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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Logistics Development Group Plc | LDG | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 10.75 | 08:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 10.75 | 10.75 | 10.75 | 10.75 | 10.75 |
| Industry Sector |
|---|
| CONSTRUCTION & MATERIALS |
| Top Posts |
|---|
Posted at 19/6/2024 19:28 by lpavlou At the moment LDG own 71.1m shares of APH at an average price of 54p.Still sitting on a loss of £10m which has halved over the past month. There must be a bid in the offering and LDG will end up owning circa 20 / 25 percent of the entity. Why else would Dbay keep adding. The odds of flushing out another bidder are low in my opinion |
Posted at 19/6/2024 15:12 by boystown So APH up almost 17% - yet LDG unchanged??? |
Posted at 04/6/2024 07:12 by kirmich a dividend at SQLI and highest share price in 6 months, this is worth something. Aside from APH (and i guess they know what they are doing) everything else has value. If they sort out APH (results would be nice), this has room to recover |
Posted at 01/6/2024 10:23 by lpavlou Interesting times. Pleased they have increase their stake in APH but probably waiting for the results to get published before making a move on the company. This might explain why they stopped the buyback to save cash for this purchase and the gradual sale of TMG. There is only 30percent of APH owned by other major shareholders with the balance being retail investors. Time will tell, but it will mean LDG becomes more illiquid if Dbay take out APH |
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 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. -------------------- 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. |
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