We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Lms Capital Plc | LSE:LMS | London | Ordinary Share | GB00B12MHD28 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.15 | 0.83% | 18.20 | 17.80 | 18.60 | 0.00 | 16:35:09 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Investment Advice | 96k | -1.87M | -0.0232 | -7.78 | 14.57M |
TIDMLMS TIDMGHE
RNS Number : 9199P
LMS Capital PLC
01 June 2018
1 June 2018
LMS Capital plc ("LMS" or "the Company")
Exercise of warrants to acquire shares in Gresham House PLC ("Gresham")
The Company has exercised its 909,908 warrants to acquire shares in Gresham. The warrants had an exercise date of no later than 30 June 2018, and an exercise price of 323.27p per Gresham share.
The company has retained 182,344 of the shares acquired on exercising the warrants and has sold 727,564 shares at a price of 420p per share.
In determining the number of shares to be retained or sold, the Company sought to hold a 5% interest in the share capital based on shares in issue by Gresham immediately following its recent acquisition. Gresham has further warrants outstanding which will dilute the Company's holding as and when exercised.
The shares retained from the warrant exercise, together with the shares in Gresham it already held, brings the Company's holding in Gresham to 984,329 shares (4.97% of the current issued share capital).
Background
As part of the arrangements in August 2016, whereby Gresham House Asset Management was appointed to manage the Company's portfolio, the Company agreed that, to increase alignment between the Company and the manager, it would invest up to GBP1.5 million to acquire shares and warrants in Gresham in order to allow the Company's shareholders to benefit from any accretion in value to Gresham.
The Company fulfilled its GBP1.5 million investment target through the acquisition of shares in the market and the purchase of 909,908 warrants issued by Gresham. The warrants were issued at a price of 28p each, had an exercise date of no later than 30 June 2018, and an exercise price of 323.27p per share. All the warrants have been exercised.
Impact on cash and net asset value at 31 March 2018
The exercise cost of the 909,908 warrants was GBP2.94 million. Net proceeds from the sale of 727,564 shares was GBP3.05 million.
At 31 March 2018, the Gresham shares then held by the Company and the unexercised warrants were valued at GBP4 million based on a Gresham share price of 408p per share at that date.
Following the warrant exercise and retention of 182,344 of the shares acquired, the Company holds 984,289 Gresham shares the value of which, based on Gresham's closing share price of 443p per share on 31 May 2018, is GBP4.36 million. This is an increase of GBP0.36 million on the 31 March 2018 value. In addition, net cash increased by GBP0.11 million as a result of the proceeds from the 727,564 shares sold, more than offsetting the cost of exercising all the warrants and retaining shares to increase the Gresham holding.
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
For further information please contact:
LMS Capital PLC 020 3837 6275
Martin Knight, Chairman
Gresham House Asset Management
Graham Bird, Investment Director 020 3837 6275
J.P. Morgan Cazenove
Michael Wentworth-Stanley 0207 742 4000
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
IOEBLGDURBXBGIB
(END) Dow Jones Newswires
June 01, 2018 02:00 ET (06:00 GMT)
1 Year Lms Capital Chart |
1 Month Lms Capital Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions