Adi Global Distribution Inc. (ADIG)

Price$20.64Cached quoteAs of 2026-09-04 16:23 UTC

AI: Fair-priced

Price checkNo live market price exists, so a neutral valuation is the only defensible verdict.

The shares were suspended from London trading on March 30, and the company is in members’ voluntary liquidation, leaving no reliable current quote. A historical final close exists, but it is not an investable live price and was complicated by the March 27 ownership cut-off for liquidation payments. Management estimated remaining cash returns at 15.02 pence per share, including a 14.5 pence initial payment, but only eligible registered holders qualified. Without a tradable price matched to a clear payment entitlement, Fair-priced is the prudent classification.

Big pictureThis is a shrinking pool of assets, not a continuing income business.

In the supplied history, revenue fell 8.9% to £15.6 million in 2024, while the net loss widened from £0.3 million to £3.7 million. Operating cash flow—cash generated before investment sales and shareholder payments—remained positive at £11.7 million but dropped 57%. By September 2025, management warned that income would keep declining as investments were sold. Cash generation therefore reflects a temporary wind-down, not durable earnings that support a normal earnings-based valuation.

Business strengthLow liabilities protect creditors, but discounted private-asset sales reduced shareholder value.

At September 2024, £203.3 million of shareholder equity was backed by £205.5 million of assets and only £2.2 million of total liabilities. Cash was £22.3 million, more than ten times current liabilities, supporting a solvent liquidation. However, net assets fell to £151.7 million by September 2025 after a £55.1 million six-month reduction from investment-value changes. Management acknowledged that accelerated private-market sales were priced at material discounts. The balance sheet protects creditors well, but cannot restore value already lost through discounted disposals.

What could change the storyFinal proceeds could beat estimates, while delays and extra costs could erase remaining upside.

The 2024 figures show the strategy clearly: £141.4 million flowed in from investing activities and £151.7 million flowed out through financing as capital was returned. A later £43.7 million return used temporary bonus shares that were immediately redeemed, avoiding lasting dilution of ordinary owners. After the initial liquidation payment, management estimated another 0.52 pence per share, mainly after the remaining PIMCO investment was redeemed. Better recovery or unused cost reserves would help; weaker proceeds, unpaid receivables, or extended liquidation work would reduce the final amount.

AI: News

Private sales advancedMarch asset sales moved the wind-down closer to liquidation, while discounts crystallized losses.

On March 11, the company reported two completed sales raising about £13.8 million and another conditional sale worth roughly £13.3 million before costs. The latest asset values already reflected agreed sale prices and expected wind-down expenses. Shares closed about 5% higher that day, although timing alone does not prove the announcement caused the move. The transactions increased certainty and accelerated cash returns, but selling private investments early locked in discounts compared with their earlier reported values.

Liquidation approvedShareholders approved liquidation, ending normal trading and making asset recovery the central value driver.

On March 30, shareholders approved a solvent members’ voluntary liquidation and appointed Ernst & Young partners as liquidators. Trading was suspended that morning. The company said more than £277 million had been returned or was expected, equal to 120.4% of its market value when the wind-down began. It estimated total distributions of 91.99 pence per share since that starting point, but stressed that remaining proceeds, costs, and timing were uncertain.

First payout confirmedCompletion of the Andean asset sale unlocked the main liquidation payment for registered shareholders.

On April 23, the liquidators confirmed that the remaining Andean Social Infrastructure Fund interest had been sold. This allowed an initial liquidation distribution of 14.5 pence per share to be scheduled for holders registered on March 27. The payment represented nearly all the company’s estimated remaining distributions, leaving about 0.52 pence dependent on later asset recovery and closing work. Because trading was already suspended, there was no reliable market reaction to measure.

Payment records delayedA settlement-processing error delayed some payments and exposed uncertainty over who owned distribution rights.

On May 1, the liquidators moved the main payment date from May 5 to May 7 and withheld payments to some affected holders. The company had submitted its request to disable electronic settlement later than intended, allowing certain trades to settle after the register should have closed. Funds were retained for valid claims while ownership records were reconciled. The issue did not reduce the announced payment pool, but it created delays, administrative costs, and uncertainty for investors involved in late transactions.

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Revenue

2023

2024

2025

Net income

2023

2024

2025

Free cash flow

2023

2024

2025

Total cash / debt

CashTotal debt

2024

2025

Financial statements

	2025	2024	2023
Revenue	$4.78B	$4.20B	$3.57B
Research & development	$39.0M	$17.0M	$0
Operating expenses	$886.0M	$670.0M	$467.0M
Operating income	$179.0M	$181.0M	$201.0M
Operating margin	3.74%	4.31%	5.63%
EBITDA	−$46.0M	$144.0M	$188.0M
EBITDA margin	−0.96%	3.43%	5.27%
Net income	−$261.0M	−$18.0M	$62.0M
Net profit margin	−5.46%	−0.43%	1.74%
Basic EPSper basic share	-$3.45	—	—
Diluted EPSper diluted share	-$3.45	—	—