LONDON - Logistics Development Group plc (AIM:LDG), an AIM-listed investment company, announced significant changes to its board and a revision of its financial calendar. Colin Kingsnorth and Mark Butcher have been appointed as Non-Executive Directors, while Peter Nixon has resigned from the board, all effective immediately.
Colin Kingsnorth, founder and director of Ursus Capital Ltd and co-founder of Laxey Partners Ltd, will join the Nomination and Audit committees. However, Kingsnorth is not considered independent due to his prior association with DBAY Advisors Limited, the company's investment manager.
Mark Butcher, who brings extensive experience from both public and private company boards, is recognized as an Independent (LON:IOG) Director. Currently serving as an Independent Non-Executive Director at ZIGUP plc and Zytronic plc (AIM:ZYT), Butcher has a history of board positions including AssetCo plc and National Milk Records plc. He is also a Chartered Accountant from South Africa and has worked as an Investment Director for GPG (UK) Holdings plc.
Following these changes, the Logistics Development Group's board will consist of four Non-Executive Directors, three of whom are deemed independent.
Adrian Collins, the independent Non-Executive Chairman of LDG, expressed gratitude to Peter Nixon for his service and welcomed Kingsnorth to the board, albeit noting Nixon's departure would be a loss to the team.
In another significant move, the company has shifted its accounting reference date from November 30 to December 31, aligning with the fiscal year-end of the private investment funds managed by DBAY. This change aims to streamline financial reporting and will result in the current accounting period being extended to 13 months, concluding on December 31, 2024. The company anticipates publishing its audited annual accounts for the extended fiscal year 2024 by June 30, 2025.
Future interim and annual reports will adhere to the new schedule, with interim reports covering the six months up to June 30, and annual reports encompassing the 12 months up to December 31. These reports will be released in compliance with the timelines set by the AIM Rules for Companies.
The information provided in this article is based on a press release statement from Logistics Development Group plc.
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