Lms Capital Investors - LMS

Lms Capital Investors - LMS

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Stock Name Stock Symbol Market Stock Type Stock ISIN Stock Description
Lms Capital Plc LMS London Ordinary Share GB00B12MHD28 ORD 10P
  Price Change Price Change % Stock Price Last Trade
0.50 1.63% 31.10 16:35:15
Open Price Low Price High Price Close Price Previous Close
32.20 32.20 32.20 31.10 30.60
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cwa1: Interesting , and unexpected by me, acquisition of interests in the oil and gas industry! https://www.investegate.co.uk/lms-capital-plc--lms-/rns/portfolio-update/202008120700048430V/ 12 August 2020 LMS Capital PLC INVESTMENT IN A PORTFOLIO OF OIL AND GAS PRODUCING ASSETS IN ROMANIA · Leadership of an investment group to acquire an interest in Dacian Petroleum ("Dacian") in Romania · Dacian will, conditional on obtaining necessary Romanian Government approvals, acquire a business operating onshore oil and gas fields currently producing approximately 1,400 barrels of oil equivalent per day ("boepd") with significant production upside and unrecovered reserves · Approvals expected late Q3 or Q4 with a backstop date of 8 January 2021 · LMS investment of US$9.05 million in loan and equity capital to acquire a 32% holding in Dacian · Co-investors include Dacian management, LMS Directors and others
aclelland: Gresham House Asset Management Limited (“GHAM”) notes the announcement made today by LMS Capital plc (“LMS”) that the resolution to re-appoint GHAM as investment manager to LMS was not carried. The resolution was put to LMS shareholders by the LMS board (“Board”) and was unanimously recommended by the independent directors of the Board. The recommendation also received the support of independent proxy research house ISS. Robert Rayne, the only non-independent board member who, together with family-relatedholdings represents c.42% of the outstanding shares (“Rayne Concert Party Shares”), opposed the Board’s recommendation, instead proposing an internally managed solution. GHAM notes that a very substantial majority of holders of non-Rayne Concert Party Shares comprising 82%, supported the Board’s recommendation and voted for the re-appointment of GHAM. Following the outcome of the shareholder meeting, the independent directors of the Board have resigned, as they do not believe that the internal management proposal is in the best interests of shareholders as a whole. An announcement relating to the appointment of replacement directors will be made by LMS in due course. LMS had net assets of £58m as at 30 September 2019, representing approximately 2% of GHAM’s total assets under management. The mandate is therefore not financially material to GHAM or to Gresham House plc. Background GHAM was appointed investment manager to LMS in August 2016, following a shareholder vote. The appointment came with a change of investment policy, bringing to an end LMS’s previous realisation policy, and sought to improve governance, reduce costs and, following further committed returns of capital to shareholders, ultimately to recommence investment. GHAM’s appointment was instrumental in catalysing significant positive changes at LMS, including improved governance, very significant cost reductions, portfolio re-appraisal and management, successful realisations, and improved investor relations and shareholder focus. Under GHAM’s management, sufficient cash was raised from realisations to return £11m to LMS shareholders in August 2017, fulfilling the commitment made in August 2016 earlier than expected. Since then, GHAM has facilitated and managed further realisations which have led to a position where, as at 30 September 2019, LMS had in excess of £28m cash available for investment. Next Steps GHAM will remain as Alternative Investment Fund Manager to LMS until LMS secures the necessary authority and approvals from the Financial Conduct Authority to manage its investments directly or alternative arrangements are put in place. Robert Rayne confirmed in his Circular to LMS shareholders dated 8th November 2019 that the New Board intends to serve notice to GHAM to terminate its existing contract, and hence these arrangements will not extend beyond 31 May 2020.
aclelland: For LMS Capital Investors, here are links to important documents ahead of the shareholder vote on the investment management arrangements on November 28th. Make sure you vote to retain Gresham House. Your vote counts. Here is the link to the LMS Capital circular regarding the Recommended Proposal for the Company’s Investment Management Arrangements: https://greshamhouse.com...9-4157-2816-6944-v1.pdf And also the EGM Presentation: https://greshamhouse.com...tation-Final-131119.pdf These are important documents that support the Board's proposal to retain Gresham House as investment manager. Vote Gresham House.
aclelland: For LMS Capital Investors, here are links to important documents ahead of the shareholder vote on the investment management arrangements on November 28th. It's important you vote to make your voice heard and retain Gresham House in the interests of all shareholders. Here is the link to the LMS Capital circular regarding the Recommended Proposal for the Company’s Investment Management Arrangements: https://greshamhouse.com/wp-content/uploads/2019/11/LMS-Circular-5-November-2019-4157-2816-6944-v1.pdf And also the EGM Presentation: https://greshamhouse.com/wp-content/uploads/2019/11/LMS-EGM-Shareholder-Presentation-Final-131119.pdf These are important documents that support the Board's proposal to retain Gresham House as investment manager.
cc2014: It's difficult standing on the outside to unravel exactly what's going on with the power play here but I just don't see how Gresham House can manage this fund effectively with an investor who is not in alignment with the Board. Robbie Rayne still sits on the investment committee unless things have changed recently and it's clear he thinks he can do better than Gresham House (or anyone else for that matter). Best solution would be for the Board to use all the cash to make Robbie an offer for his shares at say 45-50p and move on. Of course then the fund goes sub-scale and would have to be merged with something else. I suspect Robbie's family tax position would get in the way of the buyout, negating this as a proposition anyway. Sadly I have done alot of work researching this share but it's resigned to the uninvestable pile until something more clear crystallises with Robbie Rayne's situation.
swiftnick: Once the tender process is out of the way the company has stated that new investments will be in direct private equity opportunities at the smaller end of the market and alternative, specialist asset classes targeting long term, illiquid strategies, "leveraging the expertise, experience and network of the GHAM investment team in asset management, private equity and public markets".There aren't that many opportunities for private investors who want some exposure to private equity as part of a balanced portfolio and if the company is successful going forward the returns could be very good. However the size of the market cap will limit their ability to diversify and spread risk so one or two bad investment decisions could hit investors hard.So the question is, given this risk profile, what would be an appropriate discount to NAV going forward? We're on 27.5% or so at the moment - is this too high or too low?
pavey ark: In my post 1273 I predicted a distribution of 70p but with the concert party not participating I thought that we would see c.25% of holding taken at this price. I must get the old calculator out again and check my figures. Edit : didn't even have to get the old calculator out ,16% of total shares and no concert party participation private investors should see 25% of their holdings bought for 70p so with all the false modesty I can muster my prediction was absolutely spot on.
igbertsponk: Investors may want to look at the rem report in the accounts out today. Big bonuses for the departing directors: who of course have just gone to the new managers.Massive payouts for failure.
kramch: I have posted this on the GHE thread; A good opportunity to question the board; they expect major cost savings in LMS and believe the move to GHE will reinvigorate the LMS management. Apparently the Rayne interests were always opposed to winding up LMS. It seems a couple of LMS institutional investors objected to a more abject sell-out to GHE, and by R not participating in the tenders other investors gain. LMS will concentrate on small public equity opportunities, and GHS on private equity. The GHE board seems to have done quite a creative deal here, now all they have to do is to apply this to the funds they manage! K.
alter ego: yes, hTTp://www.investorschronicle.co.uk/2016/07/06/comment/simon-thompson/cash-rich-bargain-buy-bfoGR33RezHSz0sjAt22qN/article.html I think investors have got their valuation of small-cap investment company LMS Capital (LMS:57.5p) seriously wrong. I have good reason to think this way as having run through the annual accounts and the first-quarter trading update, looked into the structure of the portfolio of investments and the currency exposure, it's obvious to me that the cash-rich shares are very undervalued.
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