LMS Capital Makes Progress With Asset Realisation Strategy

LONDON (Alliance News) - LMS Capital PLC Tuesday said it has made progress with the asset realisation strategy approved by shareholders just over two years ago, with the company realising GBP44.4 million from its portfolio in 2013.

Reporting results for 2013, LMS, which returned GBP35.0 million to shareholders in July 2013, said GBP75.0 million has been returned to shareholders since the realisation strategy started on January 1, 2012. Since then, net asset value has fallen to GBP165.3 million from GBP245.0 million.

At the year end the company had GBP17.8 million in cash. It said it will consider a further return of capital in the light of realisations in the coming year, but said it won't pay a dividend for 2013.

"In 2013 the board made further progress in implementing the asset realisation strategy approved by shareholders in November 2011 and we were able to make a second distribution to shareholders. Against the background of improving economic conditions, the board believes that the company's plans for the orderly wind-down of the business should continue to deliver value to shareholders," Martin Knight, chairman, said in a statement.

Gains on the investment portfolio, before charges for incentive plans, were GBP16.5 million in 2013, compared with GBP4.1 million in losses in 2012.

The company made a GBP9.0 million profit, compared with a GBP12.0 million loss in 2012.

LMS Capital shares were Tuesday quoted at 74.50 pence, up 0.7%.

By Samuel Agini; samagini@alliancenews.com; @samuelagini

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