Logistics Development Group plc 

(“LDG” or the “Company“) 

Final Results for year ended 30 November 2023 

Logistics Development Group plc, the AIM listed investing company, announces its audited final results for the year ended 30 November 2023. 

Full year 2023 Results Summary 

  • For the year ended 30 November 2023, the Company reported an underlying EBIT1 of a loss of £12.0m (2022: profit of £1.1m) and a loss before tax of £10.7m (2022: profit before tax of £1.1m). 
  • The Company has been implementing its broader investing policy since its approval in January 2022. Fixtaia Limited (“Fixtaia”) has been set up as the subsidiary vehicle for investments for the Company. All reference to investments below are held in Fixtaia. Details of the investments held at 30 November 2023 are listed below. 
  • During the financial year, the Company held 16,140,365 shares (12.4%) of Finsbury Foods Group Plc (“Finsbury”). Finsbury operates a speciality foods business which supplies boxed cakes to supermarkets located throughout the United Kingdom. Products include novelty and celebration cakes, chocolate cakes and other bakery goods. In September 2023, Frisbee Bidco Limited and Finsbury reached an agreement on the terms of a recommended cash offer at 110p per ordinary share of 1p each in the capital of Finsbury, to be effected by way of a scheme of arrangement. On 3 November 2023, the Company noted that the requisite majority of Finsbury shareholders had voted to pass the resolution to approve and implement the scheme of arrangement. Post transaction, the Company owns 27.5% of Finsbury, which delisted from AIM on 17 November 2023. 
  • During the financial year the Company acquired a see-through stake representing approximately 9.1% in SQLI S.A. (ENXTPA: SQI) (“SQLI”), via a group of private holding companies formed by DBAY Advisors Limited (“DBAY”). SQLI is a digital commerce and services agency. The investment was initially made by way of a €18.5m loan, which was later capitalised in return for the issue of ordinary shares in the holding structure and a repayment in cash of approximately €4.1m. In June 2023, an additional €649,000 loan was provided and capitalised through the issue of Synsion TopCo Limited (“Synsion”) shares. At the financial year end, the Company had a holding of 1,039,419,772 Synsion shares representing an indirect holding of 11.1% of SQLI. 
  • The Company had acquired approximately 10.3% of the share capital of Alliance Pharma Plc (AIM: APH LN) (“Alliance”) for a consideration of £33.4m. The number of Alliance shares held by the Company was 55,593,562. Alliance is an international healthcare group founded in 1996 and headquartered in the United Kingdom. The company acquires, markets and distributes consumer healthcare and prescription medicine products. The Company elected to receive the Alliance final dividend in shares to bring the holding at the financial year end, including trades during the period, to 56,758,071 Alliance shares or 10.51% of the issued share capital. 
  • As at the reporting date the Company held approximately 2.8% of the share capital of Trifast Plc (AIM: TRI LN) (“Trifast”). Trifast is an international specialist in design, manufacturing, and distribution of industrial and Cat C fastenings. It has 34 locations within the UK, Asia, Europe and the USA and supplies components to over 5,000 companies globally across a wide range of industries. At the year end, the number of Trifast shares held indirectly by the Company was 3,805,158 shares, acquired for a consideration of £2.7m. 
  • During the financial year, the Company acquired 11.72% of Mission Group PLC (AIM: TMG LN) (“Mission”). Mission operates a marketing agency and focuses on new product development and solves business problems. The agency collective has 1,100+ people in 28 locations over 3 continents. At the year end, the number of Mission shares held indirectly by the Company was 10,665,000 shares (11.72%) acquired for a consideration of £1.7m. 

Share buyback 

  • On 28 March 2023, the cancellation of 140,411,180 ordinary shares of £0.01 each in the capital of the Company (“Ordinary Shares”) which were subject to the First Buyback (the “Capital Reduction”), which had been approved by shareholders at the 2023 General Meeting, was sanctioned by the High Court of England and Wales (“High Court”). The order of the High Court confirming the Capital Reduction, and the statement of capital approved by the High Court in connection therewith, was delivered to the Registrar of Companies on 29 March 2023. The Capital Reduction became effective on 31 March 2023. 
  • On 4 April 2023, following a special resolution passed by shareholders at the 2023 General Meeting, the Company announced the commencement of the Second Buyback to purchase up to 112,352,944 Ordinary Shares, representing 
  • conclusion of the Annual General Meeting of the Company in 2024. The Ordinary Shares purchased under the Second Buyback will be cancelled. Pursuant to the Second Buyback, the Company acquired 28,678,158 Ordinary Shares in its own capital at an average price of £0.14074 per share between 4 April 2023 and 30 November 2023. The share capital of the Company at 30 November 2023 was 532,806,151 Ordinary Shares. 

Changes to the Board 

  • Stephen Harley resigned from the Board on 1 November 2023. It is currently not the intention to appoint an additional director to the Board. 

1 Underlying EBIT is an alternative performance measure (see Note 3) and is defined as profit/loss before interest and tax adding back exceptional item 

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