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LMS Capital is an Investment Trust

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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First Quarter 2021 Update

29 Apr 2021 07:00

RNS Number : 9899W
LMS Capital PLC
29 April 2021
 

 

 

 

 

 

 

 

29 April 2021

 

 

LMS CAPITAL PLC

First Quarter 2021 Update

 

LMS Capital plc (the "Company") the listed investment company provides the following update covering the period from 1 January 2021 to date.

 

Financial Highlights

 

· Unaudited Net Asset Value ("NAV") at 31 March 2021 was £47.5 million (58.9p per share). This compares to £47.9 million (59.4p per share) at 31 December 2020; and

· Cash at 31 March 2021 was £21.5 million compared to £20.6 million at 31 December 2020 and increased due to £1.6 million of portfolio distributions.

 

Unaudited Net Asset Value at 31 March 2021

 

The £0.4 million decrease in NAV during the first quarter arises from £0.3 million of unrealised gains on the investment portfolio, offset by £0.2 million of portfolio foreign exchange losses from the weakening of the U.S. Dollar against the sterling and £0.5 million of running costs and investment costs.

 

NAV at 31 March 2021 is summarised below:

 

Unaudited 

31 March 2021 

 

Audited

31 December 2020

£ millions

Quoted Investments

0.6

0.2

Unquoted Investments

7.5

10.1

Funds

12.7

11.9

Subtotal Investment portfolio

20.8

22.2

Cash

21.5

20.6

Dacian Investment - Funds Deposited

6.6

6.6

Other Net Assets/Liabilities 

(1.4)

(1.5)

Net Asset Value

47.5

47.9

 

 

NAV at the end of March is based on the valuation of the Company's investments as at 31 December 2020, adjusted for transactions in the three months ended 31 March 2021, price movements on quoted securities, movements in foreign currency exchange rates, cash calls and distributions from funds, and the latest information available from third party fund managers.

 

Portfolio Unrealised Net Gains

 

The portfolio net unrealised gains of £0.3 million, excluding foreign exchange movements, are summarised below:

 

Quoted Investments

 

The Company's quoted investment valuations increased by a net £0.4 million during the first quarter of 2021, reflecting underlying market price increases.

 

Unquoted Investments

 

The Company's unquoted investments include assets managed by San Francisco Equity Partners (ICU Eyewear and YesTo) and our direct holdings in Medhost, Elateral and Northbridge Industrial Services plc.

 

Total unquoted investment unrealised losses were £1.1 million. This relates to Medhost where Primus Capital, the lead fund manager on Medhost, reduced its valuation resulting in an unrealised loss of £1.1 million for the first quarter on the Company's holding in Medhost.

 

Funds

 

The Company's fund investments include its holding in Brockton Capital Fund I, Opus Capital Partners ("Opus"), Weber Capital Partners ("Weber") and five other smaller fund interests.

 

Total fund unrealised gains were £1.0 million, primarily from Opus and Weber. The carrying value of the funds is based on the latest available information from the respective fund managers, generally the 31 December 2020 fund valuation reports except for Weber, which is based on 31 March 2021 valuations.

 

Portfolio Realisations

 

Realisations from the portfolio during the quarter were a £1.5 million distribution from ICU Eyewear plus other fund distributions of £0.1 million.

 

Liquidity and Outlook

 

The Company continues to maintain significant cash balances, £21.5 million at 31 March, and remains cautious about the way its liquid resources are deployed. The Company continues to review opportunities with its real estate teams, Cavera and George Capital, and has a pipeline of opportunities for other investments.

 

Dacian

 

Our investment in Dacian, the Romanian oil and gas production company, is in the final stage of its approval process with the Romanian authorities. The Dacian team continues to believe the approval process will conclude satisfactorily. Once the approvals have been obtained and the transaction completes, we will issue updated information on the investment.

 

The information contained in this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon publication of this announcement, this inside information is considered to be in the public domain.

 

29 April 2021

 

For further information please contact:

LMS Capital PLC

Nick Friedlos, Managing Director

0207 935 3555

 

Shore Capital

Robert Finlay

0207 408 4050

 

 

 

 

 

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
UPDUWSRRABUSUUR
Date   Source Headline
19th Nov 20081:00 pmRNSUpdate re discussions with LMS Capital plc
19th Nov 200811:52 amRNSLMS Capital plc ends discussions with Dmatek Ltd
14th Nov 200810:30 amRNSTransactions in own shares
12th Nov 20081:25 pmRNSTransaction in own shares
7th Oct 20087:55 amRNSResponse to Press Speculation
7th Oct 20087:00 amRNSStatement re. Press Comment
1st Oct 20084:31 pmRNSHolding(s) in Company
30th Sep 20084:23 pmRNSTransaction in own shares
30th Sep 200810:34 amRNSPublication of Interim Report 2008
29th Sep 20084:15 pmRNSTransaction in own shares
29th Sep 200811:00 amRNSHolding in Company
15th Sep 20083:02 pmRNSHolding in Company
15th Sep 20082:01 pmRNSHolding in Company
12th Sep 20089:57 amRNSHolding in Company
11th Sep 20087:00 amRNSInterim Results
9th Sep 200810:30 amRNSHolding in Company
4th Aug 200810:51 amRNSHolding(s) in Company
20th Jun 20087:00 amRNSLMS Capital invests in Pims G
13th Jun 20083:07 pmRNSTransaction in own shares
6th Jun 20082:50 pmRNSAGM Poll Results
6th Jun 20087:00 amRNSAGM Statement
19th May 20087:00 amRNSAcquisition
25th Apr 20083:00 pmRNSAnnual Report 2007
2nd Apr 20084:15 pmRNSNotification of Transactions
31st Mar 20089:01 amRNSSale of ECI Ltd & Nav Update
26th Mar 200812:57 pmRNSHolding(s) in Company
26th Mar 20087:01 amRNSFinal Results
25th Mar 20087:01 amRNSResponse to Press Speculation
20th Feb 20082:49 pmRNSNotice of Results
29th Jan 20082:26 pmRNSHolding(s) in Company
22nd Jan 20084:58 pmRNSHolding in Company
8th Jan 20087:00 amRNSInvestor Presentation release
11th Dec 200710:52 amRNSNotifiable Interest
28th Nov 20074:44 pmRNSNotification of Transaction
9th Nov 20074:54 pmRNSInterests in Shares
9th Nov 20074:33 pmRNSPurchase of Shares
24th Sep 20073:24 pmRNSTransaction in Own Shares
21st Sep 20072:17 pmRNSInterim Report 2007
18th Sep 20073:24 pmRNSDirectors' dealings
17th Sep 20077:00 amRNSInterim Results
4th Sep 20071:33 pmRNSAcquisition
3rd Sep 20077:00 amRNSAdviser Appointment
9th Aug 20072:48 pmRNSHolding(s) in Company
2nd Jul 20073:39 pmRNSHolding(s) in Company
2nd Jul 20073:16 pmRNSDirector/PDMR Shareholding
29th Jun 20074:04 pmRNSLMS Capital - Investment
10th May 20071:00 pmRNSResult of AGM
10th May 20077:01 amRNSAGM Statement
8th May 20075:00 pmRNSAnnual Information Update
17th Apr 20071:08 pmRNSDirector/PDMR S/hldg-Replace

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