STATEMENT RE POSSIBLE OFFER
Logistics Development Group plc (“LDG”)
Statement re possible offer
The board of LDG (the “Board”) notifies that on 26 June 2026, the Independent Directors (being all directors of LDG save for Colin Kingsnorth, who is deemed to be acting in concert with DBAY Advisors Limited (“DBAY”)) received an unsolicited, preliminary, indicative and conditional proposal from DBAY to acquire the entire issued and to be issued ordinary share capital of LDG not already owned by DBAY (the “Proposal”). Under the terms of the Proposal, for each LDG share, LDG shareholders would receive 19 pence in cash.
On 1 October 2026, the Independent Directors of LDG received a draft revised proposal from DBAY increasing the proposed offer for each LDG share to a price of 20 pence in cash (the “Draft Revised Proposal”).
The Independent Directors have carefully considered DBAY’s proposals with LDG’s advisers and, having consulted with LDG’s major independent shareholder and having regard to LDG’s current share price, have concluded that the Draft Revised Proposal is not at a level that the Independent Directors are minded to support. Accordingly, the Independent Directors have unanimously rejected DBAY’s possible offer.
In accordance with Rule 2.6(a) of the Code, DBAY is required, by not later than 5.00 p.m. on 5 November 2026, to either announce a firm intention to make an offer for LDG in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline can be extended with the consent of the Panel on Takeovers and Mergers in accordance with Rule 2.6(c) of the Code.
A further announcement will be made if and when appropriate.
For the purpose of Rule 2.5(a) of the Code, this announcement has been made by LDG without the prior agreement or approval of DBAY.
The person responsible for arranging for the release of this announcement on behalf of LDG is Adrian Collins.
Read the full announcement below