Shares of Abrdn European Logistics Income PLC (LSE:ASLI) rose 5.6% to 25.35p after the board's commitment to the managed wind-down strategy was reaffirmed, following open letters from DL Invest Group opposing the plan.
The company said shareholders representing around 25% of its register have recently confirmed continued support for the wind-down, which was first approved by shareholders in 2024.
DL Invest Group, which became a shareholder in October, last week issued an open letter saying it believes "shareholders would benefit from returning ASLI to a growth trajectory, with the potential to deliver superior long-term value to its shareholders, based on ASLI’s existing portfolio, an enhanced asset management approach and the continued expansion of the portfolio with additional properties."
DL said the process "will not deliver the long-term returns originally expected by ASLI shareholders" and in the "valuable" position as a listed European logistics platform with €1 billion of assets still held, "should not be liquidated at a cyclical low point in logistics valuations".
The ASLI board said DL Invest, a Polish commercial real estate developer, is the only investor to have publicly opposed the strategy.
So far, 20 of the original 27 assets have been sold, raising €400 million in gross proceeds before debt repayments.
Contracts have been exchanged on three of the seven remaining assets, and three others are under exclusivity and at an advanced stage of due diligence.
ASLI expects all remaining disposals to be completed in the first quarter of 2026, with proceeds returned to shareholders shortly after.
The board argued that DL Invest's proposal to convene a general meeting would incur unnecessary costs and disrupt progress, and that completing the wind-down remains in the best interests of shareholders.