REG - Logistics Dev Grp - Finsbury Food Group Investment - Update

Logistics DevelopmentAnnouncement

03/11/2023 17:45

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RNS Number : 4015S  Logistics Development Group PLC  03 November 2023

3 November 2023

 

Logistics Development Group plc

 

("LDG" or the "Company")

 

Finsbury Food Group Investment - Update

 

LDG notes that, at the Court Meeting and General Meeting, held today in
connection with the recommended offer ("Offer") by Frisbee Bidco Limited for
the entire issued and to be issued ordinary share capital of Finsbury Food
Group PLC ("Finsbury") (other than the shares held in Finsbury by funds
managed by DBAY Advisors Limited ("DBAY"), to be effected by way of a scheme
of arrangement (the "Scheme"), the requisite majorities of Scheme shareholders
voted in favour of the resolution to approve the Scheme at the Court Meeting,
and the requisite majority of Finsbury shareholders voted to pass the special
resolution to approve and implement the Scheme.

 

The Court Hearing to sanction the Scheme is expected to take place on 14
November 2023 and the Scheme is expected to become effective on 16 November
2023.

 

Finsbury operates a specialty foods business which supplies boxed cakes to
supermarkets located throughout the United Kingdom. Finsbury's products
include novelty and celebration cakes, chocolate cakes, and muffins.

 

For the year ended 1 July 2023, Finsbury reported a pre-tax profit of £16.2
million and net assets of £126.6 million.

 

LDG is interested in 16,140,365 Finsbury shares, representing approximately
12.4% 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.

 

A link to the full announcement made by Finsbury is set out below:

www.londonstockexchange.com/news-article/FIF/results-of-court-meeting-and-general-meeting/16196082
(https://www.londonstockexchange.com/news-article/FIF/results-of-court-meeting-and-general-meeting/16196082)

 

For 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

 

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