Lms Capital Share Discussion Threads

[cwa1] 26/3/2018 16:40

26 March 2018

LMS Capital plc ("LMS" or "the Company")

Receipt of proceeds from the sale interest in Brockton Capital LLP

On 8 February 2018, the Company announced that terms had been agreed for the sale of Brockton Capital LLP, in which the Company had an interest of 6.67%. Completion of the sale was subject to customary conditions including obtaining regulatory approval.

The net proceeds from the sale were expected to be in the region of GBP2.5 million. This amount was reflected in the 31 December 2017 results announced on 15 March 2018.

The Company can now confirm that the sale has completed and proceeds have been received. The Company's share of proceeds on sale amount to GBP2.65 million. In addition, GBP465,000 has been received being the Company's share of surplus funds held within the entity sold and which were distributed immediately prior to completion. The total cash receipt was therefore GBP3.1 million.

[budsman] 15/3/2018 17:09

Although I note from Note 19 that we have paid Raine controlled entities £275k and £13k as Related Party payments.

Hopefully nothing further to him!

[skyship] 15/3/2018 13:13

PA - thnx for yr analysis - happy to be holding, albeit at lower levels than in the past - a mere 4.5% allocation. Tried adding at the open but someone there ahead of me...

[pavey ark] 15/3/2018 12:00

Good set of results but still more value here.

Strange to see the National Energy Partners loan note valued at £2.96m.
I suppose there are exchange rate concerns but if they don't pay then surely they don't get the company.
My estimate for value of this loan is closer to £4m over four years with reducing capital and interest applied.

Gresham house is due to give an additional £1.25m in shares in June (subject to certain conditions) and LMS will almost certainly exercise its warrants at the same time.
Depending on the GHS share price I see LMS holding 15%-17% of GHS and I certainly rate GHS.
As usual all of the unquoted holding appear to be at rock bottom prices.

All in all I'm happy with what is going on and good to see the running costs coming down at quite a good rate.

[cwa1] 15/3/2018 08:34

There's a wholly unfamiliar blue hue surrounding the LMS share price this morning. Another screen fault?

[skyship] 15/3/2018 07:28

Finals show the 31st Dec'17 NAV up further to 80p. Offer price of 50p = a 37.5% discount.

[tiltonboy] 10/3/2018 16:47

Hope they might announce a deal with CDI, who are late with their results. Must be hard to value one holding!

[skyship] 10/3/2018 15:17

"The company expects to announce its audited results in mid-March."

14th March last year, so the Finals likely to be sometime this upcoming week.

[pavey ark] 20/2/2018 16:52

I understood the second payment for Nationwide Energy Partners was due in Jan 2018,
$5m in cash or issued loan notes.
I haven't seen any news of this.

I also added at 47p recently and I believe that the very large discount could be even greater than 36%.

Every time there is an asset sale it seems to be at a higher price than is booked by LMS.
The only negative is that I suspect that they may go for a fund raising of some kind, using the asset backing to raise cash quickly for investment by GHE.

[skyship] 19/2/2018 14:06

Made a small top-up @ 49.2p today. That = 49.5p inc exps.

At 49.5p the discount to the recently uprated NAV of 78p = 36.5%.

For sure Rayne is still there; but a discount at that level suggests to me that it is worth a small allocation to sit around and wait upon events. Nature abhors a vacuum; and the Market abhors an excess discount...

[cwa1] 08/2/2018 08:37

Looks like time for me to buy a new laptop, the screen is showing LMS as one of my top performers today. Blooming thing must've developed an incurable fault......

[tiltonboy] 08/2/2018 08:14

SKYSHIP,

They haven't sold the fund more's the pity. They have sold their holding in the management company Advisor Co.

Still, a nice uplift.

[cwa1] 08/2/2018 07:46

"Things...improving here", now there's a phrase I had almost given up on hearing ;-)

[skyship] 08/2/2018 07:42

Brockton Capital sale - see NEWS above - so Dec'17 marked up from 75p to 78p.

Things slowly improving here - discount up to 38.5%.

[cwa1] 24/1/2018 08:53

Well that NAV estimate certainly moved the share price dial.....

[skyship] 20/1/2018 14:24

We should get the Finals in mid-March; but ahead of then we might get an NAV Estimate & Update this coming week. There was one on 25th January last year.

[skyship] 07/12/2017 21:03

Hi Tilts

It's in the Header under the chart; but also here:

[tiltonboy] 07/12/2017 17:54

I didnt see an update from LMS yesterday. Any chance of a link.

[skyship] 07/12/2017 15:30

A Holdings RNS today

Armstrong Investments add another 300k to take them to 3.425m shares (4.24%)

[skyship] 27/10/2017 16:21

Yesterday the qtly update confirmed the NAV steady @ 74p.

Today NED Rod Birkett confirms he has bought 30k @ 47.25p.

His last trades in the stock were a purchase of 25k @ 59.25p last September; he then sold 7300 @ 70p in the recent Tender.

At 47p the discount remains the highest in the sector @ 36%. The problem of course is the deadweight of Robert Rayne and his family interest of 43% - an increased figure as he wasn't allowed to share in the recent Tenders...

Interesting to think that without Rayne these would likely be trading some 25%-30% higher!

[midherts] 06/9/2017 10:18

I am satisfied with my revised figures from TD - a little more than I expected.

With regard to Skyship's comment, I too think that we shall now see a fallow period until portfolio valuations prove the worth of the new concept one way or another. This is now a small holding for me and it is tempting to remove clutter but I think the 37% discount will concentrate minds if it persists so I am going to put them on the back burner for now.

MH

[skyship] 06/9/2017 09:33

Looks as though the Directors have cleaned out the tap which has brought these back down to reasonable post-tender levels @ c46p. A retreat was surely a given without the support of future tenders; but the question is at what discount level should these now trade.

At 46p they are on a c37% discount, certainly the highest in the sector, but no surprise there considering the patchy past.

The new broom will turn matters around; but perhaps they still need to evidence very positive results before the shares will be afforded a less parsimonious rating; so perhaps settling into a 44p-50p range for the time-being.

[topvest] 25/8/2017 13:35

I got 30% or so. May top up further as the price now falls. 41p was my original buy price and got about twice my original investment back. Not bad, but LMS have struggled a bit due to poor sector selection. Let's hope Gresham are better.