DL Invest raises "serious concerns" on abrdn European wind-down

(Alliance News) - abrdn European Logistics Income PLC needs to "provide enhanced disclosure" on the execution of its managed wind-down, shareholder DL Invest Group claimed on Wednesday.

abrdn European Logistics or ASLI, a London-listed property investor, said in early May that its wind-down process was nearing completion.

It also said it was continuing to engage with DL Invest, regarding the shareholder's interest in taking over the management of the firm.

DL Invest said it supports the wind-down itself, noting that the measure reflects shareholders' wishes.

However, it said it has "serious concerns" about the wind-down's implementation.

DL Invest elaborated: "In particular, we note repeated delays against previously communicated timelines, limited transparency surrounding asset disposals, insufficient disclosure of transaction details, and a lack of comprehensive reporting on the relationship between acquisition costs, market values and disposal prices."

DL said that "such practices fall short of the standards...investors should reasonably expect from a publicly listed company.

Additionally, it expressed concern that ASLI's management structure and cost base remain "largely unchanged despite the advanced stage of the wind-down process," and requested "immediate action" to bring them into closer alignment.

It believes ASLI should make "greater efforts" to lower costs, saying that the lack of such measures imposes unnecessary costs on shareholders and reduces the amount of capital available for redistribution.

"Furthermore, we believe shareholders deserve a clearer explanation of the asset disposal process, a detailed timetable for the remaining stages of the wind-down, and greater transparency regarding measures being taken to optimise costs and preserve shareholder value," it said.

The firm also expressed "particular concern" regarding "the absence of any meaningful consideration...of alternatives that could preserve shareholder value".

It claimed that ASLI had failed to substantively respond to its proposal for acquiring and continuing the company's listed shell structure.

DL Invest said it therefore expects ASLI's board and manager "to provide enhanced disclosure" and "a clear plan" for maximising shareholder distributions, while maintaining appropriate governance, accountability and transparency standards.

Its other requests include a detailed timetable for the remaining stages of the wind-down, and comprehensive reporting on the relationship between acquisition values, current market values and disposal prices of realised assets.

It said it will continue to closely monitor developments.

Shares in ASLI were 0.3% lower at 18.74 pence on Wednesday in London.

By Emma Curzon, Alliance News reporter

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