| Fri 20 Jun 2008, 14:00 | | LNF - London finance & Investment Group P.L.C. - Quarterly update |
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LNF
LOJM
LNF - London finance & Investment Group P.L.C. - Quarterly update
LONDON FINANCE & INVESTMENT GROUP P.L.C.
(Incorporated in England - No. 201151)
Code: LNF ISSN: GB0002994001
Quarterly Update
London Finance & Investment Group P.L.C. (LSE: LFI, JSE: LNF), the investment
company, today provides a third quarter report on its performance.
In the five months to 31 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 7 April 2008, Finsbury announced an investment of GBP8.9 million in two
businesses, Yorkshire Farm Bakeries and A & P Foods, with a combined turnover of
GBP8.5 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 7 April 2008 the Company`s associate, Western Selection P.L.C., announced an
investment of GBP730,000 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 GBP15 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 020 7448 8950
P.L.C.
David Marshall/Edward Beale
Frank Lucas 020 7628 1128
Redleaf Communications 020 7822 0800
Emma Kane/Sanna Sumner western@redleafpr.com
Notes:
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.
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.
Date: 20/06/2008 14:00:02 Produced by the JSE SENS Department.
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