Lms Capital Share Discussion Threads

[alan sordikay] 17/9/2015 09:26

no, apologies, it's inaccurate. I had an older copy of some wesupply accounts. I had a further look last night at historical accounts from wesupply and it looks like most of the debt (10m+) was written off by LMS in 2008/9 whilst the remaining amount (7.5m) was converted to shares.
This is what I was trying to understand, it looks as if LMS had put over 18m in altogether over the years and this amount still showed on the balance sheet up until 2008. It still shows up but under a profit & loss account.

[strathroyal] 16/9/2015 22:01

AS - Brockton Capital and WFT have been shown at various times as the top two investments (by £)and Wesupply have only recently made it in to the top 10. I would have expected that any loan to Wesupply would have had to be shown as part of the investment in that company, making it by far the biggest.

I have looked through the latest accounts and have not spotted this figure, are you sure that you are correct? Where have you picked that amount up from?

[skyship] 16/9/2015 15:00

Alan - ahh - well spotted, where did you see that?

[alan sordikay] 16/9/2015 14:32

thanks
just trying to tally the valuation and what they received
Looking like they held almost 90% of the share capital but finding it difficult to quantify the numbers. It looks like wesupply had £18m in loan notes due to LMS. Has the acquirer taken this on?

[skyship] 16/9/2015 14:00

Alan -

# firstly, the news of the t/o of WeSupply came from Rambutan - there was no RNS. Perhaps this is an indication that it represents one of the two disposals mentioned in the most welcome 27th August statement

# unable to find any reference to the %age held by LMS; but the sudden leap in valuation could imply we put in more capital last year

# the 27th August statement talked of action in the near term. I think it quite likely that would be news within a month or thereabouts; so perhaps just two weeks before we hear news of the next Tender...hope so!

# good to see WFT trading North of $10 again

[alan sordikay] 16/9/2015 13:08

Does anyone know if LMS held the entire share capital of Wesupply. What was their stake?

[eeza] 07/9/2015 10:14

They marched them up the hill....

[badtime] 02/9/2015 15:33

Took a few yesterday and added first thing

[badtime] 02/9/2015 09:37

Blimey an upward move

[skyship] 01/9/2015 18:21

Ram - alert as ever - thnx for that. Unable to find any clue as to price/values; so we will have to wait for an RNS. If a quick settlement it will add very nicely to the size of the first Tender...

[rambutan2] 01/9/2015 15:45

News t/c (was on books at £7.5m in interims)...



.

[skyship] 28/8/2015 13:54

janeann - maybe so - but you're missing the point.

I'm back in (and some) because we will shortly be able to exit maybe 30% @ c92p. With the way these Tenders work for nominee held stock; we may well get 40% acceptance, maybe even more.

So what happens thereafter with the underlying NAV is of course important; but entirely secondary to the near-term Tender...

[janeann] 28/8/2015 12:51

Skyship - have read your posts on this with interest, and actually bought a small position yesterday and with the current financial gloom globally sold out at a very small profit later. Looking at the chart of the past few days I suspect despite the value this is likely to be equally affected in any wider meltdown. Any thoughts?

[skyship] 28/8/2015 07:56

Incidentally, surely Rayne has no chance of re-election at the next AGM; so I would expect him to resign...should already have gone of course!

Two other positives:

# Strong US$ v. £

# WFT rallied 12.5% last night

[loonio] 28/8/2015 07:55

summat stinks

[skyship] 28/8/2015 07:33

Extract from the recent Interims:

At 30 June 2015 we had liquid assets of GBP48.5 million (31 December 2014: GBP29.6 million), being net cash of GBP35.3 million (31 December 2014: GBP9.2 million) and quoted securities of GBP13.2 million (31 December 2014: GBP20.4 million). Outstanding commitments to funds were GBP4.1 million, down from GBP7.0 million at the end of 2014; approximately GBP2.3 million of this reduction reflects the secondary sale referred to above.

=========================================================

So, we have net £31.2m to play with. Add a few million from these new disposals; and we perhaps have £35m to allocate to a Tender - though could be far higher.

Assume £35m @ 92p and we have a 26% Tender....and for PIs that would tend to give a result of 30%+

Tilts reports a lot of stock about (see PE thread); nevertheless, these are likely to see buyers again today.

[pinkcopernicus] 27/8/2015 23:31

See you at 86p ;-)

[elmfield] 27/8/2015 22:18

The lord rayne of old would have been horrified by the whole sorry saga.

[strathroyal] 27/8/2015 21:35

As PE divestments often take a number of months rather than weeks, if the directors were aware of these proposed sales when they sought the change of policy, then that's simply disgusting.

Obviously no idea what these divestments are, but have noticed that Wesupply have upped their adverts lately, both on here and on Ebay.

[my retirement fund] 27/8/2015 17:09

Post 470 rules imo

[eeza] 27/8/2015 16:56

They epitomise everything which is wrong with today's markets.

Bent as a nine-bob note.

[igbertsponk] 27/8/2015 16:43

They've even made a mistake in the announcement. Stating Nick Friedlos is a director of Cazenove as well as LMS !

[my retirement fund] 27/8/2015 16:38

Hmm no board resignations or changes poor show!

[skyship] 27/8/2015 16:31

The bizarre Proposals put forward by the Board 4weeks ago are HISTORY.

Share have rallied, but only to 71p by the close. Seems to me that they have to be bought ahead of news on the next Tender.

They were 78p before the drop on the Proposals. With a large Tender in the offing, they should be 78p again pretty quickly...

==================================================


Update on proposed change

of investment policy

27 August 2015

Further to the announcement made by the Company on 28 July 2015, the Board of LMS Capital today announces that, following representations from and discussions with certain shareholders, the proposals contained in the circular to shareholders dated 24 July 2015 (in connection with a proposed change in investment policy) have been withdrawn and the General Meeting convened in connection with those proposals has been adjourned indefinitely.

Since the Company published its 2015 half year report on 24 July 2015 it has continued to see progress with realisations and it is currently expecting completion of two transactions in the near term. When the outcome and timing of these transactions is known the Board expects to be in a position to announce a further return of capital to shareholders.