INTERIM RESULTS FOR SIX MONTHS ENDED 31 MAY 2024

LDG plc

(the “Company” and, with its subsidiaries, the “Group”)

Interim Results for six months ended 31 May 2024

LDG plc, the AIM-quoted investing company, announces its unaudited interim results for the six months ended 31 May 2024.

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 31 May 2024 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 owns 27.5% of Finsbury through its interest in Frisbee Bidco Limited (an entity ultimately owned by funds managed by DBAY Advisors Limited (“DBAY”)), the Company’s investment manager), which acquired Finsbury in a take-private transaction that completed during November 2023.
• Alliance Pharma plc (AIM: APH LN) (“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 number of Alliance shares held by the Company was 64,353,781. This represents 11.9% of Alliance’s issued share capital and was acquired for a consideration of £38.2m.
• SQLI S.A. (ENXTPA: SQI) (“SQLI”) is a digital commerce and services agency. The Company has a see- through stake in SQLI, held in Synsion TopCo Limited (“Synsion”) which is part of a group of private holding companies formed by DBAY. At the period end the Company had a holding of 1,039,419,772 Synsion shares representing an indirect holding of 9.1% of SQLI.
• The Company made a partial divestment during the period of Mission Group plc (AIM: TMG LN) (“Mission”). Mission operates a marketing agency and focuses on new product development. The agency collective has more than 1,100 people in 28 locations over 3 continents. At the period end, the number of Mission shares held by the Company was 8,258,549 shares, representing 8.95% of Mission’s issued share capital.
• On 19 December 2023, the Company sold its entire investment holding in Trifast plc (AIM: TRI LN) (“Trifast”) for £3.1m, realising a gain of £0.4m.
• On 9 February 2024, the Company subscribed for £10.0m fixed rate unsecured 15.0% Series A loan notes and payment in kind (PIK) notes issued by The Power of Talent Midco Limited (“Midco”), to be redeemed no later than 9 February 2027. Midco is a special purpose company that ultimately owns the operating companies in Nash Squared Group.

Underlying profit before tax and statutory profit before tax for the period was £1.6m (31 May 2023: loss £0.5m). The profit was due to a gain on investments at fair value in the current reporting period and interest income derived from a deposit account.

On 4 April 2023, following a special resolution passed by shareholders at the general meeting held on 6 March 2023, the Company announced the commencement of a share buyback programme to purchase up to 112,352,944 ordinary shares, representing approximately 20% of the Company’s then issued share capital. The share buyback programme concluded on 9 May 2024. A total of 37,414,326 ordinary shares were repurchased and cancelled throughout the programme, for an aggregate consideration of £5.12m.

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