This announcement contains inside information as defined in
Article 7 of the EU Market Abuse Regulation No 596/2014, as it
forms part of United Kingdom domestic law by virtue of the European
Union (Withdrawal) Act 2018, as amended, and has been announced in
accordance with the Company's obligations under Article 17 of that
Regulation.
24 December 2024
Logistics Development Group
plc
("LDG",
the "Company" or, together with its subsidiaries, the
"Group")
Redemption of Nash Squared
investment
Distribution Policy
Update
The Board of Logistics Development
Group plc, the AIM-quoted investing company, announces that on 23
December 2024 the Nash Squared group completed the disposal of its
NashTech division.
As a result of the disposal, the £10
million investment by Fixtaia Limited, LDG's wholly owned
subsidiary, for fixed rate unsecured Series A loan notes and
payment in kind (PIK) notes issued by The Power of Talent Midco
Limited has been redeemed, realising a cash distribution to the
Group of c. £13.1 million and generating a net IRR of c. 36% over
the holding period. No fees are payable by the Group on the
realisation proceeds. Following receipt of the redemption funds,
the Group's cash position is approximately £44 million.
The Board, together with its
investment manager, has been reviewing the Company's distribution
policy. Since becoming an investing company in December 2020, LDG
has already distributed c. £27 million to shareholders, primarily
through share buyback mechanisms.
The Board now plans a further
distribution and is contemplating a tender offer to return up to
£21 million to shareholders. it is proposed that the tender offer
would be effected at a price of 19p per share. Any tender offer
would be subject to, inter
alia, shareholder approval.
In the future, the Board is planning
to make additional distributions as investments are realised. These
will be based on 50% of net cash profits realised from each asset
sale, though timings will remain contingent on market
conditions.
In addition, from December 2024, LDG
intends to publish unaudited NAV estimates on a quarterly basis,
with unaudited NAV estimates expected to be announced within two
months of the relevant quarter end.
Further enquiries:
|
Logistics Development Group plc
|
Via
FTI Consulting
|
|
|
|
|
FTI
Consulting
|
+44
(0) 20 3727 1340
|
|
Nick Hasell / Alex Le May
|
|
|
Strand Hanson Limited
(Financial and Nominated
Adviser)
James Dance / Richard Johnson /
Abigail Wennington
|
+44
(0) 20 7409 3494
|
|
Investec Bank plc
(Broker)
Gary Clarence / Harry
Hargreaves
|
+44
(0) 20 7597 5970
|
