LMS Capital PLC 1st Quarter 2017 Update (7375F)
May 22 2017 - 2:00AM
UK Regulatory
TIDMLMS
RNS Number : 7375F
LMS Capital PLC
22 May 2017
22 May 2017
LMS Capital plc
1st Quarter 2017 Update
LMS Capital plc ("the Company") is issuing the following update
covering the period from 1 January 2017 to date.
Gresham House Asset Management Limited ("GHAM") has made good
progress in completing the review of the portfolio since August
2016. GHAM continues to execute its mandate to seek to realise cash
whilst maximising long term shareholder value. As set out below,
this has been evidenced in examples such as reducing the
Weatherford International shareholding, the sale of 365iTMS and the
realisation of long term investments such as those managed by Weber
Capital.
Following the receipt of a fund distribution on the afternoon of
Friday 19 May, net realisation proceeds since the change in
investment strategy last year now total GBP12.4 million. In
accordance with its intentions stated in the Circular to
shareholders dated 27 July 2016 to make further tender offers, the
Board has now commenced a full review of the Company's liquid
resources, future cash requirements, commitments and costs with a
view to determining the appropriate amount and timing of a further
tender offer. The review will be completed in the near future after
which an announcement will be made regarding the details of the
proposed tender offer.
Cash proceeds from realisations to date in 2017 are GBP10.4
million, the main components of which are:
-- GBP3.6 million being the stage 1 payment on the sale of Nationwide Energy Partners;
-- GBP2.9 million from the liquidation of the Company's
interests in funds managed by Weber Capital;
-- Distributions totalling GBP2.4 million from Brockton Capital;
-- Net cash proceeds of GBP0.5 million following the sale of 365iTMS; and
-- Proceeds from sales of shares in Weatherford International of GBP0.4 million.
In addition, the company received 9,826,400 shares (current
market value GBP3.4 million) in Coretx plc, as part of the
consideration for the sale of 365iTMS.
The Company's unaudited net asset value at 31 March 2017 was
GBP66.3 million (31 December 2016: GBP68.1 million), equivalent to
69p per share (31 December 2016: 71p). The decrease of GBP1.8
million reflects a net portfolio valuation decrease based on the
latest information from external fund managers and market prices
for quoted investments, adverse foreign currency movements and
overhead costs.
The NAV at the end of March is based on the valuation of the
Company's investments as at 31 December 2016, adjusted for
transactions in the three months ended 31 March 2017, price
movements on quoted securities, movements in foreign currency
exchange rates, cash calls and distributions from funds, latest
reports from third party fund managers, purchases and sales of
quoted and unquoted securities, and operating expenses. The
carrying value at 31 March 2017 includes the following:
-- An increase in the carrying value of 365iTMS of GBP2.1
million to reflect its sale price in early April; and
-- A decrease in the carrying value of the Company's interest in
Medhost Inc of GBP2.2 million, based on the latest carrying value
reported by the lead investor.
The next full valuation of the portfolio will be for the
Company's half year results as at 30 June 2017.
Since the end of March, the strengthening of GBP against the US
dollar coupled with a weaker share price of Weatherford
International has further reduced the Company's net asset value by
an estimated GBP2.2 million to approximately GBP64.1 million (67p
per share).
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulation (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
For further information please contact:
LMS Capital plc
Martin Knight, Chairman 020 7935 3555
Gresham House Asset Management
Limited
Graham Bird 020 3837 6270
J.P. Morgan Cazenove 020 7742 4000
Michael Wentworth-Stanley
This information is provided by RNS
The company news service from the London Stock Exchange
END
UPDPGUCGAUPMUBG
(END) Dow Jones Newswires
May 22, 2017 02:00 ET (06:00 GMT)
LMS Capital (AQSE:LMS.GB)
Historical Stock Chart
From Jun 2024 to Jul 2024
LMS Capital (AQSE:LMS.GB)
Historical Stock Chart
From Jul 2023 to Jul 2024