Dear Sirs,
We thank you for the statement published by the Board of Directors on 17 December 2025. In response, we wish to reiterate our strong view that it is important for there to be an open, formal and transparent discussion regarding the future strategy of ASLI, with the participation of all shareholders of the Company.
As the largest single shareholder of ASLI, holding close to 18% of the issued share capital, we believe the Board must be seen to act in the interests of shareholders as a whole. The Board of Directors should not be assessing current shareholder views solely by reference to a selected, undisclosed group of investors representing approximately 25% of the Company’s share capital. This group does not constitute a majority of the shareholder base and, irrespective of its motivations, should not be determining irreversible strategic decisions that materially affect the value of the Company for all shareholders.
We acknowledge that the managed wind-down strategy (the “Managed Wind-Down”) was approved by shareholders, but this decision was taken in a different market environment and with a different shareholder base. Since that time, however, there have been material changes, including in particular:
In these circumstances, the continued disposal of assets – at levels which appear unlikely to reflect long-term market value – without providing shareholders with the opportunity to consider alternative strategic options, is inconsistent with UK best practice in corporate governance and with the Board’s duty to exercise proper care and diligence in the interests of all shareholders.
Furthermore, we wish to note that we have confirmed, through direct discussions, that there are other significant shareholders of ASLI who would welcome a substantive discussion regarding the current strategy. This reinforces our view that there is diversity of views among shareholders on this topic and further reinforces the need for all shareholders to be given the opportunity to express their views through a General Meeting of Shareholders.
In this context, it is also important to emphasise that we do not lightly ask the Board to pause ongoing negotiations. However, the potential costs associated with temporarily pausing the implementation of the current strategy and reviewing alternative strategic options are, in our view, much lower than the potential benefits on the upside.
It is precisely this asymmetry – limited incremental costs combined with a meaningful potential uplift in shareholder value – that justifies careful consideration by the owners of the Company. We firmly believe that an open and constructive discussion at this stage is in the best interests of all ASLI shareholders.
From the perspective of the Board’s fiduciary duties and its responsibility to the shareholder body as a whole, we believe that the market-appropriate and expected course of action would therefore be to:
Such an approach would enable the Board to demonstrate that it is acting transparently, impartially and in accordance with the highest UK market governance standards, ensuring all shareholders are given the chance to understand and assess the potential opportunity and are able to influence the future direction of the Company.
As a shareholder holding a significant stake and acting also with regard to the interests of the wider shareholder base, we believe it is important that such a forum for dialogue be established. We are also confident that, through constructive engagement, solutions can be implemented that address the objectives of those shareholders who prefer an earlier return of capital, while preserving the opportunity to build long-term value for other investors.
We remain ready to engage in immediate dialogue with the Board of Directors and urge that appropriate steps to be taken to facilitate the above process in the interests of ASLI’s shareholders as a whole.
Yours faithfully,
DL Invest Group
acting in its capacity as a shareholder of
abrdn European Logistics Income plc
