LMS Capital PLC - London-based investment company - Sells its minority interest in Medhost Inc, a Tennessee, US-based health information technology company, for net proceeds of USD8.6 million. Of this, USD7.0 million will be paid in cash at closing and USD1.6 million by way of a promissory note, to be settled one year after closing, accruing interest at 11.25% per annum. LMS Capital says that the ned proceeds for the sale are USD1.6 million in excess of Medhost's book value at September 30.
Last week, LMS announced the acquisition of Castle View Retirement Village in Windsor, with the aim of developing an investment platform in the retirement sector.
Chair Robert Rayne says: "I am delighted, following last week's announcement of our acquisition in the retirement living sector, to now be able to report this exit and at a value greater than our book amount. It represents significant progress in the realisation our remaining portfolio of mature assets."
Current stock price: 23.93 pence
12-month change: down 19%
By Holly Beveridge, Alliance News reporter
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Lms Capital (LMS)