IN BRIEF: DL Invest seeks info on abrdn European Logistics liquidation
abrdn European Logistics Income PLC - London-listed property investor - Investor DL Invest Group SA formally requests "a comprehensive, evidence-based explanation of the board's oversight" of abrdn's managed wind-down. Notes the February 2024 circular which said the process could be completed within two years. Says the board's January description of the wind-down as advanced and approaching completion conflicts with abrdn's final asset remaining unsold and continued operating, management, advisory and liquidation costs, as "capital remains exposed to further erosion." abrdn in January said it expected remaining disposals to complete "over the coming months".
"DL Invest requests disclosure of the revised timetable, reasons for delays, the status of the remaining sale, a detailed reconciliation of actual and forecast costs, updated expected proceeds per share, and the Board's assessment of alternative exit mechanisms. These include a voluntary tender offer, partial share repurchase or structured cash exit. The board is also asked to publish an [regulatory information service], update, establish a long-stop date, reduce recurring costs and provide a substantive response within 10 business days."
Later on Thursday, abrdn says sale of its last remaining asset at Den Hoorn in the Netherlands is currently subject to due diligence by a potential purchaser and could be completed in the fourth quarter of 2026. Additionally, receives court approval for the cancellation of a capital redemption reserve. It now plans to return EUR31.7 million to shareholders under a B share issue on September 7. Declares an interim dividend of 2.34 euro cents per share, to be paid September 29.
Current share price: 18.80 pence, closed down 0.4% on Thursday in London
12-month change: down 61%
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