Warrington-based logistics group Eddie Stobart is to drop its iconic name.

It announced it intends to become the Logistics Development Group plc, in a bid to put a turbulent recent past behind it after the company had to be rescued a year ago by Isle of Man-based DBay Advisors, and linked to its proposed conversion to an investing company.

In an update today it announced it has raised £9m through a placing and subscription in connection with its proposed conversion to an investing company.

It is also making an open offer to raise up to an additional £7m to allow qualifying shareholders to participate on the same terms as the placing and subscription.

The net proceeds will be used to meet the company’s general working capital requirements and to undertake due diligence on potential acquisition targets in line with the investing policy.

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