Lms Capital Share Discussion Threads

[zabeelcap] 15/5/2025 11:24:54

LMS is a great case study in how not to run a investment company. These guys are massively incompetent and the MD is getting £400k a year!

[hugepants] 14/5/2025 19:41:55

Having just read the AGM update I have to ask; Did they do any stand-up?

Dacian sounds like its deteriorating further.

"...The backdrop to Dacian is that it has not met its internal production targets over recent months and the oil price environment has softened. This has led to a drain on its cash position..."

Dacian is the deal they were so sure of the directors even put their own money into it.

[zabeelcap] 14/5/2025 12:20:50

I watched the AGM online. Board didn't want to answer any online questions.

[skyship] 08/5/2025 08:58:36

Dacian looks like yet another Robert Rayne disaster.

[zabeelcap] 07/5/2025 18:55:15

They want to throw another £2.5-3.5m at Dacian. Totally incompetent. I'd be happy to take £1 and a "hope certificate". Let the directors buy it off LMS.

[hugepants] 30/3/2025 22:12:28

Dacian looks a dog's breakfast with these bridging loans. These guys really are not very competent. Despite the large discount and the substantial cash balances I wont be adding.

[iaconatron] 13/3/2025 10:06:48

Not that today's news isn't really good.... management have finally woken up to reality (or been forced to by large shareholders)

[iaconatron] 13/3/2025 10:04:40

That's a very bullish view on the quality of Nav/management and unwind processes!!

Todays rally looks overdone based on this 1) taking a long time, and 2) not achieving NAV, for many reasons.

Please educate me if you think this one is different.

[babbler] 13/3/2025 09:21:45

31 December 2024 NAV estimate is £36.2 million (44.8p per share) and compares with £34.9 million (43.3p per share), being most recently reported NAV estimate at 30 September 2024;So theoretically get around that back? A bargain if so... 

[zabeelcap] 13/3/2025 09:12:32

Good to see a proposed wind-down.

[skyship] 13/3/2025 08:15:41

A Robert Rayne selection - so you may well be right!

[arthur_lame_stocks] 13/3/2025 08:09:09

Dacian is probably worthless.

[skyship] 13/3/2025 07:28:06

A long-term wind up planned; preceded by an earlier repayment from their cash reserve of 16p/share:

The Company is currently exploring an initial distribution to shareholders which it intends, to the extent practicable, to make as a capital distribution. The Board is assessing the amount of any potential distribution in light of working capital and portfolio investment requirements. Further details regarding this will be communicated in due course. During the Managed Realisation, the Company does not intend to pay an annual dividend.

[zabeelcap] 25/2/2025 14:29:11

Activist investor Worsley Investors Limited (WINV.L) has taken a 3.37% stake today.

[tiltonboy] 19/2/2025 11:08:14

William Black has fallen off his perch. Got a huge holding in MVI as well, amongst others

[cc2014] 19/2/2025 11:05:17

RNS this morning regarding shareholding of First Equity/Armstrong/William Black and selling down a few shares. 175k sold which is neither here not there but if it's an indication of things to come the share price will be stuck here forever.

Threshold crossed on 13th Feb which is the day the company update took place last week, implying there was something in it they did not like or they've been wanting out for a while and found some liquidity to sell into.

[skyship] 13/2/2025 14:12:56

If they return £10m to shareholders from the c£13.5m available; that would be a return of 12p/share. A good start!

[cc2014] 13/2/2025 13:40:48

From July:
The leasehold interest in the 15 units unsold at the time of acquisition, those units having an estimated sale value of £8.3 million.


Sold 3, 12 left equals estimated sales value of £6.64m


Loan on them is now £5.1m or 76.8%


(assuming the 3 sold are average which may not be the case)

Also one might ask how much interest they are paying. The loan has reduced from £5.9m to £5.1m equals £800k, but if the properties sold were worth £550k each, then the interest is excessive. Which implies the properties sold are the cheaper ones and therefore the LTV will be lower than the 76.8% I've calculated.

[zabeelcap] 13/2/2025 13:17:22

How do you get to 77% LTV on Castle View?

[cc2014] 13/2/2025 12:15:04

I have used the liquidity opportunity to exit this morning.

On the update:
Good news on the strategic review. With £12.7m cash they could return £10m to shareholders, you get the rest for free and either they wind it down or carry on.

Bad news on the rest.
Dacian they have cratered the production from 1800 barrels at point of the bid to 650 now.

Castle View. 3 apartments shifted more slowly than expected. LTV on the loan rises from 71% to 77%. Somehow that results in a NAV gain?


The share price is now supported by a possible liquidity event from the Strategic Review. Apart from the cash, I see any asset sale at a mighty discount to NAV if indeed they can be sold at all.

[cc2014] 13/2/2025 08:44:24

I'm assuming they have already spoken to the major shareholders who have given them the same message at every meeting for the last 2 years, so I guess the Strategic review is just to "be inclusive"

It's pretty easy. Either 1. wind it up or 2. return 15p of cash, run it as it is and aggressively chop the cost base.

[hugepants] 13/2/2025 08:36:14

Yes interesting. At least hope now for a return. NAV 44.8p. Cash 16.2p



...Strategic Review

The Board is mindful of the challenges facing the Company in terms of its size, limited secondary market liquidity and the discount to NAV at which the Ordinary Shares have been trading and has determined to carry out a strategic review of the Company's future direction. It will also review the Company's cost base with the objective of reducing the ongoing costs.

The review may lead to a change in the Company's investment policy in conjunction with asset realisations with a return of capital to shareholders in due course.

The review process will cover the Company's investment mandate and focus in all areas. In relation to retirement living, the Board continues to see opportunity and may seek external investors into the Company's retirement living subsidiary which could add additional assets to create a retirement living platform and ultimately enhance realisation value.

[skyship] 13/2/2025 07:23:46

A long Strategic Review a waste of time. They should go for an immediate wind-up; and start with a pay-out of most of the cash - currently amounting to 16.2p/share

[jagworth] 09/9/2024 17:36:47

This information is provided by RNS, the news service of the London Stock Exchange.

RNS Number : 1276D
LMS Capital PLC
05 September 2024


LMS Capital plc, the LSE-quoted investment company, has been notified of two related transactions in ordinary shares of the Company.
a Name James Wilson
2 Reason for the notification
a Position / status Chair of LMS Capital plc
b Nature of the transaction Purchase of Ordinary Shares
Price(s) and volume(s) Price(s) Volume(s)
0.19 1,000,000



a Name Nicholas Friedlos
2 Reason for the notification
a Position / status Managing Director of LMS Capital plc
b Nature of the transaction Purchase of Ordinary Shares
c Price(s) and volume(s) Price(s) Volume(s)
0.19 500,000

Date of transactions 2 September 2024