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
  0.00 0.0% 58.25 18,445 16:35:24
Bid Price Offer Price High Price Low Price Open Price
56.50 60.00 59.50 59.50 59.50
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial -4.21 -5.20 47
Last Trade Time Trade Type Trade Size Trade Price Currency
14:44:27 O 6,000 56.85 GBX

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Date Time Title Posts
27/9/201909:37Something I have bought!!1,399
28/8/201508:03** LMS **-

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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 58.25p.
Lms Capital Plc has a 4 week average price of 54p and a 12 week average price of 48.80p.
The 1 year high share price is 59.50p while the 1 year low share price is currently 44p.
There are currently 80,727,450 shares in issue and the average daily traded volume is 38,925 shares. The market capitalisation of Lms Capital Plc is £47,023,739.63.
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:
pavey ark: Swiftnick, what it should show you,if you didn't know already, is that most PIs can't work a calculator or make individual decisions. The share price has just moved to where it should have been and still a very comfortable 23% discount to NAV.
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.
pavey ark: As has been posted previously, there comes a point in every share price when all the bad news is in and all the deserved selling has taken place and yet the selling continues. A 40% discount is quite a buffer. The £11m buy back at 95% of NAV , although in two stages, should be this year. GHE is on the up and LMS should have 15% of the company if warrant are exercised. (these warrants have just gone "in the money"). You pays your money, you takes your chance but there comes a point when you have to question when/if things have gone too far. I have a small (residual) holding here but had the calculator out this morning and may add. My views on LMS are no doubt improved by the fact that I have a holding in GHS and like what they are doing there.
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.
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