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20 Jun 2008 14:00
Date: 20th June 2008
On behalf of: London Finance & Investment Group P.L.C. ("the Company")
London Finance & Investment Group P.L.C. Quarterly Update
London Finance & Investment Group P.L.C. , the investment company, today provides a third quarter report on its performance.
In the five months to 31st May 2008, net assets fell by 18% from 56p to 45p. This was primarily due to continuing declines in the values of two of our strategic investments: Finsbury Food Group plc ("Finsbury") and Marylebone Warwick Balfour P.L.C.
On 7th April 2008, Finsbury announced an investment of ‚£8.9 million in two businesses, Yorkshire Farm Bakeries and A & P Foods, with a combined turnover of ‚£8.5 million, primarily in gluten free breads and morning goods. The acquisition also brings the rights to the use of the Livewell brands and Finsbury is now the market leader in the manufacture of gluten free bakery products.
On 7th April 2008 the Company's associate, Western Selection P.L.C., announced an investment of ‚£730,000 in support of the MBO/MBI of Tudor Rose International Limited ("TRI"), a company founded in 1984, which works closely with a number of UK branded fast moving consumer goods companies, offering a complete sales, marketing and logistical service. Based in Stroud, Gloucestershire, TRI has a turnover in excess of ‚£15 million and sells into 78 countries worldwide including USA, Spain, Portugal, Italy, Czech Republic, Russia, Turkey, South Africa, Saudi Arabia, UAE, Malaysia, Australia and China. Western Selection now has a 49.5% interest in TRI.
The Company is confident with its strategy and portfolio of investments, and believe that these will drive the growth forward in the medium to longer term. The Company is currently trading at a 23% discount to its net asset value.
For further information, please contact:
London Finance & Investment Group P.L.C. 020 7448 8950 David Marshall/Edward Beale Frank Lucas 020 7628 1128 Redleaf Communications 020 7822 0800 Emma Kane/Sanna Sumner western@redleafpr.com Notes to Editors:¢â€" London Finance is an investment company whose assets primarily consist of three Strategic Investments and a General Portfolio. Strategic Investments are significant investments in smaller UK quoted companies and these are balanced by a General Portfolio, which consists mainly of investments in major U.K. and European equities. ¢â€" Its strategic investments comprise: Western Selection P.L.C., Marylebone Warwick Balfour Group Plc and Finsbury Food Group plc. Western Selection P.L.C. has strategic investments in Creston plc, Swallowfield plc, Northbridge Industrial Services plc and Industrial & Commercial Holdings P.L.C.. The General Portfolio has material interests in Oil, Natural Resources, Pharmaceuticals and Healthcare, Food and Beverages and Banking.
LONDON FINANCE & INVESTMENT GROUP PLC
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