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 0.32% 31.20 0.00 16:35:06
Bid Price Offer Price High Price Low Price Open Price
29.20 33.20
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial -4.47 -5.50 25
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 31.20 GBX

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Date Time Title Posts
16/11/202012:27Something I have bought!!1,450
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 31.10p.
Lms Capital Plc has a 4 week average price of 28.30p and a 12 week average price of 27.70p.
The 1 year high share price is 53.50p 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 12,771 shares. The market capitalisation of Lms Capital Plc is £25,186,964.40.
skyship: Rayne's previous forays into the sector were pretty disastrous - so IMO not a good start to the dispersal of LMS cash.
cwa1: Interesting , and unexpected by me, acquisition of interests in the oil and gas industry! 12 August 2020 LMS Capital PLC INVESTMENT IN A PORTFOLIO OF OIL AND GAS PRODUCING ASSETS IN ROMANIA · Leadership of an investment group to acquire an interest in Dacian Petroleum ("Dacian") in Romania · Dacian will, conditional on obtaining necessary Romanian Government approvals, acquire a business operating onshore oil and gas fields currently producing approximately 1,400 barrels of oil equivalent per day ("boepd") with significant production upside and unrecovered reserves · Approvals expected late Q3 or Q4 with a backstop date of 8 January 2021 · LMS investment of US$9.05 million in loan and equity capital to acquire a 32% holding in Dacian · Co-investors include Dacian management, LMS Directors and others
skyship: We all know that Robert Rayne is one of the best value destroyers in the investment game, so can there ever be a reason to buy LMS now that he is back in charge. Personally I've always been prepared to chance a few quid when a discount reaches absurd levels. Two universal laws: # Nature abhors a vacuum # Market forces of one form or another tend to rectify discounts 😊 So, we now see LMS on offer at a smidgeon below 38p - already down 10.5% on the price paid by Peter Harvey just over 3weeks ago. At 38p the 30th Sept'19 NAV, adjusted for the 4.25p special dividend, comes out at 68.4p - so the discount now = 44.4%. That discount should be confirmed one way or another later this month when the Dec'19 NAV figure is due to be released; when a further small haircut has to be considered quite likely. Of the net £55.2m net assets, no less than £25m is in cash - that's 31p/share. So, may be stupid, but I've taken a small position...
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."
aclelland: Gresham House Asset Management Limited (“GHAM”) notes the announcement made today by LMS Capital plc (“LMS”) that the resolution to re-appoint GHAM as investment manager to LMS was not carried. The resolution was put to LMS shareholders by the LMS board (“Board”) and was unanimously recommended by the independent directors of the Board. The recommendation also received the support of independent proxy research house ISS. Robert Rayne, the only non-independent board member who, together with family-relatedholdings represents c.42% of the outstanding shares (“Rayne Concert Party Shares”), opposed the Board’s recommendation, instead proposing an internally managed solution. GHAM notes that a very substantial majority of holders of non-Rayne Concert Party Shares comprising 82%, supported the Board’s recommendation and voted for the re-appointment of GHAM. Following the outcome of the shareholder meeting, the independent directors of the Board have resigned, as they do not believe that the internal management proposal is in the best interests of shareholders as a whole. An announcement relating to the appointment of replacement directors will be made by LMS in due course. LMS had net assets of £58m as at 30 September 2019, representing approximately 2% of GHAM’s total assets under management. The mandate is therefore not financially material to GHAM or to Gresham House plc. Background GHAM was appointed investment manager to LMS in August 2016, following a shareholder vote. The appointment came with a change of investment policy, bringing to an end LMS’s previous realisation policy, and sought to improve governance, reduce costs and, following further committed returns of capital to shareholders, ultimately to recommence investment. GHAM’s appointment was instrumental in catalysing significant positive changes at LMS, including improved governance, very significant cost reductions, portfolio re-appraisal and management, successful realisations, and improved investor relations and shareholder focus. Under GHAM’s management, sufficient cash was raised from realisations to return £11m to LMS shareholders in August 2017, fulfilling the commitment made in August 2016 earlier than expected. Since then, GHAM has facilitated and managed further realisations which have led to a position where, as at 30 September 2019, LMS had in excess of £28m cash available for investment. Next Steps GHAM will remain as Alternative Investment Fund Manager to LMS until LMS secures the necessary authority and approvals from the Financial Conduct Authority to manage its investments directly or alternative arrangements are put in place. Robert Rayne confirmed in his Circular to LMS shareholders dated 8th November 2019 that the New Board intends to serve notice to GHAM to terminate its existing contract, and hence these arrangements will not extend beyond 31 May 2020.
aclelland: For LMS Capital Investors, here are links to important documents ahead of the shareholder vote on the investment management arrangements on November 28th. It's important you vote to make your voice heard and retain Gresham House in the interests of all shareholders. Here is the link to the LMS Capital circular regarding the Recommended Proposal for the Company’s Investment Management Arrangements: And also the EGM Presentation: These are important documents that support the Board's proposal to retain Gresham House as investment manager.
skyship: 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: SKYSHIP, I agree with your 33.5% figure but my figure for net cash is 43%,obviously we are using a different method of calculation. Perhaps more interestingly I get a figure of £20m for the total NEAR CASH which renders all discount figures even more silly. 1 Residual payment on Penguin is £4.3m but willing to discount this to £3m 2 Nationwide Energy Partners owe £2.96m (Dec 2017)and this is rock solid but I don't know the repayment schedule so call it £2.5m 3 8% Convertible loan instrument with Northbridge IS is already "in the money" £600k but to keep things neat call it £500k. If the above are taken out I get a discount of c.50% on all the other assets. A £4.5m holding in Gresham House discounted by 50% !!? Plenty of other solid assets that are discounted at silly rates. I have been buying over the last month and this has reached 5% of my share holdings. In my opinion these discounts take out much of the possible downside. Happy to hold but probably have enough. Edit: I don't think that Simon Thompson, in the IC, covers this now. Any recent mention of LMS has been in relation to their holding in Gresham House, which is a big favourite of his. It looks like LMS share price is at the mercy of PIs doing their own research.
cwa1: There's a wholly unfamiliar blue hue surrounding the LMS share price this morning. Another screen fault?
Lms Capital share price data is direct from the London Stock Exchange
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