I've voted for all the resolutions even though I know they will fail. shareholders need to send a message to the board that were not happy with their performance and they need to do better or face the consequences. What we need is the dissenting major shareholders to increase their stakes to get a say and a seat at the table |
Afternoon lpavlou. No it's not correct. My voting proxy on another provider (I'll not name it but it's one of the bigger outfits) has made the same mistake. I have alerted them and they will rectify the matter.
I'm not sure which way to vote but am leaning to siding with the board.
ALgent. |
Has my voting proxy come thru from IG and for all resolutions it says Board Recommendation -vote For.Not sure this is correct |
 For me the play here by mr Griffiths is to show that not everything goes. And I think we as small shareholders will profit from that.
The problem I see for instance that we have had a half year report, yet we don't know what vision they have with Alliance Pharma or how Finsbury food is faring?
The problem is that SQLI is being taken over, yet we haven't seen a RNS stating what the intention of our company LDG is. Are we part of that takeover? Do we surrender our shares to Dbay? SQLI which is a big chunk of LDG holdings.
I'm happy to tag along, as I do think they will make us money in the future on what they bought, but I'm happy there now is a sheriff in town who shows he is watching with a block of shares not far off DBAY's stake (as we have to believe the 6% is actually working together with the 15% of mr Griffiths declared holdings)
For the first time in my investment lifetime I will go to the trouble of voting and I will vote yes. I'don't think it will pass, but I do think it will show a statement.
or not :) |
.
" This response seems like whiny self serving claptrap to me."
Agreed
Very childish and immature RNS from LDG |
So - help a newbie out here. Is it worth getting in before the meeting or will I miss out on any potential gains. |
Interestingly the adoption of the investing policy in 2022 was an ordinary resolution… goal posts sometimes move on legal advice! |
Very strange. Surely richard Griffiths had advice that told him what he proposed was a special resolution not an ordinary resolution and I assume he did it anyway just to make some noise. Kind of obvious management would vote their own stake against anything. All a bit pointless even though I get the idea with a big discount.was he just trying to make the price go up to sell his stake? |
At the bid price LDG stake is worth 23m against a purchase price of 15m |
Probably safe to assume that LDG will increase their stake in SQLI as we are sitting on cash. Will mean that we will now have 2 illiquid stakes and I wouldn't rule out an approach for APHWon't go down well with the dissenting shareholders |
.
Swiss paul
There is another thread with the wrong name. Lol
I just use this to store some info |
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. |
Things getting interesting here. |
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).A PREMIUM OF MORE THAN 30%The proposed price values 100% of SQLI's capital at around [2] at around 252m, representing a premium of [3]:37% on the share price on the last trading day prior to the announcement.33% on the volume-weighted average share price over sixty days.31% on the six-month volume-weighted average share price.COMMITMENTS RELATING TO 5% OF THE CAPITALAmiral Gestion and Moneta Asset Management, the Company's main institutional investors, have undertaken (i) to sell their shares to Synsion Bidco prior to the opening of the Offer, in the case of the former, and (ii) to tender their shares to the Offer, in the case of the latter. In addition, individual shareholders, including certain employees, have also undertaken to tender their shares to the Offer. These transfers and contributions will be made at the Offer price.Taken together, these commitments represent 5.1% of SQLI's capital and 4.9% of the theoretical voting rights.AN OFFER WELCOMED BY THE BOARD OF DIRECTORSOn the basis of the preliminary work of the ad hoc committee set up on 28 August 2024 and comprising 2 independent directors, Brand & Retail represented by Nathalie Mesny (Chairman of the ad hoc committee) and Ariel Steinmann, and Philippe Donche-Gay, the Board of Directors of SQLI, meeting on 18 September 2024, approved the principle of the Offer.A reasoned opinion will be issued by the Board of Directors in the light of the report of the independent expert, Crowe HAF, represented by Olivier Grivillers and Maxime Hazim, who will be responsible for assessing the financial terms of the Offer and the squeeze-out.According to the envisaged timetable, the Offer could be completed before the end of 2024.The Company has applied to Euronext to resume listing of its shares at the opening of trading on Monday 23 September 2024. |
You would have expected the news to have come out by now. Why suspend the shares so early, you normally do it just before an announcement is made.It must be for an offer for SQLI and not just Dbays stake. |
a very queit board - what gives? |
i think the chances are increasing that it is an outside offer, given the fact there is still no news yet.
if they are planning on taking out the remaining shareholders, why wait?
not a sure thing, we will probably know tomorrow, when the half year numbers are on the agenda. |
Odds are that Dbay will take this private unless someone has agreed to take them out, which would be a better short term outcome for LDG shareholders. |
Sincere apologies. I retract my earlier post. I believe I have misunderstood the mattter. ALgent. |
Good afternoon. The bidder is DBAY. What are the ramifications of that I wonder? I thought I'd be seeing an early exit here, but now I'm not so sure, though not too unhappy. Surely, some of LDG's mini-cash mountain will be used in the bid? Enjoy the afternoon all. ALgent (pondering). |
Thanks for that kirmich
yes, suspension this morning awaiting a news release.
183m € Mcap. £154m or so. 9.1% equates to £14m.
Could be a nice uplift if it's a t/o situation. Let's wait and see.
18/09/2024 9H00
Motif: A la demande de la société, dans l'attente de la
publication d'un communiqué de presse et
jusqu'à nouvel avis |
Suspension of SQLI shares on the Paris stock market this morning. End game? LDG owns 9,1% of SQLI |
Recent rise in APH has added another 1.3p to the NAV. If the shares get back to their cost of 57p, that will add another 1.7p to the NAV. We would then be back at 21p NAV and trading at a 50percent discount to NAV |
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