REG - Logistics Dev Grp - Interim Results for six months ended 30 June 2025
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RNS Number : 7073A Logistics Development Group PLC 25 September 2025
Logistics Development Group plc
(the "Company" and, with its subsidiaries, the "Group")
Interim Results for six months ended 30 June 2025
Logistics Development Group plc, the AIM-quoted investing company, announces
its unaudited interim results for the six months ended 30 June 2025.
Summary for the reporting period
Fixtaia Limited ("Fixtaia") is the Company's wholly owned subsidiary vehicle
for investments made by the Company. All references to investments are those
held by Fixtaia. Details of the investments held at 30 June 2025 are listed
below:
· Finsbury Food Group ("Finsbury") is a speciality bakery business,
producing and selling high-quality bread and cakes to food retailers and
foodservice markets across the UK and Europe. Its product portfolio consists
largely of either essential bakery products (e.g. organic & artisan bread,
buns & rolls) or event-related purchases (e.g. brand licensed celebration
cakes for parties, especially for children). The Company has an economic
interest of 25.31% in Finsbury, through its interest in Frisbee Topco Limited
(an entity ultimately owned by funds managed by DBAY Advisors Limited
("DBAY")), the Company's investment manager), which, through it's structure,
acquired Finsbury in a take private transaction that completed during November
2023.
· Alliance Pharma plc ("Alliance") is an international healthcare group
founded in 1996 and headquartered in the UK. Alliance acquires, markets and
distributes consumer healthcare and prescription medicine products. At the
period end the Company held an economic interest of 24.54% in Alliance's
issued share capital. In Q2 2025, DBAY successfully completed the take-private
of Alliance.
· SQLI S.A. (ENXTPA: SQI) ("SQLI"), is a digital commerce and services
agency, controlled by funds managed by DBAY At the period end the Company
had an economic interest of 10.74% in SQLI.
On 17 March 2025, LDG announced its quarterly portfolio data. As at 31
December 2024, LDG's unaudited estimated NAV per share was 22.3 pence. An
update on the portfolio investments was also provided, along with a
distribution update in that LDG intended to launch a tender offer in the
coming weeks.
On 28 March 2025, LDG announced publication of a circular ("Circular")
containing details of a proposed tender offer to return up to £21,000k to
shareholders at a tender price of 19 per share (the "Tender Offer"). If
implemented in full the tender offer would result in the purchase, by the
Company, of 110,526,315 Ordinary Shares or approximately 21.08% of the voting
share capital. The Circular also contained a notice of general meeting of the
Company in relation to the Tender Offer, which was held on 22 April 2025. The
resolution approving the Tender Offer at the general meeting of the Company
was passed by the shareholders and the Tender Offer closed that day.
On 24 April 2025, the Company announced the results of the Tender Offer. Valid
tenders were received for basic entitlements in respect of 105,721,869
Ordinary Shares, which were satisfied in full. Valid excess tenders were
scaled back such that the Tender Offer was implemented in full. The
110,526,315 Ordinary Shares tendered have been repurchased by the Company and
subsequently cancelled, pursuant to which the Company's issued share capital
comprises 413,824,079 Ordinary Shares.
On 30 May 2025, LDG announced its quarterly portfolio data. As at 31 March
2025, LDG's unaudited estimated NAV per share was 24.6 pence which reflects an
increase of 10.25% compared to the prior period ending 31 December 2024. An
update on the portfolio investments was also provided.
Key subsequent events
On 18 July 2025, LDG announced an investment of £15,000k into Framtid TopCo
Limited ("TopCo"), a private holding company of a group of companies ("the
Framtid Group") formed by DBAY to create a national logistics platform in the
UK. The Framtid Group has, to date, acquired a 78.3% interest in The
Alternative Parcels Company Ltd ("APC"), the UK's largest independent parcel
delivery network. The LDG look through interest and economic interest in APC
is 33.4%. The APC network processed over 30 million parcels in the fiscal year
ending 30 March 2025. Further acquisitions by the Framtid Group are expected
in due course, though there is no certainty LDG will participate in subsequent
acquisitions. In addition to DBAY funds and LDG, the other investors in Topco
include WS Investco Limited, led by Mr William Stobart.
On 29 August 2025, LDG announced its quarterly portfolio data. As at 30 June
2025, LDG's unaudited estimated NAV per share was 26.7 pence which represents
an increase of 8.67% compared to the prior period ending 31 March 2025. An
update on the portfolio investments was also provided.
The Interim Results are also available to be viewed on, or downloaded from,
the Company's corporate website at www.ldgplc.com (http://www.ldgplc.com) .
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) 02 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
Business strategy
The strategy of the Company as an investing company is to generate value
though holding investments for the short to medium term. Therefore, the
Directors believe that the fair value method of accounting for the investments
is in line with the strategy of the Company. As at 30 June 2025, the Company
holds its investment portfolio indirectly through Fixtaia Limited, a
wholly-owned subsidiary of the Company.
Outlook and investment update
The Board has been informed by DBAY Advisors Limited, the Company's Investment
Manager, that it is reviewing several investment opportunities, and the Board
and Investment Manager remain committed to generating attractive investment
returns for all LDG shareholders.
Interim Review for the six months ended 30 June 2025
Background
As at 30 June 2025, the Company holds its investment portfolio indirectly
through Fixtaia Limited, its wholly-owned subsidiary.
Summary of HY25 results
The Company reported an underlying profit before tax of £15,300k (31 May
2024: profit before tax of £1,624k) in the period. On a statutory basis, the
reported profit before tax was £15,300k (31 May 2024: profit before tax of
£1,624k). The reason for the profit before tax is due to a gain on
investments at fair value and interest income.
Earnings per share
Statutory basic and diluted earnings per share were a profit of 3.17p (31 May
2024: profit of 0.29p).
Exceptional items
There were no exceptional items incurred during the reporting period or the
prior period.
Dividends
The Company did not pay a final dividend for the year ended 31 December 2024
and the Board has decided not to recommend an interim dividend payment.
Tax
For the six months to 30 June 2025, the Company recognised a current tax
expense of £47k in relation to interest income at the level of Fixtaia
Limited (31 May 2024: £nil).
The Company had a brought forward deferred tax asset of £428k which was
increased to £457k during the period by a credit to profit or loss of £29k
(31 May 2024: Brought forward deferred tax asset of £565k which was reduced
to £488k in the period through a charge to the profit or loss of £77k).
Accounting matters
Investment in Fixtaia Limited
At the reporting date, the Company had a significant investment in Fixtaia
Limited, which it wholly owns. The Directors have elected to measure
investments held at fair value through profit or loss.
On 30 June 2025, the investment in Fixtaia Limited was revalued to £103,132k
(31 May 2024: £66,763k), incurring a fair value gain of £15,904k (31 May
2024: fair value gain of £1,371k), to reflect the fair value of the
underlying investments at 30 June 2025. The Directors believe that measuring
the value of Fixtaia Limited using its net asset value at the period end
represents the most suitable valuation methodology.
Statement of Comprehensive Income
for the six months ended 30 June 2025
Six months Six months ended
ended
31 May 2024
30 June 2025
Unaudited Unaudited
Notes £'000 £'000
Gain on investments measured at fair value through profit or loss - net 3 15,904 1,371
Interest income 2 373 675
Net finance income 16,277 2,046
Administrative expenses (959) (422)
Profit from operating activities 15,318 1,624
Profit before tax 15,318 1,624
Income tax charge 6 (18) (77)
Total comprehensive income for the period 15,300 1,547
Earnings per share
Basic profit 7 3.17p 0.29p
Diluted profit 7 3.17p 0.29p
There are no items of other comprehensive income to be disclosed.
The above Statement of Comprehensive Income should be read in conjunction with
the accompanying notes which form part of these extracts of the financial
statements.
Statement of Financial Position
as at 30 June 2025
30 June 2025 31 May 2024
Unaudited Unaudited
Notes £'000 £'000
Assets
Non-current assets
Investments at fair value through profit or loss 3 103,132 66,763
Deferred tax asset 6 457 488
103,589 67,251
Current assets
Other receivables 8 63 212
Cash and cash equivalents 9 8,129 31,938
8,192 32,150
Total assets 111,781 99,401
Liabilities
Current liabilities
Amounts owed to related undertakings 8 (1) (9)
Current tax liability 8 (842) -
Other payables 8 (340) (366)
(1,183) (375)
Total liabilities (1,183) (375)
Net assets 110,598 99,026
Equity
Share capital 10 4,138 5,244
Retained earnings 106,460 93,782
Total equity 110,598 99,026
The above Statement of Financial Position should be read in conjunction with
the accompanying notes which form part of these extracts of the financial
statements.
Signed on behalf of the Board on
A J Collins
24 September 2025
Director
Company Number: 08922456
Statement of Changes in Equity
for the six months ended 30 June 2025
Share capital Retained earnings Total equity
£'000 £'000 £'000
Balance as at 1 December 2023 5,331 93,182 98,513
Profit for the period - 1,547 1,547
Share repurchase (87) (947) (1,034)
Balance at 31 May 2024 5,244 93,782 99,026
Share capital Retained earnings Total equity
£'000 £'000 £'000
Balance as at 1 January 2025 5,244 111,055 116,299
Profit for the period - 15,300 15,300
Share repurchase (see note 10) (1,106) (19,895) (21,001)
Balance at 30 June 2025 4,138 106,460 110,598
The above Statement of Changes in Equity should be read in conjunction with
the accompanying notes which form part of these extracts of the financial
statements.
Cash Flow Statement
for the six months ended 30 June 2025
Six months Six months ended
ended
31 May 2024
30 June 2025
Unaudited Unaudited
Notes £'000 £'000
Cash flows from operating activities
Profit for the period 15,300 1,547
Income tax expense 18 77
Adjustments for:
Gain on investments measured at fair value through profit or loss - net 3 (15,904) (1,371)
Interest income 2 (373) (675)
Changes in:
Other receivables 42 85
Other payables 63 16
Cash used in operating activities (854) (321)
Cash flows from investing activities:
Investment in subsidiary - (10,000)
Amounts owed from related undertakings (2) -
Amounts owed to subsidiary - (26)
Net cash outflow from investing activities (2) (10,026)
Cash flows from financing activities:
Share repurchase (21,001) (1,034)
Interest income 2 373 675
Net cash outflow from financing activities (20,628) (359)
Net decrease in cash and cash equivalents (21,484) (10,706)
Cash and cash equivalents at the start of the financial period 9 29,613 42,644
Cash and cash equivalents at the end of the financial period 9 8,129 31,938
The above Cash Flow Statement should be read in conjunction with the
accompanying notes which form part of these extracts of the financial
statements.
Notes to the Financial Statements
for the six months ended 30 June 2025
1. General information
The Directors of Logistics Development Group plc (the "Company") present their
interim report and the unaudited financial statements for the period ended 30
June 2025 ("Interim Financial Statements"). The Company is a public company
limited by shares and incorporated and domiciled in the UK. Its registered
address is 3 More London Riverside, 4(th) Floor, London, SE1 2AQ.
The Interim Financial Statements have not been audited and were approved by
the Board of Directors on 24 September 2025. The information for the period
ended 30 June 2025 does not constitute statutory accounts within the meaning
of section 434 of the Companies Act 2006. The Interim Financial Statements
should be read in conjunction with the annual financial statements for the
period ended 31 December 2024, which were prepared in accordance with
International Financial Reporting Standards ("IFRS") in conformity with the
requirements of the Companies Act 2006. Those accounts have been reported on
by the Company's auditors and delivered to the Registrar of Companies. The
report of the auditors was (i) unqualified and (ii) did not contain a
statement under section 498(2) or (3) of the Companies Act 2006.
The Interim Financial Statements are prepared in accordance with IFRS and
those parts of the Companies Act 2006 applicable to companies reporting under
IFRS.
Basis of preparation
The Interim Financial Statements for the period ended 30 June 2025 have been
prepared in accordance with accounting standard IAS 34 Interim Financial
Reporting.
The Interim Financial Statements do not include all the notes of the type
normally included in an annual financial report. Accordingly, this report is
to be read in conjunction with the annual report for the period ended 31
December 2024 and any public announcements made by the Company during the
interim reporting period.
The Interim Financial Statements are presented in pounds sterling, rounded to
the nearest thousand, unless otherwise stated. They have been prepared under
the historical cost convention, except for financial assets recognised at fair
value through profit or loss, which have been measured at fair value.
At the reporting date of 30 June 2025, the Company has no consolidating
subsidiaries and, as such, no consolidated financial statements have been
presented. The Interim Financial Statements therefore present company only
information.
During the prior year, the Company amended its financial year end from 30
November to 31 December. These interim financial statements are for the period
of 6 months to 30 June 2025 with comparatives for the prior interim period of
6 months to 31 May 2024.
Going concern
The Directors expect that the Company has sufficient resources to continue in
operation for the foreseeable future, a period of at least 12 months from the
date of this report. Consequently, the Directors of the Company continue to
adopt the going concern basis of accounting in preparing the annual financial
statements.
Accounting policies
The accounting policies adopted in the preparation of the Interim Financial
Statements are consistent with those applied in the preparation of the
Company's financial statements for the period ended 31 December 2024.
(a) Fair value measurement - the fair value of the Company's investments
utilises market observable inputs and data as far as possible. Inputs used in
determining fair value measurements are categorised into different levels
based on how observable the inputs used in the valuation technique utilised
are (the 'fair value hierarchy'):
- Level 1: Quoted prices in active markets for identical items (unadjusted);
- Level 2: Observable direct or indirect inputs other than Level 1 inputs;
- Level 3: Unobservable inputs (i.e. not derived from market data and may
include using multiples of trading results or information from recent
transactions).
The classification of an item into the above levels is based on the lowest
level of the inputs used that has a significant effect on the fair value
measurement of the item. Transfers of items between levels are recognised in
the period in which they occur.
(b) Financial instruments
- Financial assets - other receivables and amounts owed to related
undertakings. Such assets are recognised initially at fair value plus any
directly attributable transaction costs. Subsequent to initial recognition,
such assets are measured at amortised cost using the effective interest
method, less any impairment losses.
- Cash and cash equivalents - in the Statement of Financial Position, cash
includes bank balances and bank deposits, excluding bank overdrafts. No
expected credit loss provision is held against cash and cash equivalents as
the expected credit loss is negligible.
- Financial liabilities - other payables and amounts owed to related
undertakings. Such liabilities are initially recognised on the date that the
Company becomes party to contractual provisions of the instrument. The Company
derecognises a financial liability when its contractual obligations are
discharged, cancelled or expire. Such financial liabilities are recognised
initially at fair value less any directly attributable transaction costs.
Subsequent to initial recognition, these financial liabilities are measured at
amortised cost using the effective interest method.
- Share capital - Ordinary shares are classified as equity. Incremental costs
directly attributable to the issue of ordinary shares are recognised as a
deduction from equity, net of any tax effects.
(c) Exceptional items - items that are material in size or nature and
non-recurring are presented as exceptional items in the Statement of
Comprehensive Income. The Directors are of the opinion that the separate
recording of exceptional items provides helpful information about the
Company's underlying business performance. Events which may give rise to the
classification of items as exceptional include restructuring of business units
and the associated legal and employee costs, costs associated with business
acquisitions, impairments and other significant gains or losses.
(d) Alternative performance measures (APMs) - APMs, such as underlying
results, are used in the day-to-day management of the Company, and represent
statutory measures adjusted for items which, in the Directors' view, could
influence the understanding of comparability and performance of the Company
year on year. These items include non-recurring exceptional items and other
material unusual items.
(e) Tax - tax expense comprises current and deferred tax. Current tax and
deferred tax are recognised in profit or loss except to the extent that they
relate to items recognised directly in equity or in other comprehensive
income. Deferred tax assets are recognised only to the extent that it is
probable that future taxable profit will be available against which the
temporary differences can be utilised.
(f) Operating segments - the Company has a single operating segment on a
continuing basis, namely investment in a portfolio of assets.
New and amended standards adopted by the Company
There are no IFRS standards or IFRIC interpretations that are mandatory for
the period ending 30 June 2025 that have a material impact on the financial
statements of the Company.
Critical judgements in applying the Company's accounting policies
In applying the Company's accounting policies, the Directors have made the
following judgements that have the most significant effect on the amounts
recognised in the financial statements (apart from those involving
estimations, which are dealt with below) and have been identified as being
particularly complex or involve subjective assessments.
(i) Measurement of the investments - the Company has elected to measure its
investment in its wholly owned subsidiary Fixtaia Limited ("Fixtaia") at fair
value through profit and loss. The election is taken on the basis of the
Company being classified as an investment entity per IFRS 10.
Critical judgements in applying the Company's accounting policies (continued)
The criteria which define an investment entity under IFRS 10 are, as follows:
- An entity that obtains funds from one or more investors for the purpose of
providing those investors with investment services;
- An entity that commits to its investors that its business purpose is to
invest funds solely for returns from capital appreciation, investment income
or both; and
- An entity that measures and evaluates the performance of substantially all
its investments on a fair value basis.
The Company is an Investing Company on AIM with an investment manager in
place. The strategy of the Company as an Investing company is to generate
value though holding investments for the short to medium term. In addition,
the most likely exit strategy for the Company's investments would be a sale of
its subsidiary (or that the subsidiary itself would enter into a sale
agreement), which is a further indication that the Company itself is an
investment entity. Therefore, the Directors have concluded that the Company is
an investment entity and believe that the fair value method of accounting for
the investments is in line with the strategy of the Company.
Had the Company not met the definition of an investment entity, it would be
required to prepare consolidated financial statements which involve presenting
the results and financial position of the Company and Fixtaia as those of a
single economic entity.
(ii) Fair value of the investments - the Directors have recorded the current
period investment in Fixtaia at fair value. All investments have, to date, for
structuring purposes, been held by Fixtaia. The fair value at the end of the
period has been calculated on the basis of the net assets of Fixtaia. The net
assets of Fixtaia mainly consist of investments in 3 private entities, an
investment in 1 listed entity and cash/cash equivalents. The listed investment
is carried at the quoted price as at 30 June 2025. The unlisted investments
are carried at fair value using appropriate valuation techniques including
multiple based valuation models.
Key sources of estimation in applying the Company's accounting
policies
The Directors believe that there are no key assumptions concerning the future.
Estimates utilised in preparing its accounts are reasonable and prudent,
however, actual results could differ from these estimates. The most
significant estimates and judgements that are required to be made are in
respect of the valuation of investments for which no reliable market price is
available.
2. Interest income
Interest income of £373k (31 May 2024: £675k) was generated from the
Company's deposit account held with the Royal Bank of Scotland. The interest
rate as at 30 June 2025 was 3.25%.
3. Investments at fair value through profit or loss
At 1 January 2025 Additions during the period Change in fair value Total investments at 30 June 2025 Fair value level
£'000 £'000 £'000 £'000
Fixtaia Limited 87,228 - 15,904 103,132 3
Fixtaia is the subsidiary vehicle where all investment transactions are
executed and held.
On 30 June 2025, the investment in Fixtaia was revalued to £103,132k as per
the net asset value of Fixtaia, resulting in the recognition of a net
revaluation gain of £15,904k during the period.
The Company's accounting policy on fair value measurement is disclosed in note
1. The investment is categorised at Level 3 as there is no market activity on
the date of measurement as they are a private company. Fixtaia is held at NAV.
Fixtaia holds a portfolio of listed and private assets. The listed assets are
categorised as Level 1 and the private assets are categorised as Level 2/3
depending on the inputs used.
4. Exceptional items
There were no exceptional items incurred during the reporting period or during
the prior period.
5. Dividends
The Company did not pay a final dividend for the period ended 31 December 2024
and the Board has decided not to recommend an interim dividend payment.
6. Taxation
A deferred tax asset was brought forward from 31 December 2024 of £428k and
in the period this was increased by £29k to £457k (31 May 2024: £488k).
The income tax charge for the period included in the statement of
comprehensive income can be reconciled to profit before tax multiplied by the
standard rate of tax as follows:
30 June 2025 31 May 2024
£'000 £'000
Profit before tax 15,317 1,624
Expected tax charge/(credit) based on an effective corporation tax rate of 25% 3,829 406
(2024: 25%)
Adjustments in respect of prior years - 13
Effect of expenses not deductible in determining taxable profit 118 1
Effect of income not taxable in determining taxable profit (3,976) (343)
Taxable interest income 47 -
Income tax charge 18 77
The current effective UK corporation tax main rate for the financial period is
25%. The main rate of corporation tax is 25% for the financial year beginning
1 April 2025 (previously 25% for the financial year beginning 1 April 2024).
This main rate applies to companies with profits in excess of £250k. For
profits below £50k, a lower rate of 19% is generally applicable.
7. Earnings per share
Basic earnings per share amounts are calculated by dividing profit/(loss) for
the period attributable to ordinary equity holders of the Company by the
weighted average number of ordinary shares outstanding during the 6 months to
the period end.
Diluted earnings per share amounts are calculated by dividing the
profit/(loss) attributable to ordinary equity holders of the Company by the
weighted average number of ordinary shares outstanding during the year plus
the weighted average number of ordinary shares that would be issued on
conversion of all the potentially dilutive instruments into ordinary shares.
The Company does not hold any dilutive instruments to be included in the
calculation.
Six months ended Six months ended
30 June 2025
31 May 2024
Unaudited Unaudited
£'000 £'000
Profit attributed to equity shareholders 15,300 1,547
Weighted average number of Ordinary Shares - Basic 482,216 528,210
Weighted average number of Ordinary Shares - Diluted 482,216 528,210
Basic profit per share for total operations 3.17p 0.29p
Diluted profit per share for total operations 3.17p 0.29p
8. Financial assets and liabilities
30 June 2025 31 May 2024
Unaudited Unaudited
£'000 £'000
Financial assets at fair value through the profit or loss
Investments at fair value through profit or loss 103,132 66,763
Financial assets at amortised cost
Other receivables 63 212
Total financial assets 103,195 66,975
Financial liabilities at amortised cost
Amounts owed to group undertakings (1) (9)
Current tax liability (842) -
Other payables (340) (366)
Total financial liabilities (1,183) (375)
Cash and cash equivalents 8,129 31,938
Net cash/(debt) 8,129 31,938
As at 30 June 2025, the Company held cash and cash equivalents of £8,129k,
which are readily available to meet operational and financing requirements.
The Company also holds financial assets totalling £103,195k, the majority of
which are comprised of illiquid investments with estimated liquidation periods
exceeding 12 months.
The fair value of those assets and liabilities approximates their book value.
The net cash/(debt) figure above reflects the net of cash and related party
borrowings.
Other receivables are comprised as follows:
30 June 2025 31 May 2024
Unaudited Unaudited
£'000 £'000
Other receivables
Prepayments 63 110
Accrued interest receivable - 102
Total other receivables 63 212
Other payables are comprised as follows:
30 June 2025 31 May 2024
Unaudited Unaudited
£'000 £'000
Other payables
Accruals 320 327
Trade creditors 20 39
Total other payables 340 366
9. Cash and cash equivalents
The Company's cash and cash equivalents are comprised of bank accounts of
£0.5k (31 May 2024: £11k) and a deposit account of £8,128k (31 May 2024:
£31,927k). All accounts are held with the Royal Bank of Scotland. Interest on
the deposit account is accrued daily and paid monthly. The interest rate as at
30 June 2025 was 3.25%.
10. Capital and reserves
No. of shares Called up share capital
'000 £'000
Ordinary shares in issue at 1 January 2025 524,350 5,244
Share repurchase (110,526) (1,106)
Ordinary shares in issue at 30 June 2025 413,824 4,138
On 24 April 2025, a tender offer was completed in which 110,526,315 Ordinary
Shares were repurchased by the Company for £0.19 each and subsequently
cancelled.
11. Significant non-cash transactions
No significant non-cash transactions took place in the reporting period of six
months to 30 June 2025.
12. Contingent liabilities
As at 30 June 2025, the Company has no contingent liabilities (31 May 2024:
nil).
13. Subsequent events
On 18 July 2025, LDG announced an investment of £15,000k into Framtid TopCo
Limited ("TopCo"), a private holding company of a group of companies ("the
Framtid Group") formed by DBAY to create a national logistics platform in the
UK. The Framtid Group has, to date, acquired a 78.3% interest in The
Alternative Parcels Company Ltd ("APC"), the UK's largest independent parcel
delivery network. The LDG look through interest and economic interest in APC
is 33.4%. The APC network processed over 30 million parcels in the fiscal year
ending 30 March 2025. Further acquisitions by the Framtid Group are expected
in due course, though there is no certainty LDG will participate in subsequent
acquisitions. In addition to DBAY funds and LDG, the other investors in Topco
include WS Investco Limited, led by Mr William Stobart.
On 29 August 2025, LDG announced its quarterly portfolio data. As at 30 June
2025, LDG's unaudited estimated NAV per share was 26.7 pence which represents
an increase of 8.67% compared to the prior period ending 31 March 2025. An
update on the portfolio investments was also provided.
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. END IR BLGDCGSDDGUSRecent news on Logistics Development
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