Lms Capital Share Discussion Threads

[value hound] 24/6/2017 16:22

Do we know when the deadline for tenders will be?

[pavey ark] 16/6/2017 09:42

(Three months ago (20th March) posts 1233, 1236........just saying)

Anyway if we look at the recent ,improved position "the few" should see c. 25% of their shares taken at about 70p .
(based on the assumptions made in my previous post)

This is conditional on the tender offer being the full £11m and given the expenses involved it would make sense for them to go for one tender of £11m if they can.

[spectoacc] 16/6/2017 07:33

Well done @Skyship, who I believe was one of the few to stick with LMS.

[pavey ark] 15/6/2017 17:35

Simple arithmetic here.
The year end value of this holding was £8.4m.
For approximately half the holding they are to receive between $11m and $12m.
At current exchange rates $11.5m is £9m.
If we value the remainder the holding at the price paid for this 50% then the total holding is worth c. £18m or £9.6m over the year end valuation.
With 96m shares in issue we get a nice round 10p (give or take).

Things look very reasonable and the £11m tender return should guarantee a very acceptable return for anyone invested here.

I certainly like the idea of Gresham House getting cash to invest as I do think they know what they are doing.

[alanji] 15/6/2017 14:40

Link didn't work for me. This did

[strathroyal] 15/6/2017 14:20

hxxp://www.businesswire.com/news/home/20170614006179/en/Receives-56-Million-Minority-Investment-Provide-Shareholder

[igbertsponk] 15/6/2017 14:15

So, a few pennies to LMS once the various managers and directors have taken their slice of the profit.

[luckymouse] 15/6/2017 13:26

watching this - just cant bring myself to buy it because of the manipulative unloading before! :|

[tiltonboy] 15/6/2017 11:37

In a year and a half of shocks...Leicester, BREXIT, Trump, Election, this probably ranks the highest!

[cwa1] 15/6/2017 11:35

LMS in positive news shocker?! Who would have thunked it.....

[tiltonboy] 15/6/2017 10:53

I've taken a slightly more conservative view, and have taken $11m as the cash raised, and being about half, used $20m as the sum total. This would bring in £8.6m cash, and add about 8p to NAV.

I wonder if they will roll the two tenders into one!

[eezymunny] 15/6/2017 10:45

Some good news for you , for a change... Would seem to add c. £10m to NAV?

[pavey ark] 06/6/2017 14:03

Rather rough calculation on my phone but should be 15% of current holding at about 63p ( open to correction)

[cwa1] 06/6/2017 07:42

Review and proposed tender offer:-

[vacendak] 02/6/2017 09:07

From the British Empire Trust (BTEM) 2017 interim report:


LMS Capital
Although the impact of a NAV write-down and widening discount
at LMS Capital was mitigated by its relatively small weight in the
Company’s portfolio, the position deducted 23bps from NAV over
the period. Write-downs at Medhost (increased uncertainty in the US
healthcare sector), ICU Eyewear (failed sale process and ongoing
capital requirements) and Nationwide Energy Partners (regulatory
upheaval) led to a sharp fall in NAV. The discount to NAV widened as a
change in policy about return of capital removed a key support. There
is, however, some solace to be had from the two remaining tender
offers that will be triggered upon certain levels of further disposals
being reached.

[chimers] 22/5/2017 07:51

"YOU" ................are the NOISE.
Make some.

[spectoacc] 22/5/2017 07:18

NAV down to 67p, & decidedly vague about the next tender, but have at least managed to realise some more of the assets (albeit that they got partial shares for one of them).

[skyship] 09/5/2017 13:51

"The Annual General Meeting will be held at 12.00 noon on Thursday 25 May 2017."

So now just over 2weeks for the NAV update to 31st March.

[topvest] 24/4/2017 21:06

Yes, good spot. An outrageous £1.9m which equates to 3% of net assets. Not a bad day's work for two failing managers. Anyway, I'm thinking of increasing my investment here once Gresham have cleared the rubbish. Think its going to remain on a wide discount for a while as none of their private equity investments are really doing that well. Valuation movements on page 16 are grim. Think LMS, DNE and CDI are the private equity companies that simply put their investments in the wrong sectors.

I quite like the Gresham House idea though so will probably back them again at the right time. Looks like more downside risk in the immediate short term though. The shares are nearly back to what I originally paid for them many years ago of 41p. Having said that, I've had more than my purchase cost back in tender offers.

[igbertsponk] 21/4/2017 07:25

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.

[skyship] 19/4/2017 16:02

Armstrong Investments slightly increases its holding - up from 2.8m to 2.9m; and in doing so crosses the 3% threshold (3.007%):