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LONDON - Logistics Development Group plc (LDG) announced today that its shareholders have approved a tender offer to buy back up to £21 million worth of shares at a general meeting. The resolution, detailed in a circular dated March 28, 2025, proposed returning capital to shareholders at a price of 19 pence per ordinary share.
The company disclosed that the resolution passed overwhelmingly with 99.96% of votes in favor during the poll. The total votes cast represented 66.50% of the issued share capital, with only 137,941 votes against the tender offer authority, and 100 votes withheld.
The buyback offer, which is part of LDG’s capital return strategy, closed at 1:00 p.m. today, with the record date for participation set at 6:00 p.m. on the same day. Results of the tender offer are expected to be announced early in the morning on April 24, 2025.
At the time of the meeting, LDG’s issued share capital consisted of 524,350,394 ordinary shares, each carrying one vote, with no shares held in treasury. In line with the company’s Articles of Association, each member present in person or by proxy was entitled to one vote per share held.
MUFG Corporate Markets oversaw the voting process at the general meeting as the appointed scrutineer. The company emphasized that votes withheld do not count as legal votes and were not included in the calculation of votes for or against the resolution.
This announcement follows the company’s initial announcement on March 28, 2025, and is based on a press release statement. LDG has not provided further details about the potential impact of the tender offer on its capital structure or future financial strategy. Investors await the outcome of the tender offer, which will be made public later this week.
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