Member Info for zoolook

Fiat - it might have less cash in the bank but it improved the cash per share position which is actual what matters here and coupled with the CTH investment it will have increased its NAV compared to February so it’s in a better, not worse, position

Why? I don’t know the SP will reach that level but if it does then it will have gone from stupidly low to insanely low and will be compelling enough to go large again. My lack of comfort relates to the amount I have in and my initial intent was to sell the whole holding above >17p but it didn’t happen. Since then I’ve read and thought about the investment case and been impressed with their action re CTH so more comfortable now.

The stated purpose of the buyback was to allow investors to exit following the companies change of direction and to close the gap with the cash per share so clearly it did achieve its goals. That gap might not have closed enough for some but that’s hardly the fault of the company. They have been proactive with new investments too. The actions of the company so far have impressed me and the asset backing is great. I still retain a substantial amount and going to sit it out and might even pick up more if it drops into the 12’s again

If that’s all the CTH investment ends up yielding before the 20% bonus deducted for DBay then buying shares is adding more tangible value. DBay have a good record extracting value so let’s see if they are “minded” to tell the independent directors to get stuffed

Patshare - don’t stress about the CTH investment as it isn’t especially material at the moment. It does show intent though. The bigger picture still looks good here. Just need to decide whether you are in it for the short term asset play or for the longer term.

Sorry. Ignore that. Just re-read RNS and the additional purchases look to relate to another client of DBay

They’ve increased their stake in Caretech to 1,465,497 shares

https://www.investegate.co.uk/dbay-advisors-ltd/rns/form-8.3---caretech-holdings-plc/202203251223310946G/

Sold half my holding yesterday. Below fair value but having gone all in wanted to hedge my bets. Still retain an uncomfortably large holding

Bigwil7

They have obtained a waiver from the mandatory takeover rule

More here: https://www.ldgplc.com/result-of-general-meeting-31-january-2022/

A rename / new ticker would raise some attention and highlight to the investor community that they are no longer tied to logistics investments bolstered by a few investor presentations should all help put the share price on a more sensible footing. A large discount to cash/NAV can be self fulfilling as potential new investors assume are put off assuming there is something wrong

Their stated hope was that the buyback would serve to reduce the significant discount which was 13.38p vs 18.77p. Hard to know what price they will continue to buy shares back at but they have until August 2023 and given the speed they have acted on with the (initial?) block purchase of CTH shares there is likely to be a significant reinvestment of the unallocated cash before then that will increasingly drive the share price.

This is a good opportunity for private investors to get a piece of action with a proven Private Equity operation with benefits of liquidity that a public listing provides.

I hope the Board are looking at a renaming/rebranding as part of a marketing campaign to raise the profile of the investment case here.

14.7m bought back yesterday significantly more than all the previous days put together

Logistics and other low margin businesses aren’t terrible per se if the price is right as DBay has demonstrated with this and it’s former acquisition of TDG. The raisin d’etre of LDG is to acquire good value businesses and that is both more of a priority and independent of the buyback IMO.

There is nothing in the releases to suggest they will sit on their hands in the quest for suitable investments - in fact the change in the investment policy frees their hands to invest in pretty much anything rather than just logistics businesses so the opportunities available for them are vast. The market to buy businesses seems to be improving too - Volvere stated yesterday: “More generally, we believe the environment for turnaround investing is improving”

Sorry if this is overly off topic but it occurred to me that Volvere (VLE) might be attractive to LDG investors here as it is also a turnaround specialist (albeit much smaller) with a cash pile for acquisitions and it’s declared asset value doesn’t reflect the worth of its current investment Shire Foods. Decent results today with Shire increasing profits despite the general rising costs facing manufacturers

Biscotti - they are able to invest in unlisted companies too - I suspect that’s a better pool to be fishing in currently

Can’t see why anyone would have a problem with any of this. If they are able to buyback below NAV per share then that increases the NAV per share which is a good business move. If the share price rises close to NAV such that they decide not to buyback then shareholders can exit at fair value.

They’ve made good money in logistics here and previously with TDG. Doubt they would invest in property.

The RNS says:

The key features of the proposed Revised Investing Policy include:

-- Characteristics : investment primarily in undervalued companies, with a focus on companies that generate or have the potential to generate significant cash flows, where there is a high degree of revenue visibility and have a strong and distinctive market position;
-- Investment type : investment in equity and equity related products, in both quoted and unquoted companies, and in the DBAY Investment Funds;
-- Sectors : a broader range of sectors, including logistics, distribution, technology services, security and manufacturing;
-- Geography : no geographical restriction but expected to primarily be within the United Kingdom or the European Union;
-- Ownership : to range from a minority position to 100 per cent. non-operating ownership;

They mean it is irrelevant because LDG doesn’t own any logistics businesses now and going forward it will (subject to a vote a special meeting) be looking at broader range of sectors for acquisitions (ie not just logistics)

Transan

Have you got any examples of DBay screwing over shareholders?.

I was a Harvey Nash shareholder and miffed when they took it over for a bargain price but there wasn’t any practice associated with how they did it