Share Name Share Symbol Market Type Share ISIN Share Description
Lms Capital Plc NEX:LMS.GB NEX Ordinary Share GB00B12MHD28
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 49.05 45.60 52.50 49.198 47.629 49.05 45,187 16:30:08
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
- - - -

LMS Capital PLC 3rd Quarter 2019 update

05/11/2019 12:07pm

UK Regulatory (RNS & others)


Lms Capital (NEX:LMS.GB)
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TIDMLMS

RNS Number : 3397S

LMS Capital PLC

05 November 2019

5 November 2019

LMS Capital plc

3rd Quarter 2019 update

LMS Capital plc ("LMS" or "the Company") is issuing the following update covering the period from 1 July 2019 to date.

30 September 2019 Net Asset Value

The Company's unaudited net asset value ("NAV") at 30 September 2019 was GBP58.7 million (30 June 2019 GBP59.1 million), equivalent to 72.7p per share (30 June 2019: 73.3p per share). The most significant movements in net asset value during the quarter were:

-- Realised and unrealised movements in the valuation of investments compared to valuations at 30 June 2019 led to a GBP0.3 million reduction in NAV, excluding the impact of exchange rate movements. The principal items were:

o As announced by the Company on 14 August 2019, an increase of GBP2.4 million in the net proceeds on the sale of Entuity, with a corresponding increase in NAV, over and above the net proceeds recognised in the 30 June 2019 valuation. This reflected the sale not only of all the Company's shares, but also the repayment of all working capital loans;

o Increases of GBP0.6 million and GBP0.4m in the value of quoted shares in IDE Group and Solaredge respectively;

o a reduction in value of Medhost of GBP2.0 million reflecting a corresponding reduction by Primus, the lead investor, in its latest available fund report;

o a reduction of GBP2.4 million in value of YesTo following discussions with the third party fund manager. The reduction reflects a deterioration in trading in 2019 and requirement to make consequential changes in the management and operating structure of the company, which changes are already in process of being made;

-- Weakening of sterling against the US Dollar in the period to 30 September 2019 has resulted in an unrealised exchange gain of GBP0.5 million; and

-- Other net changes amount to a GBP0.7 million reduction, the main item of which is overhead costs.

Net cash balances at 30 September 2019 were GBP28.5 million (30 June 2019: GBP16.4 million), the increase being principally due to the receipt of the sale proceeds on Entuity which were announced by the Company on 14 August 2019. The final proceeds from amounts held in escrow in relation to the sale of Penguin, totaling GBP0.9 million, were also received.

The NAV at the end of September is based on the valuation of the Company's investments as at 30 June 2019, adjusted for transactions in the three months ended 30 September 2019, price movements on quoted securities, movements in foreign currency exchange rates, cash calls and distributions from funds, latest information from third party fund managers, purchases and sales of quoted and unquoted securities and operating expenses.

Since the end of September, further movements in the prices of the Company's quoted investments and changes in the sterling/US Dollar exchange rate have not had a material impact (either individually or in aggregate) on the Company's NAV as at the end of September.

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse regulations (EU) No. 596/2014. Upon 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    0203 837 6270 

Gresham House Asset Management Limited

   Graham Bird      0203 837 6270 

J.P. Morgan Cazenove

   Michael Wentworth-Stanley    0207 742 4000 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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November 05, 2019 07:07 ET (12:07 GMT)

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