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 Shares Traded Last Trade
  -0.10 -0.31% 32.20 11,970 16:35:07
Bid Price Offer Price High Price Low Price Open Price
30.80 33.60 0.00 0.00 0.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial -4.47 -5.50 26
Last Trade Time Trade Type Trade Size Trade Price Currency
09:53:54 O 11,970 30.8065 GBX

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Date Time Title Posts
30/4/202013:38Something I have bought!!1,446
28/11/201919:27LMS Shareholders reject Independent Board recommendation-
21/11/201910:15LMS Capital - Vote Gresham House1
19/11/201913:33LMS Capital - Proxy Voting-
15/11/201916:10LMS Capital - Retain Gresham House1

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Lms Capital Daily Update: Lms Capital Plc is listed in the General Financial sector of the London Stock Exchange with ticker LMS. The last closing price for Lms Capital was 32.30p.
Lms Capital Plc has a 4 week average price of 30.80p and a 12 week average price of 29.20p.
The 1 year high share price is 60p while the 1 year low share price is currently 22.70p.
There are currently 80,727,450 shares in issue and the average daily traded volume is 9,789 shares. The market capitalisation of Lms Capital Plc is £25,994,238.90.
cc2014: It my view it is univestable, unless the share price falls significantly. 1. The fund will be run for the benefit of Robert Rayne and family 2. It doesn't have scale without GH so management costs are going to be high 3. The fund promises around 15% (sorry can't be bothered to look it up but that's from memory from the circular, might be 12% or some other high number) so it's investing in risky risky stuff. Now the conjecture part... GH were appointed around 2-3 years ago and in that time bought nothing and only continued selling off the existing assets (running down the fund if you like). That's not what they were appointed to do and having spoken to Graham Bird that wasn't their intention at the outset. It's inconceiveable they wouldn't have anything to buy in that timeframe so I assume everything they put forward the Rayne family didn't like. Perhaps because they had their own set of investments lined up... which GH would have looked at and presumaly didn't like the look of. I venture that what was supposed to happen was that GH were supposed to be a puppet for the Rayne family to give the fund some credibility to enable the NAV to close and perhaps get away a raise to give it size. Only GH felt conflicted... whatever... It's going to need a huge discount to NAV to get me interested. No-where near the current share price.
skyship: CWA1 - Simon Thompson today recommends to ditch LMS. Below is the closing part of the article: "My concern is that the concert party has effectively taken control of LMS without paying a premium for doing so. In my view, this will create an overhang of shareholders (who had previously been backing GHAM) who will want to exit. The fact that LMS’s share price reversed from a 12-month high of 59.5p at the end of October is telling, as is the fact that, at 49.3p, the shares now trade on a 32 per cent discount to net asset value (NAV). I can see no reason why new buyers would want to back Mr Rayne’s team at this juncture given that LMS now has fewer resources at its disposal and also needs to recruit expertise it currently doesn’t have. So, having recommended buying the shares, at 48.8p, in my April Alpha small-cap report, I recommend exiting at around break-even. Sell."
cc2014: 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
cc2014: 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.
pavey ark: 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: There's a wholly unfamiliar blue hue surrounding the LMS share price this morning. Another screen fault?
skyship: Hi Tilts It's in the Header under the chart; but also here:
swiftnick: Not complaining that the share price is up 10% this morning, but all that has happened is that they've announced what they said they were going to announce at a price that people were expecting.
skyship: This is what Simon Thompson (The IC) replied a week ago to a query on his LMS thread: "There is substantial value here. The directors have 'kitchen sinked' the valuations ahead of the transfer of the mandate to Gresham House. I was correct with the first half currency gain - £6.8m, or 6p a share - but this was offset by a £8m plus unrealised loss on investments for disposal. Net liquid assets are around £15m, or 14.5p a share as predicted. NAV of 88p is 46 per cent more than the current share price and in effect a quarter of the share price is cash. My view is that sterling has further to fall, so giving a boost to the portfolio which is 70 per cent US dollar denominated, and with a better asset manager in place then there is scope for the share price discount to narrow markedly. Also, the above 88p NAV excludes the free shares in Gresham House worth 1p a share, and the likely value added through the £1.5m invetsment in Gresham House warrants. I remain a buyer of LMS shares." I've been in & out of GH many times in the past. New management installed there; and now they will be running LMS - that has to be an improvement. Also, to invest where they want to invest, they need to sell existing LMS assets; and that will in turn trigger the 2nd & 3rd Tenders. So, there are big changes here - sufficient to keep me on board.
skyship: After the bizarre happening last Summer when the LMS Capital (LMS) BoD tried and failed to usurp shareholders wishes for liquidation, many continue to harbour doubts as to the Board’s probity. However, there is no escaping the 4 principal facts: 1. Their past performance with the liquidation process has been impeccable, with 63% of the NAV at the start of the process having already been returned – a figure equal to the MCap at the start of the process 2. The liquidation process is again on track with a 28.7% tender at NAV in Dec’15 3. At the AGM last month the BoD again reaffirmed the liquidation process and the continuing return of capital through Tenders; and for the first time they put a timescale to completion of the process – essentially by Dec’17 4. The current NAV = 88p; versus the offer price of 63p; ie the shares are trading at a full 28.4% discount, even though in liquidation mode These are the basic facts which should justify an element of research. That research will quickly uncover last month’s AGM statement which revealed that already the Company is refilling the cash coffers – now up to £15m, so likely halfway to what will be needed for the next Tender. So, now one needs to practice a little conjecture. Say the next Tender will be declared again for 28.7% - that would translate to 29.7m shares @, well let’s be conservative and predict an NAV fall from 88p to 85p, so @ 85p would cost £25.25m. Note – we already have £15m in the kitty! So, buy @ 63p…..sell a minimum of 28.7% @ 85p…..yes, that’s a profit of 35% on that part. But wait, it gets better. First, there is the official Tender overage – that was an additional 3.4% in the last Tender, the 4th Tender providing these profitable trading opportunities. Add to that the unofficial overage which arises from having your stock held in a Joint Stock Nominee Account. I got another 7% from Selftrade last time around – a total of 39.4% redeemed at NAV. Many posters on the LMS thread did even better than that. The Nominees overage is a fickle friend paying out better for some than for others – but always more! This aspect will only make sense to the professional investor; but the few who visit here are just that, so I won't dwell on that. The final soupcon of information for the time-being. The well-respected IC tipster Simon Thompson has just revisited LMS. He wrote a piece on LMS yesterday. I won’t post his entire article as the IC Online is a subscription site; however, I will post his closing remarks: ======================= “Of course, the fall in LMS's net asset value from 96p last autumn, to 92p at end of December 2015, and to around 88p now will make some investors cautious even though the aforementioned one-off hit on an unlisted investment and the fall in Weatherford's share price account for the vast majority of the decline. However, I believe the discount is simply too deep given the impressive track record of the company in successfully divesting its interests. I also believe that given the surge in the cash pile, and the fact that LMS's uncalled commitments to funds it has invested in is only £4.1m, then it's only reasonable to expect LMS to make another hefty cash return later this year through a tender offer pitched at net asset value, a factor that is simply not being reflected in the share price. The company is due to report results at the end of July and I would anticipate further news on likely capital distributions then. I would point out too that every time the company has announced a tender offer the share price has bounced back strongly. Needless to say, I rate LMS Capital's shares a buy on a bid-offer spread of 62p to 63p.” ==================== So, in a difficult year VALUE is hard to find. LMS certainly represents VALUE. And if you are still looking for a hedge against a plunge in CABLE following an unlikely BREXIT vote, the LMS portfolio is 66% $-denominated.
Lms Capital share price data is direct from the London Stock Exchange
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