Business
Final Results for year ended 30 November 2022
Final Results for year ended 30 November 2022.
About this update from Logistics Development Group Plc
[{"type":"text","content":"\n \n \n 31 March 2023\n \n \n \n \n \n \n Logistics Development Group plc\n \n \n \n \n \n \n (\"LDG\" or the \"Company\")\n \n \n \n \n \n \n Final Results for year ended 30 November 2022\n \n \n \n \n \n \n \n \n Logistics Development Group plc, the AIM listed investing company, announces its audited final results for the year ended 30 November 2022.\n \n \n Full year 2022 Results Summary\n \n \n ·\n For the year ended 30 November 2022, the Company reported an underlying EBIT1 of £1.1m (2021: EBIT of £84.6m, before exceptional income of £0.1m) and a profit before tax of £1.1m (2021: profit before tax of £84.7m).\n \n \n \n \n \n ·\n Following the disposal of GreenWhiteStar Acquisitions Limited and its subsidiaries in the prior year, the Board, in conjunction with its investment manager DBAY, reviewed a number of investment opportunities and came to the conclusion that there were more attractive opportunities to create shareholder value outside the narrow logistics focused investing policy adopted in December 2020. Additionally, the Board were aware that the Company's shares had been trading at a significantly discounted level to the amount of available cash per ordinary share. Furthermore, the Board noted that the Company's capital structure required attention.\n \n \n \n \n \n ·\n Therefore, on 14 January 2022, the Company announced the publication of a circular containing details of proposed changes to the Company's investing policy (\"\n \n Investing Policy\n \n \"), the undertaking of a share buyback programme (the \"\n \n Buyback\n \n \") and a reduction of capital.\n \n \n \n \n \n ·\n On 31 January 2022, at a general meeting of the Company, the Shareholders gave their approval for both a change to the Investing Policy and implementation of the Buyback. At the same general meeting, the Board approved steps for a reduction in capital to create available distributable reserves.\n \n \n \n \n \n ·\n The change to the Investing Policy was aimed at enabling the Company to take advantage of a wider sphere of opportunities than those offered previously from the original logistics focused policy. The revised Investing Policy provides for investments primarily in undervalued companies.\n \n \n \n \n \n ·\n Pursuant to the Buyback, the Company acquired 140,441,180 ordina...