLI S.A. (FR:SQI), a leading pan-European digital transformation business; and a 2.8 per cent stake in Trifast (TRI), an international distributor of industrial fasteners, that has an open market value of £2.9mn (0.5p).





-----------------------------
Portfolio companies, Sector and description, Group interest, Consideration paid, Fair value of stake, Fair value per LDG share.


Finsbury Foods Food and cake maker 12.4 per cent equity stake £13.8mn £17.8mn 3.3p

Alliance Pharma Distributor of healthcare and pharmaceutical products 10.5 per cent equity stake £33.4mn £21.2mn 4.0p

Synsion Pan-European digital transformation business 9.5 per cent read through equity stake in SQLI S.A. (FR:SQI) €15mn (£12.8mn) £17.2mn 3.2p

Trifast International distributor of industrial fasteners 2.8 per cent equity stake £2.7mn £2.9mn 0.5p

Total holdings £62.7mn £59.1mn 11.0p

Proforma cash £44.4mn 8.3p

Spot NAV estimate £103.5mn 19.3p


Source: LDG interim results at 31 May 2023 and subsequent London Stock Exchange RNS filings. Latest share prices for portfolio companies correct on 23 October 2023.
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Strip out the group’s proforma net cash of £44.4mn (8.3p) from its market capitalisation of £61.1mn (11.4p), and the four listed holdings are in the price for £16.7mn, or 71 per cent less than their latest market valuations of £59.1mn (11p).

Frankly, that’s absurd given that LDG’s NAV per share has only declined 4 per cent from 20.1p to 19.3p since the start of last month, so the portfolio is hardly taking a beating, unlike LDG’s share price. Moreover, the latest valuation of the four holdings is only slightly below the £62.7mn cost.

Or put it another way, the four holdings back up almost all of LDG’s share price of 11.4p, so you are getting nearly all the 8.3p a share cash pile thrown in for free.
Posted at 22/9/2023 13:30 by stemis
All this deal does, if it wasn't already clear, is demonstrate the LDG is a captive of DBay. They've swapped listed, easily valued, easily saleable shares in a transparent capital structure for unlisted, non-transferrable, difficult to value shares in an opaque capital structure.

LDG are to receive 11,763,979 Bidco A Shares. How many total A shares are there? How many non voting B shares? How much debt will Bidco carry?

It may well turn out to be a good deal, but at the moment it's easy to see why LDG shares are where they are.
Posted at 20/9/2023 09:51 by briggs1209
Yes, need clarity.

Either LDG take the cash and we get a bump in NAV and liquid assets to reinvest, or, we get locked into a private investment which will make valuation more difficult.

If DBAY sell the LDG stake in FIF for cash they would presumably get their % of the profits. How it would work with payments if LDG keep the private holding in FIF?

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