Lms Capital Share Discussion Threads

[brileyloucan] 10/5/2019 12:35

I sold up a couple of weeks ago on the same basis. Would rather concentrate in best ideas and want to get down to 15 holdings

[tiltonboy] 10/5/2019 10:13

CWA,

Likewise, but likely to hold for another year or so. Would add if Robbie disappeared.

[cwa1] 10/5/2019 10:09

Like Sky, I only hold a few-so not really a big concern either way but wondering what current "groupthink" is regarding these? I'm not sure whether to just sell it up as it is so relatively small-to concentrate on other things-or if I should just hold on and hope that some value is released at some point.

Any comments welcomed.

[skyship] 24/4/2019 10:45

Good to see these picking back up to 50p again. Have to wonder whether there might be more to this than meets the eye.

For sure their holding in GHE is helping, as is the strengthening $; but LMS is now a very small part of the Gresham operation and I feel sure Tony Dalwood will be finding Robert Rayne a bit of a pain.

Best thing would be to take out the Rayne interests and treat LMS as a shell.

I only hold a few, and those I will continue to hold.

[tiltonboy] 30/1/2019 12:06

It's an absolute scandal that the Weatherford stake wasn't sold as soon as they announced they were in liquidation mode.

Looks like about £1m more to come from Penguin.

Let's see how they deploy the funds, but for now, around 50p feels like the right price.

[skyship] 30/1/2019 11:48

Agreed, looks to be Weatherford, IDE and the disappointing news on Penguin; this last a rather bizzarely rapid deterioration!

As ever, what we really need is an escape from the clutches of the useless Robert Rayne. The performance of the legacy (some legacy!) old assets is a testament to his appalling lack of judgement.

[pavey ark] 29/1/2019 09:41

The initial reaction to this update may not be great but there is real value here.
The balance of the Penguin sales will be paid in H1 and even with a write down on carrying value I see cash at c.£21m

If we take this cash from market cap and NAV we get £17.5m buys £39m of assets.

Included in these assets is £4.5m in shares in GHE.

If I get a bit silly and take the GHE holding out I get £13m buys £34.5m

I must have this wrong ?!

Time for a lie down !!

EDIT: had another look at the figures but it's never easy with just an update as compared to full results.

In the last six months I can only get about £2m drop in value of Weatherford and IDE so with GHE being about even and very few other listed assets the Penguin drop could be in the region of £3m.
It could be that in the absence of full details from the US they are taking a cautious/ pessimistic/realistic approach(you choose).

We still have £60m in assets and £17.7m of that cash but the cash element after Penguin is completed is up in the air.

If cash is taken out we still have £20m buys £43m of assets so still plenty of value.

Would really like these figures checked.

[skyship] 27/1/2019 16:38

Net Asset Value Estimate as at 31 December 2017 was declared on 24th January last year; so could well see an RNS this coming week...

[cc2014] 13/11/2018 12:09

I am struggling to understand the motivation for the transfer of shares.

It appears on first view to take the shares from within protection from IHT to outside of it, although it is entirely possible there is some way round this (which I would very much like to understand. Possibly a new trust to be set up to enable use of another zero rate band under the 10 year rule but then why distribute so much money?). I suspect the tax affairs of people with so much wealth are beyond my understanding!

Anyways I am still left with the why? and I suppose a question as to whether the beneficiary will now sell them in the market.

My suspicious mind says the Trust started with 13.4% and now has 10.85% so 2.55% have flowed to the beneficiary, who must be below the 3% level as no RNS disclosure.

Beneficiary now free to sell them without informing market?

LMS remains high up on my list of opportunities but I'm hesitant. The share price seems to be drifting away from me too.

I'll keep watching

[skyship] 10/11/2018 10:06

PA - I suppose a subscription by LMS would qualify as a concerted party transaction and have been declared like Berks CC Pension fund; however perhaps not - so with the deal not completing until the end of the month, it may well be that LMS does subscribe:

"Application will be made for the Consideration Shares and the Placing Shares to be admitted to trading on AIM ("Admission"). It is expected that the Acquisition will complete and Admission will occur at 8.00 a.m. on 30 November 2018 with the transfer and settlement of the Placing Shares with Placees shortly following Admission. In this regard, the Placing Shares are expected to settle in the CREST accounts of Placees within two Business Days of the date of Admission.

[pavey ark] 10/11/2018 08:31

Given their previously stated aim of holding 5% of GHE I was expecting them to take up shares in the placing.
5% of the total shares issued would come to under £1m.
I also half expected some sort of investment in the energy storage fund.

[skyship] 10/11/2018 07:44

Just a shifting of the chairs then. Meanwhile Gresham make another good deal and with AUM now through £2bn, the shares move ahead again.

[culver] 09/11/2018 19:15

Not selling down holding. See additional info in notification:

"This notification is made in relation to a transaction which took place on 9 November 2018 whereby Withers Trust Corporation Limited, James McCarthy and Nicholas Kelsey as Trustees of The Lord Rayne Will Trust transferred shares (comprising about 2.0% of the Company) from The Lord Rayne Will Trust to a member of the Rayne family ('the member'), who is a beneficiary of The Lord Rayne Will Trust. Prior to the transfer, the shares were held beneficially for the member (who also had a direct holding in the Company) by the Trustees. The transfer was made for no consideration and did not result in any change in the overall holding, or the overall voting rights, of the extended Rayne family and its trustees collectively, who together hold 43% of the Ordinary Shares and who are treated by the Panel on Takeovers and Mergers as "acting in concert" for the purposes of the City Code on Takeovers and Mergers. The shares were held before and after the transaction in the name of the same nominee, Rathbone Nominees Limited."

[tiltonboy] 09/11/2018 18:18

Edited: thanks culver

[eeza] 30/10/2018 07:30

3Q update

"LMS Capital plc



LMS Capital plc is issuing the following update covering the period from 1 July 2018 to date.


30 September 2018 Net Asset Value

The Company's unaudited net asset value ("NAV") at 30 September 2018 was £63.1 million (30 June 2018: £63.8 million), equivalent to 78.1p per share (30 June 2018: 79.0p)."

[pavey ark] 25/10/2018 08:35

CC2014, thanks for that, much appreciated.

I am more than happy to hold here.
Although the major holdings are unlisted it has been shown that these can be sold at a good price.
Yes to, Penguin, National Energy Partners have all been sold at a good price and their remaining shares must be viewed as very sound.
For once Medhost looks to be on the up.

I'd be surprised if the company's remaining assets could not be sold at current valuation or even more.

When these assets are realised I expect Gresham to manage them well and together with the unwinding discount I look forward a good return on my investment.
Edit: GHE are aiming at a return of 12/15% a year on LMS assets but by my calculations even if they only managed 7.5% a year the share price could grow at 15% and after three years the discount should still be c.24%
I would be very content with a compound growth of 15% for three years !!

[skyship] 24/10/2018 14:50

Yes, I think they "kitchen sinked" the valuations when they took over the management, so personally happy to wait for value to out as the 37% discount suggests very little downside from here.

[cc2014] 24/10/2018 14:24

I attended the presentation Skyship

I was impressed but I think there's a sticking point.

The fund has been taken over by Gresham and the existing investments will need to be crystallised to produce cash for the new investments. This is going to take time and I question at what price and when they can be crystallised.

If I heard correctly (I need to check) many of the current investments are overseas so a strengthening pound (which I see post Brexit) is going to knock the existing NAV. Also, I question whether the NAV will also get knocked on crystallising existing assets. About a third is held in unquoted companies. Trawling through the accounts would help understand this. I do note the NAV has already been written down by Gresham on taking the fund over so maybe that's all in the price.

Going forward they intend to invest in :
1. smaller uk opportunities
2. property based
3. energy based.

focused mainly on UK.

Longer term I might buy some of these but in the short term I think the share price will go lower before it goes higher, a strengthening pound being my biggest concern.

[sharesoc] 23/10/2018 12:56

The stockopedia report and presentation from our recent Manchester seminar for LMS Capital is available in our full member exclusive area here: hxxps://www.sharesoc.org/members-area/

[pavey ark] 22/10/2018 12:41

I wonder if they're buying into the new Gresham energy storage fund?

[skyship] 18/10/2018 08:13

Anyone have any news on how that Sharesoc presentation went?

[sharesoc] 09/10/2018 12:53

LMS Capital along with three other companies present at our Manchester growth company seminar on the 16th October, more details and registration here:

[sharesoc] 05/10/2018 13:57

LMS Capital present at our Manchester growth company seminar on the 16th October, more details and registration here: