Logistics Dev Share Price (LDG)

.... but struggling to fully understand what the heck is going on here!

It will be very interesting to see how this all plays out post-tender and all.

I wish you all well, I know it's been a long and unusual story so far.

Unless I'm mistaken, shares now should be trading on a post-tender trading basis even though we won't see the results of the tender process until tomorrow.

Cheers Zoolook. With less shares in the public domain the price should sit closer to the NAV.

Have put 100% up and will more than likely buy back too post tender

Quite Leedsman - I made the same point to Bergcarls below when he suggested there was no reason why the SP wouldn’t fall to 10.5p again post tender.

Simon Thompson (Investors Chronicle) has calculated that post tender the NAV will be boosted to 26.3p per share.

Given the way the company now operates NAV ought to be the key metric that drives the SP even if the market applies a large discount due to the way the company is owned and managed. Even for LDG 10.5p would be a new level of discount to a NAV of 26.2p and everything else being equal I would be backing the truck up if sentiment drove the SP back to that level. Will be interesting to see what it does settle at but I’d be thinking of using my proceeds from the tender to buy back at 13/14p

If we can assume cash is valued at face value, the SP is applying a discount to the rest of the assets. Think of the discount as reflecting running costs and liquidity. Whereas a dividend simply reduces cash so the SP reduces by the same amount, here they are paying more than current SP so the post-tender SP would be expected to reduce.

I've applied a very simple formula for MV' = MV - 19m and Shares' = Shares - 110m.