Logistics Development Group plc(“LDG”, the “Company” or, with its subsidiaries, the “Group”)
Finsbury Food Group Investment – Update
LDG notes that the boards of Frisbee Bidco Limited (“Bidco”) and Finsbury Food Group plc (“Finsbury”) have reached an agreement on the terms of a recommended cash offer (“Cash Offer”), at 110p per ordinary share of 1p each in the capital of Finsbury (“Finsbury Shares”), valuing Finsbury at £143.4 million, to be made by Bidco for the entire issued share capital of Finsbury, other than the Finsbury Shares held by funds managed by DBAY Advisors Limited (“DBAY”), the Company’s investment manager (the “Acquisition” or the “Offer”). The Acquisition is intended to be implemented by means of a Court-sanctioned scheme of arrangement.
LDG is interested in 11,763,979 Finsbury Shares, representing approximately 9.02% of Finsbury’s issued share capital. Pursuant to LDG’s discretionary investment management agreement with DBAY, LDG’s Finsbury Shares are deemed to be part of the Finsbury Shares held by funds managed by DBAY, and consequently LDG is deemed to be acting in concert with DBAY for the purposes of the Offer.
Full report below
