LMS Capital PLC Third quarter update (5941F)

TIDMLMS

RNS Number : 5941F

LMS Capital PLC

30 October 2018

LMS Capital plc

("the Company")

Third Quarter 2018 update

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 GBP63.1 million (30 June 2018: GBP63.8 million), equivalent to 78.1p per share (30 June 2018: 79.0p). The most significant movements in the quarter were:

-- The investment portfolio showed a net unrealised loss in the quarter of GBP0.4 million after including unrealised exchange gains of GBP0.5 million. The loss was due principally to changes in the prices of quoted securities.

-- Reductions in the value of the Company's holdings in IDE Group and Weatherford, of GBP0.8 million and GBP0.2 million respectively, were in part offset by an increase of GBP0.4 million in the value of its holding in Gresham House plc.

-- Other net movements in the portfolio amounted to a reduction of GBP0.3 million

-- Other net changes, including operating costs for the quarter amounted to a GBP0.3 million reduction

The NAV at the end of September is based on the valuation of the Company's investments as at 30 June 2018, adjusted for transactions in the three months ended 30 September 2018, price movements on quoted securities, movements in foreign currency exchange rates, cash calls and distributions from funds, latest reports from third party fund managers, purchases and sales of quoted and unquoted securities, and operating expenses. The next full valuation of the portfolio will be for the Company's full year results as at 31 December 2018.

Since the end of September, further movements in the prices of the Company's quoted investments and changes in the sterling/US dollar exchange rate have not had a significant impact (either individually or in aggregate) on the Company's NAV as at the end of September.

Outlook

As reported in the Company's interim results, following cash realisations in the first six months of the year the Company has re-started its investment activities and is well positioned to take advantage of a pipeline of investment opportunities. The Company had cash balances of GBP13 million at 30 September 2018.

- Ends -

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 
  Martin Knight, Chairman                  020 3837 6270 
 Gresham House Asset Management Limited 
  Graham Bird                              020 3837 6270 
 J.P. Morgan Cazenove 
  Michael Wentworth-Stanley                020 7742 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 [e-mail] or visit www.rns.com.

END

UPDBCBDGUGDBGIC

(END) Dow Jones Newswires

October 30, 2018 03:00 ET (07:00 GMT)