Lms Capital Share Discussion Threads

[tiltonboy] 26/7/2017 07:29

Only a penny out on my NAV prediction, so no complaints.

[hybrasil] 26/7/2017 06:13

Sky ship does it yet again

Well done

[tiltonboy] 27/6/2017 07:02

Pleased to see the distribution from SFEP, and the increased Tender Offer, although I suspect that this will be delayed to incorporate the NAV at the interim date. Cynically, I also suspect that they will use the uplift on YesTo, to writedown other assets, so we may not see 75p which would appear to be the NAV following this receipt.

I am pleased to see that distributions will be made from profits made on investments in future, which should keep them "honest".

[cwa1] 27/6/2017 06:33

Increase in tender offer:-



The Board now announces:

· The Company has received the distribution from SFEP, the final amount of which was $11.6 million;

· In light of this significant increase in liquid resources, the Board considered whether it was able to increase the amount of the tender previously announced on 6 June 2017. The Board determined that the tender should be increased to £11 million, thereby satisfying in full the proposals in the July 2016 Circular to return this amount to shareholders.



It is the Company's intention that the tender offer be launched at the same time as, or shortly after, the Company announces its 30 June 2017 results. In accordance with the July 2016 Circular, the tender offer price will be determined by reference to a 5 per cent discount to the 30 June 2017 net asset value reported in those results.



The tender offer, once completed, will bring to £17 million the amount returned to shareholders since the Company's July 2016 Circular when Gresham House Asset Management was appointed to manage the Company's portfolio. This final tender offer will bring the total amount returned to shareholders to £172 million since the Company commenced its realisation policy in January 2012, at which time the market capitalisation was approximately £153 million.

[tiltonboy] 24/6/2017 22:35

They haven't announced it yet!

[value hound] 24/6/2017 15:22

Do we know when the deadline for tenders will be?

[pavey ark] 16/6/2017 08:42

(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 06:33

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

[pavey ark] 15/6/2017 16:35

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 13:40

Link didn't work for me. This did

[strathroyal] 15/6/2017 13:20

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

[igbertsponk] 15/6/2017 13:15

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

[luckymouse] 15/6/2017 12:26

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

[tiltonboy] 15/6/2017 10:37

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

[cwa1] 15/6/2017 10:35

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

[tiltonboy] 15/6/2017 09:53

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 09:45

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

[pavey ark] 06/6/2017 13:03

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

[cwa1] 06/6/2017 06:42

Review and proposed tender offer:-

[vacendak] 02/6/2017 08:07

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 06:51

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

[spectoacc] 22/5/2017 06:18

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).