Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
To achieve absolute total returns over the medium to longer term, principally through capital gains and supplemented with the generation of a longer term income yield, by investing primarily in private equity.
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LMS Capital, an investment company specialising in small- to medium-sized companies in the consumer, energy and business services, intends to return up to 40m pounds to shareholders, it announced on Friday. The £40m marks the first chunk of what is hoped will be ongoing distributions to shareholders. To qualify shareholders must be on the register by the end of November 22nd. This is the latest step in a strategic move as it attempts to gradually realise the value of its portfolio, much of it invested in unlisted companies, and return cash to shareholders. In the three months to September 30th, it received proceeds from 'realisations' (principally distributions from its fund interests) of £21.4m, including £17.9m from San Francisco Equity Partners following its sale of Method Products. In the same period calls from its outstanding fund commitments were £1.1m. Total realisations in the first nine months of the year were £31.5m, with fund calls of £4.9m.
stophe73 - its been a while ! - I did have a quick look but didnt get involved with BBGI - It seems to be a share that keeps a fairly constant SP ( for most of this year anyway )
Financial information The Company's unaudited net asset value at 30 September 2012 was £232.8 million a 3% decline from 30 June, which principally reflects the weakening of the US dollar against £ sterling in the quarter. There was also a slight decline in overall fund values reported by general partners. The Company's financial position at the end of October was substantially unchanged. The carrying value of the portfolio at 30 September 2012 is based on the valuation of the Company's investment portfolio as at 30 June 2012 with adjustments for transactions in the three months ended 30 September 2012 including price movements on quoted securities, movements in foreign currency exchange rates, cash calls and distributions from funds and sales of quoted and unquoted securities. The next full valuation of the portfolio will be for our full year results as at 31 December 2012.
Consolidated portfolio subsidiaries The latest available trading results for our portfolio subsidiaries are to 30 September: · Updata grew revenues by 6% in the first nine months of the year compared to 2011 and revenues from rental contracts in the same period were approximately 16% ahead of the previous year; · Nationwide Energy Partners continues to perform well with revenues for the first nine months 22% ahead of the same period last year and a large pipeline of potential new accounts; · Wesupply's revenues were 13% ahead of the corresponding period last year resulting in a significantly improved EBITDA performance; · Entuity has continued its improving trend after difficult trading conditions in the second half of 2011 - revenues are 4% ahead of 2011 for the nine months and in the third quarter were 37% ahead of the same period last year; · 365iTMS is performing in line with our expectations at the time of our investment a year ago.
Interim Management Statement The Board of LMS Capital ("LMS" or "the Company) is pleased to present the Company's Interim Management Statement ("IMS") as required by the UK Listing Authority's Disclosure and Transparency Rule 4.3. This statement relates to the period from 1 July 2012 to 1 November 2012. LMS Capital is an investment company focused on small to medium sized companies in consumer, energy and business services. Following a General Meeting on 30 November 2011, the Company is undertaking a realisation strategy which aims to achieve a balance between an efficient return of cash to shareholders and optimising the value of the Company's investments. The Company's unaudited net asset value per share at 30 September 2012 was 85 pence, down 3 pence from 88 pence as at 30 June 2012. The principal factor in this decrease was unrealised currency losses as the US dollar weakened against £ sterling over the period. In the three months to 30 September 2012 we received proceeds from realisations (principally distributions from our fund interests) of £21.4 million, including £17.9 million ($28.4 million) from San Francisco Equity Partners following its sale of Method Products. In the same period calls from our outstanding fund commitments were £1.1 million. Total realisations in the first nine months of the year were £31.5 million, with fund calls of £4.9 million. Uncalled commitments to funds at 30 September 2012 were £10.6 million and the Company had cash of £51.5 million. The Directors have previously stated their aim to announce a first distribution to shareholders before the end of this year. Today we have also made a separate announcement explaining that we have published and sent a circular to shareholders setting out details of a proposed tender offer in relation to a return of up to £40 million to shareholders.
http://www.investegate.co.uk/Article.aspx?id=201211020700051561Q
did you manage to look at bbgi
Net asset value per share held steady at 90p in 2011 at investment company LMS Capital as the company embarked on the mammoth task of unwinding its portfolio. The investment portfolio showed a net gain of £8.7m compared to £23.9m the previous year, including realised gains of £6.4m (2010: realised loss of £1.0m). The company is in the process of conducting an orderly realisation of all the assets of the company, and has put a freeze on all new investments. The directors aim to make an initial return of cash to shareholders by the end of 2012, with a further distribution by the end of 2013. Full realisation of the portfolio is likely to be completed in three to five years. Proceeds of realisations during the year were £62.7m (2010: £24.3m) including sales of quoted securities of £31.6m (2010: £6.2m), proceeds from the secondary sales of funds of £14.6m (2010: nil) and distributions from funds of £11.7m (2010: £13.7m). Outstanding commitments to funds were £18.9m at the end of the year, down from £40.7m at the end of 2010. As at December 31st the investment management business had net cash of £30.6m and no debt (December 31: net debt of £5.0m).
John Barnsley, Chairman of the Independent Committee, commented: "Institutional shareholders have told us that, if the current investment strategy cannot be continued given the opposition of the Rayne family Concert Party, institutions would support an orderly wind-down by the current management team under the supervision of independent directors. The Company will be writing to shareholders shortly to table resolutions to approve the orderly wind-down and to address the composition of the Board so as to ensure its full independence as it supervises the wind-down. The Board is concerned to ensure there is no possibility of the Rayne family Concert Party having, or appearing to have, any undue influence or confidential information during the course of the implementation of the wind-down."
PROPOSED CHANGE OF INVESTMENT STRATEGY and CONVENING OF GENERAL MEETING On 6 September 2011 the Board of LMS Capital plc (LMS or the "Company") announced that it had received an approach by its Chairman, The Honourable Robert Rayne, and certain members of the Rayne Concert Party together representing approximately 35 percent of the Company's shares, requesting that the Company be broken up in the short term. An independent committee, comprising the Non-Executive Directors excluding Robert Rayne (the "Independent Committee") and under the Chairmanship of John Barnsley, has considered this request and, with its advisers, consulted certain shareholders about possible solutions. The Independent Committee has sought to structure an exit for the Concert Party, but it has not been possible to establish a price at which the Concert Party would be willing to sell its holding and at which a buyer or buyers for those shares could be found in current market conditions. In consequence, the Independent Committee no longer believes that the status quo is sustainable, given the wide discount at which the Company's shares trade (along with the shares of other similar companies) and in excess of one third of the Company's shares are held by the Rayne Concert Party, which is emphatic that the Company must pursue a realisation strategy. The Independent Committee has concluded that, whilst it has every confidence in the incumbent management team led by Glenn Payne, it would be in the interests of shareholders as a whole for a new strategy to be implemented which would require the Company's portfolio to be realised in an orderly manner. This strategy would be expected to achieve a balance between an efficient return of cash to shareholders and maximising the value of the Company's investments. No new investments will be made. The Independent Committee proposes that this strategy be implemented, under its supervision, by the incumbent management, with a streamlined cost structure and suitable incentive arrangements in place to align management's interests more closely with the shareholders under the new strategy. The Board will accordingly be publishing a circular and notice of General Meeting shortly to propose a change to the Company's investment policy as outlined above, and to address the composition of the Board so as to ensure its full independence as it supervises the wind-down. Accordingly, Robert Rayne has been asked to resign from the Board. In the event that these objectives are not achieved, three of the independent non-executive directors, John Barnsley, Richard Christou and David Verey, will resign from the Board.
http://www.investegate.co.uk/Article.aspx?id=20111010070000PABBF
http://www.investegate.co.uk/Article.aspx?id=201109061049116970N
LMS stays in one piece Date: Tuesday 06 Sep 2011 LONDON (ShareCast) - Shares in investment firm LMS Capital jumped 10% after news it would not be broken up, despite demands from a substantial minority of shareholders, including its chairman. LMS said that shareholders holding around 35% of the firm's share capital had called for the company to be dismantled in the short term. The firm said having considered the request "and taken independent financial advice from Quayle Munro Limited, the directors, by a majority of six to two...do not believe that a break-up of the company at this time would be in the best interests of shareholders as a whole". It said LMS' revised strategy to pursue direct investments in growing, profitable businesses primarily in the energy, consumer and business services sectors, had seen significant progress since August 2010, including owned EBITDA increasing 42% for the six months to the end of June. The board has now appointed an independent committee comprising the non-executive directors and excluding its chairman, Robert Rayne, to consider its next moves in relation to the break-up demand.
http://www.investegate.co.uk/Article.aspx?id=20110328080000P1858
LMS Capital to keep selling quoted holdings Date: Monday 28 Mar 2011 LONDON (ShareCast) - Investment company LMS Capital grew its net asset value by over £17m in 2010 and expects to keep selling stocks this year. Net asset increase to £245m, or 90p a share, from £227.7m, or 84p a share, at the end of 2009, while the investment portfolio revealed a net gain of £23.9m compared with a £4.9m loss a year ago. Profit from continuing operations increased to £15.2m from £12.4m. "2010 was a transitional year during which we have successfully implemented a refined strategic focus; our results announced today demonstrate that the benefits of this are already coming through,” chief executive Glenn Payne said Monday. “New investments in 2010 were in profitable and growing businesses and we are no longer funding legacy investments. We sold a number of our quoted holdings during 2010 and we expect more realisations during 2011 as stocks hit the exit price we have established.”
Market
http://www.investegate.co.uk/Article.aspx?id=200906021610241901T
Will check out final results tomorrow still