REG - Logistics Dev Grp - Board Changes, Change of Accounting Reference Date

Logistics DevelopmentAnnouncement

29/11/2024 13:00

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RNS Number : 2180O  Logistics Development Group PLC  29 November 2024

29 November 2024

Logistics Development Group plc

("LDG" or the "Company")

Board Changes and Change of Accounting Reference Date

 

Logistics Development Group plc, the AIM-quoted investing company, announces
that Colin Kingsnorth and Mark Butcher are joining the Board, as Non-Executive
Directors, and Peter Nixon is stepping down from the Board, in each case with
immediate effect.

Mr Kingsnorth is founder and director of Ursus Capital Ltd and, previously,
was co-founder of Laxey Partners Ltd. Mr Kingsnorth will be appointed to the
Nomination and Audit committees. Mr Kingsnorth is not deemed independent due
to his previous association with DBAY, the Company's investment manager.

Mr Butcher has a wealth of public and private company Board experience and is
presently an Independent Non-Executive Director of ZIGUP plc (previously Redde
Northgate plc) and an Independent Non-Executive Director of Zytronic plc (AIM:
ZYT) where he chairs the Audit Committees of both companies. He has previously
sat on the Boards of AssetCo plc and National Milk Records plc also as an
Independent Non-Executive Director. Mr Butcher is deemed to be an Independent
Director of LDG and will be appointed to the Nomination and Audit Committees.
Mr Butcher qualified as a Chartered Accountant in South Africa and worked as
an Investment Director for GPG (UK) Holdings plc, the UK investment arm of
Guinness Peat Group plc.

Following these changes, the Board will comprise four Non-Executive Directors,
three of whom are independent.

 

Adrian Collins, independent Non-Executive Chairman, commented:

"Peter Nixon has agreed to step off the Board of LDG to make way for Colin
Kingsnorth who will also be a Non-Independent Non-Executive Director. Much
that I welcome Colin on the Board I should like to add that it has been a
pleasure to work with Peter who has been unflinching in his duties to your
company and has been a pleasure to work with. We shall miss him, and I wish
him well and hope he can take some time to improve his golf."

 

Change of Accounting Reference Date

LDG further announces that it will be changing its accounting reference date
and financial year end from 30 November to 31 December. The new accounting
reference date is in line with the private investment funds of its investment
manager, DBAY, and will allow more efficient reporting of financial
performance.

As a result, the Company's current accounting period will be extended to 13
months, ending on 31 December 2024 ("FY2024"). Publication of the audited
annual accounts FY2024 will be by no later than 30 June 2025.

Subsequent interim and audited annual reports will be published each year for
the 6 months to 30 June and 12 months to 31 December, respectively, in
accordance with timelines stipulated by the AIM Rules for Companies.

 

 

Further enquiries:

 Logistics Development Group plc                      Via FTI Consulting

 FTI Consulting                                       +44 (0) 20 3727 1340
 Nick Hasell / Alex Le May

 Strand Hanson Limited                                +44 (0) 20 7409 3494

 (Financial and Nominated Adviser)

 James Dance / Richard Johnson / Abigail Wennington

 Investec Bank plc                                    +44 (0) 20 7597 5970

 (Broker)

 Gary Clarence / Harry Hargreaves

 

 

Additional information

 

Colin William Kingsnorth, aged 61, is currently a director/partner, or has
been a director/partner in the past five years, of the companies listed below:

 Current                                         Previous (in the last five years)
 Ursus Partners Limited                          Ceiba Investments Limited
 Ursus Property Limited                          CPD SA
 Ursus Capital Limited                           LAXC Limited
 Ursus Investments Limited                       Z Rooms Ltd
 Cloughton Wood Lodges Limited                   Spazio Investments NV
 Laxey Partners (UK) Limited (in liquidation)    Imes Poland sp Zoo (in liquidation)
 Armadillo Investments Limited (in liquidation)  New Inn Property Limited
 Laxey Group Limited (in liquidation)            Challange Eighteen sp Zoo
 Laxey Worldwide Limited                         Gaston Investments sp Zoo
                                                 DBAY Advisors Limited

 

Mr Kingsnorth has an interest in 11,838,807 shares (2.26%) in the Company.

 

Alexander Mark Butcher, aged 66, is currently a director/partner, or has been
a director/partner in the past five years, of the companies listed below:

 Current                                Previous (in the last five years)
 ZIGUP plc                              National Milk Records Limited
 Zytronic plc                           AssetCo plc
 EBP Holdings Limited                   East Balkan Properties Plc
 Novafori Ltd.                          Coldharbour Technology Limited
 14-16 Fernlea Road Management Limited  Meritwell II Limited
 Trevose Estates Limited

 

Mr Butcher was appointed a director of Panfida Capital plc in November 1986,
and of Panfida Services (UK) Limited, Monarchy Foods Limited and Monarchy
Seafoods Limited in May 1991. All these companies were placed into liquidation
in April 1992.

Mr Butcher has no interest in the Company's issued share capital.

 

There is no further information to be disclosed in relation to Mr Kingsnorth
or Mr Butcher pursuant to Schedule 2(g) of the AIM Rules for Companies.

 

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