INTERIM RESULTS FOR SIX MONTHS ENDED 30 JUNE 2025
LDG plc
(the “Company” and, with its subsidiaries, the “Group”)
Interim Results for six months ended 30 June 2025
LDG 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 theCompany. 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.
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