REG - Logistics Dev Grp - Redemption of investment; distribution update

Logistics DevelopmentAnnouncement

24/12/2024 11:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20241224:nRSX3129Ra&default-theme=true

RNS Number : 3129R  Logistics Development Group PLC  24 December 2024

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                                  +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

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  DISQKQBPKBDDQBB