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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 | 07:33:41 |
| 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 20/9/2024 19:04 by spob Wind-down request could narrow this stock's discountThe cash-rich investment company trades on a 38 per cent discount to NAV and has received a request for an orderly wind-down to return cash to shareholders - Shareholder calls for wind-down of company - NAV of £99mn (18.9p) - 38 per cent discount to NAV Logistics Development Group (LDG:11.75p) has received a requisition notice to convene a meeting to vote on an orderly wind-down of the Aim-traded investment company. Huntress (CI) Nominees, a Jersey-registered investment vehicle which holds 6.86 per cent of the shares, wants the investment manager, DBay, to cease making new investments and prioritise the timely return of capital to shareholders. In results for the six-month period to 31 May 2024, the debt-free company held cash of £32mn (6.1p) and an investment portfolio worth £66.7mn (12.7p). Since the accounting date, LDG has invested £2.4mn to raise its stake from 11.9 to 13.2 per cent in Alliance Pharma (APH: 35.4p), a distributor of consumer healthcare and pharmaceutical products. The holding is worth £25.2mn (4.8p). In addition, LDG has realised £1.65mn and banked a £0.6mn profit from the sale of its stake in Mission Group (TMG :24p), a UK advertising and marketing specialist. It means that LDG’s current cash pile, which is placed on deposit with Investec at an interest rate of 3.75 per cent, is around £31.5mn (6p), or half its market capitalisation of £61.6mn. Other notable listed investments include a 9.1 per cent stake in SQLI (FR:SQI), a leading pan-European digital transformation business, which has a current value of €17.1mn (£14.4mn, or 2.7p). LDG also holds two non-listed investments: a 27.5 per cent stake worth £17.8mn (3.4p) in Finsbury Foods, a bakery manufacturer that was acquired last year for £143mn by funds managed by DBay; and a £10mn (1.9p) high interest payment in kind (PIK) fixed-rate unsecured loan note issued to The Power of Talent Midco, a special purpose vehicle that owns the operating companies of unlisted Nash Squared Group, a recruitment and consultancy group. Deep share price discount to book value As has been the case since I included LDG in my 2023 Bargain Shares Portfolio, the shares are in deep value territory as highlighted by NAV being 60 per cent higher than the company’s market capitalisation. This has not gone completely unnoticed as Richard Griffiths, the founder of investment bank Evolution and boutique finance house ORA Capital, has been stake-building. Known in the City of London as the 'Welsh Wizard' due to his stockpicking ability, the Jersey-based investor raised his holding in LDG from 10.9 to 15.3 per cent at the end of May (‘Welsh wizard' sees value in this stock – and so do we’, 28 May 2024). The board is cognisant of the fact that LDG’s share price fails to reflect the value of the company’s assets, so requested and were granted authority to repurchase up to 15 per cent of the 524mn shares in a buyback programme that should enhance net asset value (NAV) per share. However, a concert party owns a 34 per cent stake, and the resolution for a Takeover Panel waiver failed to receive enough backing, so the buyback cannot proceed. In its absence, an orderly wind-down of the company would undoubtedly narrow the 38 per cent share price discount to NAV in double-quick time. The board is now considering Huntress’ request and is advising shareholders to take no action at this stage. However, I can now see the activist’s resolutions garnering support from other shareholders. Buy. |
Posted at 20/9/2024 18:41 by lpavlou It's Dbay doing the acquiringSQLI, a European group dedicated to digital services, announces that DBAY Advisors, its reference shareholder since 2019, has announced its intention to acquire all the SQLI shares not held by the Offeror at a price of 54.00 per share in the context of a public offer followed by a possible squeeze-out.In order to achieve this, Synsion BidCo (the "Offeror"), a company indirectly controlled by DBAY Advisors, which holds 83.5% of SQLI's share capital and 80.9% of the theoretical voting rights, has today filed with the AMF a simplified public tender offer (the "Offer") for all the shares of SQLI not held by the Offeror.CAPITAL CONTROLLED AT OVER 83% AND A STOCK MARKET LISTING THAT IS NO LONGER JUSTIFIEDThis Offer is based on the observation that the operational functioning of the Company in the event of delisting would be simplified in view of the provisions to which companies whose shares are admitted to trading on a regulated market are subject. Furthermore, given the current shareholder structure and the low trading volume of SQLI shares, listing is of limited benefit to SQLI. In this regard, the average daily trading volume in SQLI shares declined by 39% between 2023 and 2024 [1].The Offeror therefore believes that the Offer presents a liquidity opportunity for SQLI's shareholders. The Offeror has also indicated that, if the results of the Offer so permit, it intends to implement a squeeze-out on the Company's shares.The terms of the Offer are more fully described in the draft offer document available on SQLI's website and on the AMF website (www.amf-france.org) |
Posted at 05/9/2024 20:22 by lpavlou They blew the previous buyback, by ending it early unnecessarily It's difficult to see an exit given the PIK and the FF stake, which are both illiquid. Their APH stake is too large to sell, so maybe they could distribute it to shareholders. I thought they may take it out, but will struggle now as they may not get shareholder support, assuming they need it. Let's see if these investors are prepared to increase their stakes and exert some real pressure on Dbay. |
Posted at 05/9/2024 18:31 by horndean eagle I didn't proffer an opinion on whether buybacks made sense or not. My point was they had authority to buy a lot of stock and brought diddly squat. They were insincere about it. Nothing to say it would have been any different this time around. The share price collapsed when they stopped the buyback. Investors thinking DBAY were running it just for their own interests. |
Posted at 05/9/2024 16:03 by value hound Re-tipped by Simon Thompson:Wind-down request could narrow this stock's discount The cash-rich investment company trades on a 38 per cent discount to NAV and has received a request for an orderly wind-down to return cash to shareholders - Shareholder calls for wind-down of company - NAV of £99mn (18.9p) - 38 per cent discount to NAV Logistics Development Group (LDG:11.75p) has received a requisition notice to convene a meeting to vote on an orderly wind-down of the Aim-traded investment company. Huntress (CI) Nominees, a Jersey-registered investment vehicle which holds 6.86 per cent of the shares, wants the investment manager, DBay, to cease making new investments and prioritise the timely return of capital to shareholders. In results for the six-month period to 31 May 2024, the debt-free company held cash of £32mn (6.1p) and an investment portfolio worth £66.7mn (12.7p). Since the accounting date, LDG has invested £2.4mn to raise its stake from 11.9 to 13.2 per cent in Alliance Pharma (APH: 35.4p), a distributor of consumer healthcare and pharmaceutical products. The holding is worth £25.2mn (4.8p). In addition, LDG has realised £1.65mn and banked a £0.6mn profit from the sale of its stake in Mission Group (TMG :24p), a UK advertising and marketing specialist. It means that LDG’s current cash pile, which is placed on deposit with Investec at an interest rate of 3.75 per cent, is around £31.5mn (6p), or half its market capitalisation of £61.6mn. Other notable listed investments include a 9.1 per cent stake in SQLI (FR:SQI), a leading pan-European digital transformation business, which has a current value of €17.1mn (£14.4mn, or 2.7p). LDG also holds two non-listed investments: a 27.5 per cent stake worth £17.8mn (3.4p) in Finsbury Foods, a bakery manufacturer that was acquired last year for £143mn by funds managed by DBay; and a £10mn (1.9p) high interest payment in kind (PIK) fixed-rate unsecured loan note issued to The Power of Talent Midco, a special purpose vehicle that owns the operating companies of unlisted Nash Squared Group, a recruitment and consultancy group. Deep share price discount to book value As has been the case since I included LDG in my 2023 Bargain Shares Portfolio, the shares are in deep value territory as highlighted by NAV being 60 per cent higher than the company’s market capitalisation. This has not gone completely unnoticed as Richard Griffiths, the founder of investment bank Evolution and boutique finance house ORA Capital, has been stake-building. Known in the City of London as the 'Welsh Wizard' due to his stockpicking ability, the Jersey-based investor raised his holding in LDG from 10.9 to 15.3 per cent at the end of May (‘Welsh wizard' sees value in this stock – and so do we’, 28 May 2024). The board is cognisant of the fact that LDG’s share price fails to reflect the value of the company’s assets, so requested and were granted authority to repurchase up to 15 per cent of the 524mn shares in a buyback programme that should enhance net asset value (NAV) per share. However, a concert party owns a 34 per cent stake, and the resolution for a Takeover Panel waiver failed to receive enough backing, so the buyback cannot proceed. In its absence, an orderly wind-down of the company would undoubtedly narrow the 38 per cent share price discount to NAV in double-quick time. The board is now considering Huntress’ request and is advising shareholders to take no action at this stage. However, I can now see the activist’s resolutions garnering support from other shareholders. Buy. |
Posted at 01/6/2024 09:23 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 08:40 by value hound Yes, all a bit bizarre really re APH in particular. I bought in like others for the obvious discount / value focus etc etc., but given DBay's stated goal is "to provide our investors with superior risk-adjusted returns while prioritising preservation of capital by focussing on investments with a high margin of safety" APH was a strange choice.This is all easy in hindsight, of course, and I know nothing detailed about APH and I'm sure there was a case to be made, and hopefully there still is, but even now after it lost over half its value in 12 months, it still doesn't come anywhere close to being any kind of value share IMO; v disappointing. I haven't sold any, and will let things play out, but I don't feel tempted to average down either (currently 17% down overall having averaged down once). |
Posted at 27/3/2024 18:51 by baddeal Well so far they've proved to be pretty poor investors merely taking fees for loosing shareholder money.I suspect things won't change too quickly given what we've seen. Aph holds the key to share price recovery. Losing c30% of the investment cost shows how poor the insight has been imo. |
Posted at 23/2/2024 16:29 by lpavlou Price hike is probably due to the buyback. Looks like investors want to keep their shares unless they get want they want to sell them. I can see them stopping the buyback for a few days, to let things settle down as they are in no rush. |
Posted at 10/1/2024 17:15 by lpavlou 13.4p today. Wee getting near to the level where some investors are bailing out, hence more volume today |
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