Lms Capital Share Discussion Threads

[alter ego] 08/11/2019 09:30

my broker, HL, has accepted my request to vote using their secure message facility.

[pavey ark] 08/11/2019 09:15

The voting form is on my ii account.
People should check their share accounts over the next few days.

[alter ego] 06/11/2019 09:53

thanks. will ask.

[skyship] 06/11/2019 09:19

Usually your provider will be able to do that for you under the Corporate Action flag.

[alter ego] 06/11/2019 09:08

thanks for flagging this up SKYSHIP. my holding is in a nominee account. Do you know what mechanism there is for me to be able vote?

[skyship] 05/11/2019 18:14

If anyone out there still holds; you have to vote for the Board - DO NOT abstain, otherwise the useless Robert Rayne will inherit again!
======================================================

Action to be taken by shareholders:

The General Meeting will be held at 10 Snow Hill London EC1A 2AL at 10.00 a.m. on 28 November 2019 to approve the Resolution described in the Circular.

The Resolution will be proposed as an ordinary resolution; this means that more than half of the votes cast must be in favour for the resolution to be passed.

[cc2014] 27/9/2019 08:37

It's difficult standing on the outside to unravel exactly what's going on with the power play here but I just don't see how Gresham House can manage this fund effectively with an investor who is not in alignment with the Board. Robbie Rayne still sits on the investment committee unless things have changed recently and it's clear he thinks he can do better than Gresham House (or anyone else for that matter).

Best solution would be for the Board to use all the cash to make Robbie an offer for his shares at say 45-50p and move on. Of course then the fund goes sub-scale and would have to be merged with something else. I suspect Robbie's family tax position would get in the way of the buyout, negating this as a proposition anyway.

Sadly I have done alot of work researching this share but it's resigned to the uninvestable pile until something more clear crystallises with Robbie Rayne's situation.

[skyship] 27/9/2019 07:59

I said "we"....actually I no longer hold; but follow and will rejoin at some stage.

[skyship] 27/9/2019 07:58

They should have inserted a clause stating if he loses then LMS will buyback his shares at 55p! He would never accept of course; but he really is a boil to be lanced before we can move on...

[igbertsponk] 27/9/2019 07:37

I see Robbie Rayne wants to rearrange the deck chairs on the Titanic yet again.

[tiltonboy] 28/8/2019 08:55

Somebody paid 58.5p for 3903 shares. Didnt really test the market.

Showing 55-57p now.

[value hound] 28/8/2019 08:19

Bit of a spike - anyone any ideas?

[skyship] 15/8/2019 13:38

ST write-up/revisit in IC online...

[skyship] 14/8/2019 06:13

Entuity sale completes and NAV raised by 3p to 76.3p, of which 33.4p in CASH.

[cwa1] 14/8/2019 06:11

Completion of the sale of the Company's investment in Entuity

In the announcement on 2 August 2019, of its results for the six months to 30 June 2019, the Company reported that contracts had been exchanged in late July 2019 for the sale of its investment in Entuity, with completion due on or before 30 September 2019.

The Company is pleased to confirm that completion of the sale took place on 13 August 2019.

After allowing for estimated transaction costs and payments due under legacy incentive schemes, net cash proceeds to be received by the Company will be approximately GBP10.5 million, an increase of GBP2.4 million over the net proceeds recognised at 30 June 2019 with a corresponding increase in net asset value. This reflects the sale not only of all the Company's shares, but also the repayment of all working capital loans.

Graham Bird, Gresham House Asset Management, commented:

"We are delighted on the realisation of Entuity which has been a complex transaction, but very successful from an LMS shareholder value perspective. This leaves the Company with a strong balance sheet from which to progress to the next stage of its journey as an attractive specialist private equity vehicle."

[skyship] 02/8/2019 13:15

Suspect Robert Rayne would not have sanctioned the sale!

Use some of the cash to take a hit out on the guy 😜

[tiltonboy] 02/8/2019 13:11

Weatherford worthless shows the gross dereliction of duties of the manager.

[skyship] 02/8/2019 12:52

NAV reduced again - down to 73.3p. However, will hold and hope that the current Review might hold some joy.

[tiltonboy] 26/7/2019 19:43

I met Gresham recently, and frustrated does not fully describe their feelings

[topvest] 26/7/2019 19:41

The easier option was to merge this with Gresham House Strategic, but that seems to have fallen away. Robert Rayne seems keen to do something else with LMS I think and Gresham House obviously hasn't delivered or been given the remit to deliver.

[tiltonboy] 26/7/2019 15:07

I asked the question earlier of FinnCap, and they are none the wiser.

[skyship] 26/7/2019 14:40

Anyone got any idea what this may mean? We all just want to be rid of Robert Rayne and his beneficial shareholding. Is this going to go some way to providing that cherished wish? Don't see how; but speaking in riddles may hide a solution:
---------------------------------------------------------------

26 July 2019
LMS CAPITAL PLC
Review of investment management arrangements
Ahead of the third anniversary of the appointment of the incumbent manager, Gresham House Asset Management Limited, the Board of LMS Capital plc announces that it is has commenced a process to review its investment management arrangements. The Board has taken this action to ensure that the ongoing interests of all shareholders are actively considered. A number of written proposals have been received and a select number of parties, including the incumbent manager, will be interviewed shortly. The Board will report to shareholders, in due course, the outcome of the process.
The Company expects to release its interim results to 30 June 2019 by the end of next week and those results will include an update on the Company's portfolio.

[skyship] 07/6/2019 16:21

Pretty bizarre trades today, all not amounting to more than a hill of beans, but interesting. Also helped them firm up to 52p bid...

[skyship] 28/5/2019 14:08

ST made another big write-up on GHE today. He mentions LMS in the body of the text:

"Gresham House also deploys similar investment techniques to the £59.6m (73.8p a share) portfolio it manages for investment company LMS Capital (LMS: 50p), a company I am also positive on, having suggested buying LMS’s shares in my April small-cap report for our Alpha subscribers. The investment risk is heavily skewed to the upside, given that Gresham House’s investment managers are in the process of realising significant disposals from LMS’s legacy private equity portfolio with a view to recycling the cash into new private equity investments.

The addition of the Livingbridge venture capital team to Gresham House has opened up new private equity investment opportunities to exploit, so expect news on this front in the near future. LMS’s shares are trading 30 per cent below NAV of £59.6m (73.8p a share), even though cash and quoted investments (£24.7m) accounts for 60 per cent of LMS’s market capitalisation of £40.7m. Effectively, LMS’s private equity portfolio is priced in at 55 per cent below carrying value, a ludicrously cheap valuation."

[pavey ark] 23/5/2019 12:05

I've long considered it a "VALUE HOLD".

With a 30% discount.
Plenty of cash for investment.
Prospect of more historical holdings to be sold soon.

The most positive development for me has been the appointment of Gresham House as managers.

I'm a big fan of Gresham House and hold GHE, GHEW and now GRID