Share Name Share Symbol Market Type Share ISIN Share Description
Lms Capital LSE:LMS London Ordinary Share GB00B12MHD28 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 55.00p 54.50p 55.50p - - - 0.00 05:00:10
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 4.7 0.7 0.3 183.3 53.04

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Date Time Title Posts
07/12/201621:13Something I have bought!!1,176.00
28/8/201507:03** LMS **-

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Lms Capital (LMS) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
08/12/2016 16:28:0654.502,5591,394.66AT
08/12/2016 11:07:0155.632,9921,664.30O
08/12/2016 10:19:2254.5013,9347,594.03AT
08/12/2016 10:18:5454.5050,00027,250.00AT
08/12/2016 10:18:4554.5050,00027,250.00AT
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Lms Capital (LMS) Top Chat Posts

DateSubject
08/12/2016
08:20
Lms Capital Daily Update: Lms Capital is listed in the General Financial sector of the London Stock Exchange with ticker LMS. The last closing price for Lms Capital was 55p.
Lms Capital has a 4 week average price of 55.71p and a 12 week average price of 57.09p.
The 1 year high share price is 76.50p while the 1 year low share price is currently 0p.
There are currently 96,441,735 shares in issue and the average daily traded volume is 120,990 shares. The market capitalisation of Lms Capital is £53,042,954.25.
11/8/2016
13:54
skyship: This is what Simon Thompson (The IC) replied a week ago to a query on his LMS thread: "There is substantial value here. The directors have 'kitchen sinked' the valuations ahead of the transfer of the mandate to Gresham House. I was correct with the first half currency gain - £6.8m, or 6p a share - but this was offset by a £8m plus unrealised loss on investments for disposal. Net liquid assets are around £15m, or 14.5p a share as predicted. NAV of 88p is 46 per cent more than the current share price and in effect a quarter of the share price is cash. My view is that sterling has further to fall, so giving a boost to the portfolio which is 70 per cent US dollar denominated, and with a better asset manager in place then there is scope for the share price discount to narrow markedly. Also, the above 88p NAV excludes the free shares in Gresham House worth 1p a share, and the likely value added through the £1.5m invetsment in Gresham House warrants. I remain a buyer of LMS shares." I've been in & out of GH many times in the past. New management installed there; and now they will be running LMS - that has to be an improvement. Also, to invest where they want to invest, they need to sell existing LMS assets; and that will in turn trigger the 2nd & 3rd Tenders. So, there are big changes here - sufficient to keep me on board.
27/7/2016
10:49
orinocor: If the NAV just now is about 85p then a 35% discount share price looks about right. That's 55p. I'd buy at around the 50p mark and hope to sell out in the mid 50s.
03/6/2016
06:23
skyship: After the bizarre happening last Summer when the LMS Capital (LMS) BoD tried and failed to usurp shareholders wishes for liquidation, many continue to harbour doubts as to the Board’s probity. However, there is no escaping the 4 principal facts: 1. Their past performance with the liquidation process has been impeccable, with 63% of the NAV at the start of the process having already been returned – a figure equal to the MCap at the start of the process 2. The liquidation process is again on track with a 28.7% tender at NAV in Dec’15 3. At the AGM last month the BoD again reaffirmed the liquidation process and the continuing return of capital through Tenders; and for the first time they put a timescale to completion of the process – essentially by Dec’17 4. The current NAV = 88p; versus the offer price of 63p; ie the shares are trading at a full 28.4% discount, even though in liquidation mode These are the basic facts which should justify an element of research. That research will quickly uncover last month’s AGM statement which revealed that already the Company is refilling the cash coffers – now up to £15m, so likely halfway to what will be needed for the next Tender. So, now one needs to practice a little conjecture. Say the next Tender will be declared again for 28.7% - that would translate to 29.7m shares @, well let’s be conservative and predict an NAV fall from 88p to 85p, so @ 85p would cost £25.25m. Note – we already have £15m in the kitty! So, buy @ 63p…..sell a minimum of 28.7% @ 85p…..yes, that’s a profit of 35% on that part. But wait, it gets better. First, there is the official Tender overage – that was an additional 3.4% in the last Tender, the 4th Tender providing these profitable trading opportunities. Add to that the unofficial overage which arises from having your stock held in a Joint Stock Nominee Account. I got another 7% from Selftrade last time around – a total of 39.4% redeemed at NAV. Many posters on the LMS thread did even better than that. The Nominees overage is a fickle friend paying out better for some than for others – but always more! This aspect will only make sense to the professional investor; but the few who visit here are just that, so I won't dwell on that. The final soupcon of information for the time-being. The well-respected IC tipster Simon Thompson has just revisited LMS. He wrote a piece on LMS yesterday. I won’t post his entire article as the IC Online is a subscription site; however, I will post his closing remarks: ======================= “Of course, the fall in LMS's net asset value from 96p last autumn, to 92p at end of December 2015, and to around 88p now will make some investors cautious even though the aforementioned one-off hit on an unlisted investment and the fall in Weatherford's share price account for the vast majority of the decline. However, I believe the discount is simply too deep given the impressive track record of the company in successfully divesting its interests. I also believe that given the surge in the cash pile, and the fact that LMS's uncalled commitments to funds it has invested in is only £4.1m, then it's only reasonable to expect LMS to make another hefty cash return later this year through a tender offer pitched at net asset value, a factor that is simply not being reflected in the share price. The company is due to report results at the end of July and I would anticipate further news on likely capital distributions then. I would point out too that every time the company has announced a tender offer the share price has bounced back strongly. Needless to say, I rate LMS Capital's shares a buy on a bid-offer spread of 62p to 63p.” ==================== So, in a difficult year VALUE is hard to find. LMS certainly represents VALUE. And if you are still looking for a hedge against a plunge in CABLE following an unlikely BREXIT vote, the LMS portfolio is 66% $-denominated.
19/5/2016
08:06
skyship: # CASH UP # WEATHERFORD - 42% SOLD @ over $8 # another sale in pipeline NAV down slightly; but all looking moderately hopeful & on line for the next Tender at end 2016... ===================== AGM statement LMS Capital plc ("the Company") has issued the following statement ahead of the Annual General Meeting of the Company which is being held today. The Company's unaudited net asset value at 31 March 2016 was GBP92.1 million (31 December 2015: GBP95.1 million), equivalent to 89p per share, a decrease of 3p from 92p at 31 December 2015. The principal factor in this decrease is that the Company has reached agreement in principle to sell its interest in one of its unlisted investments and has reduced the carrying value of this investment by GBP3.6 million to reflect the expected net proceeds from the sale. The Company had cash of GBP5.6 million at 31 March 2016 (31 December 2015: GBP6.1 million). Proceeds from realisations in the first quarter were GBP0.6 million, of which GBP0.3 million was distributions from funds; in the same period calls from our outstanding fund commitments were GBP0.1 million. Uncalled commitments to funds at 31 March 2016 were GBP4.1 million. Since 31 March 2016: -- the Company sold 600,000 shares in Weatherford International at an average price of $8.07 for net proceeds of GBP3.4 million. The book value of these 600,000 shares at the end of March was GBP3.2 million (31 December 2015: GBP3.4 million). The sale of these shares reduced the Company's holding to 819,000 shares; -- the share price of Weatherford International has declined from its end March level which, in isolation, reduces the Company's NAV per share by approximately 1p compared to 31 March 2016; -- Brockton Capital Fund 1 completed the sale of a majority stake in the redevelopment project which comprises the principal asset remaining in the fund. The Company expects to receive an initial distribution in the near future with the bulk of the value expected to be realised on completion of the redevelopment project. Following the sale of the unlisted investment referred to above (which would be the Company's first realised loss on a direct investment since commencement of the realisation strategy) the Company's pro-forma cash balance would be approximately GBP15 million. The Directors are continuing to seek ways to optimise value from the remaining investment portfolio.
18/3/2016
18:51
mad foetus: To be fair, what are we left with. A share price of 65, a NAV of 91-94 and 2 years to wind up. That looks a good proposition to me, though I don't trust the board or regard their approach as appropriate for a listed company.
01/12/2015
22:29
strathroyal: I know that the share price drifted badly on the change of strategy idea but now that a further tender offer has been confirmed, I can't understand why so many are getting out at this price. 2014's tender was only 22.5% (30% this time) and the NAV was 95p (expected to be the same if the exchange rate and WFT share price remain as they are). The share price during the 2014 tender period stayed in the mid-80s which makes the present share price look cheap. I'm staying put and may even add if the price drifts again now that ST has had his say.
30/11/2015
11:16
skyship: The Tender circular reveals a cash position higher than thought. Thanks again not only to currency gain, but mainly down to the great result from the Wesupply sale. Yet again the sale reveals conservative portfolio valuation - a marker for future valuation upside rather than downside. Also much encouraged by the small additional funding of NEP, a holding about which I had some concern, though solely due to the type of business, nothing more. The funding suggests nothing wrong there... http://www.lmscapital.com/Portals/0/2015/Circular%20to%20shareholders%20-%2027%20November%202015.pdf Trading update: In the three months to 30 September 2015, the Company received proceeds from realisations of £14.2 million, including £10.6 million on the sale of Wesupply Limited (after costs but before carried interest) and £2.0 million from San Francisco Equity Partners (following the sale of The Guild, one of its portfolio companies). In the same period calls from the Company’s outstanding fund commitments were £0.2 million and the Company provided £0.4 million to Nationwide Energy Partners as part funding for an acquisition. Total realisations in the first nine months of the year were £40.8 million, with fund calls of £0.4 million. The Company had cash of £47.4 million as at 30 September 2015; uncalled commitments to funds were £4.0 million. The Company’s unaudited net asset value per share as at 30 September 2015 was 96 pence, up 2 pence (2%) from 94 pence as at 30 June 2015. The principal factors in this increase were the gain on the sale of Wesupply and the strengthening of the US dollar against £ sterling which resulted in unrealised currency gains of £2.6 million in the third quarter. These two positive factors were partially offset by the weakening of the share price of Weatherford International. Since the end of September the Weatherford International share price has improved and, as at 25 November 2015, the estimated net asset value per share has increased by 1p to 97 pence per share ==================================================
27/11/2015
07:49
skyship: Yes - a 29.98% Tender at likely to be 96p. What a relief - was beginning to doubt my own sanity here! Wonder whether there will be a chance to pick up more first thing... =========================================================================== Trading update The Company's unaudited net asset value per share at 30 September 2015 was 96 pence, up 2 pence (2%) from 94 pence as at 30 June 2015. The principal factors in this increase were the gain on the sale of Wesupply and the strengthening of the US dollar against GBP sterling which resulted in unrealised currency gains of GBP2.6 million in the third quarter. These two positive factors were partially offset by the weakening of the share price of Weatherford International. Since the end of September the Weatherford International share price has improved and, as at 25 November 2015, the estimated nest asset value per share has increased by 1p to 97 pence per share. Martin Knight, Chairman of LMS Capital, said: "Your Board is pleased to be able to make a further cash return to shareholders reflecting the continued progress with the realization strategy during the year. This fourth tender offer brings to GBP155 million the total returned to date to shareholders, equivalent to the market capitalization of the Company when the realization strategy commenced."
19/11/2015
12:50
cockerhoop: Simon Thompson writes about LMS in todays online IC hTTp://www.investorschronicle.co.uk/2015/11/19/comment/simon-thompson/capitalising-on-tender-offers-BpNpBwPrVEyCsUX0OypbPJ/article.html?utm_campaign=ICDailyEmail_2013&utm_source=emailCampaign&utm_medium=email&;utm_content= Final Paragragh 'So with the strong likelihood of a significant share buy-back being announced through a tender offer process pitched at a 30 per cent premium to the current share price, and with LMS sitting on a cash rich balance sheet, I see no reason whatsoever why the company’s investments held (excluding cash of £35.3m), should be attributed a value 30 per cent less than their carrying value in the accounts. Frankly, downside risk here looks limited and ahead of a trading update, I continue to rate LMS’s shares a buy on a bid-offer spread of 71p to 72p'
09/11/2015
15:48
papy02: From BTEM Annual Report just issued: http://www.investegate.co.uk/british-empire-trust--btem-/rns/annual-financial-report/201511090700089384E/ Our stakes in closed-end funds tend to be very sizeable and we use this leverage to engage actively with the management and boards of investee companies. This will usually take the form of constructive recommendations regarding the efficacy of various discount control mechanisms, but we will not hesitate to adopt a more aggressive stance to defend our interests and extract value when required. One such instance occurred during the period when LMS Capital, in which AVI owns a 15% stake, announced proposals to cease returning realisation proceeds from its private equity portfolio to shareholders, and instead re-invest them in oil & gas assets under a new management team. We wrote a lengthy letter to the board and other significant shareholders detailing our concerns; the board responded by postponing the General Meeting called to vote on the new investment policy. After further discussions with the board, we were pleased to see the proposals officially withdrawn shortly afterwards. Since then, the company's holding in Wesupply, representing 6% of NAV, has been sold, adding to the substantial cash balance that we estimate now stands at 32% of NAV. We expect further realisations and a significant return of capital at NAV later this year. Despite the 7% rise in the share price since the withdrawal of the proposals, the portfolio is being implicitly valued at a discount of 32% after adjusting for the company's cash balance.
Lms Capital share price data is direct from the London Stock Exchange
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