LMS Capital net assets fall; says "much to be delivered at Dacian"

(Alliance News) - LMS Capital PLC on Monday said its net asset value declined in the final three months of last year.

LMS, which has assets in the retirement living and energy sectors, said its net asset value per share at December 31 decreased 2.2% on-quarter to 36.0 pence from 36.8p. It was down 20% from 44.8p a year prior.

LMS Capital shares fell 7.1% to 15.23 pence each in London on Monday afternoon.

Its net asset value fell 2.4% on-quarter to GBP29.0 million from GBP29.7 million, and 20% on-year from GBP36.2 million.

The value of its investment portfolio, which includes the Castle View retirement living asset and Romanian oil and natural gas production company Dacian, rose 6.4% to GBP23.2 million in December from GBP21.8 million in September. However, it was down from GBP23.5 million a year prior.

Cash held fell to GBP6.8 million from GBP8.8 million in September and GBP13.5 million a year prior.

Looking ahead, it still sees "opportunity" in the retirement living sector.

On Dacian, it added: "The company's 2026 budget indicates a potential further working capital requirement in the range USD1.0 million to USD1.5 million in order to complete the plan set out by the team last July. The actual timing and amount will depend on the outcomes of the various workover projects currently in hand. Overall, whilst acknowledging the risks inherent in the oil and gas sector and that there is still much to be delivered at Dacian the board remains of the view that the additional investment since July 2025 will show attractive returns and produce a better outcome for investors on realisation."

LMS Capital expects to announce the audited full-year results next month.

By Martin Miraglia, Alliance News reporter

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