The latest Investing Matters Podcast episode featuring financial educator and author Jared Dillian has been released. Listen here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksLms Capital Regulatory News (LMS)

Share Price Information for Lms Capital (LMS)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 18.25
Bid: 17.80
Ask: 19.00
Change: 0.00 (0.00%)
Spread: 1.20 (6.742%)
Open: 18.25
High: 0.00
Low: 0.00
Prev. Close: 18.25
LMS Live PriceLast checked at -
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.

Find out More

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

NAV and Portfolio Update

2 Feb 2021 07:00

RNS Number : 6344N
LMS Capital PLC
02 February 2021
 

 

 

 

 

2 February 2021

 

LMS CAPITAL PLC

NAV Estimate as at 31 December 2020 and Dacian Update

 

LMS Capital plc (the "Company") the listed Investment Company provides the following Company update and estimate of net asset value ("NAV") as at 31 December 2020.

 

Net Asset Value Estimate

 

The Company has commenced the year end valuation review process which is based on the latest performance updates from portfolio companies and third-party fund manager valuations. The Board currently estimates that the year-end NAV will be in the region of £47.9 million (59.4p per share) compared to £46.5 million (57.5p per share) at 30 June 2020. This estimate reflects information currently available to the Board on the performance and prospects of individual investments in the Company's portfolio and is subject to further evaluation as well as completion of the annual audit.

 

The valuation methodology and policy adopted is consistent with prior years and is in line with IPEV guidelines.

 

The £1.4 million increase in NAV compared to the half year comprises the following principal elements:

 

· Excluding the effect of foreign exchange rate changes, the portfolio showed a net unrealised gain of £4.4 million in the second half of 2020:

o An increase of £1.6 million in the value of ICU Eyewear, principally from activity associated with its personal protective equipment line and including a cash distribution of £1.1 million expected to be received by the Company during the first quarter;

o An increase of £1.1 million in the value of Medhost reflecting a corresponding increase in value by Primus, the lead investment manager, in its latest available fund report;

o An increase of £0.8 million in the Opus Capital Ventures Partners fund;

o An increase of £0.4 million in Weber Capital Partners, a US listed company fund; and

o Other portfolio net gains were £0.5 million.

 

· Unrealised foreign exchange losses of £1.2 million on portfolio assets arising from the weakening of the US Dollar compared to the sterling in the period 30 June 2020 to 31 December 2020; and

 

· Other movements were a net reduction of £1.8 million and include the following:

o Running costs were £1.0 million in the second half of 2020. Full year running costs were £1.8 million;

o Investment support costs (transaction diligence costs and support costs for real estate and co-investment activities) were £0.1 million in the second half of 2020, bringing full year costs to £0.2 million;

o Unrealised foreign exchange losses of £0.7 million on non-portfolio assets, principally US Dollar bank accounts and the cash deposited for the investment in Dacian, due to the weakening of the US dollar against the sterling;

o £0.2 million for the dividend paid in September 2020; and

o Partially offset by £0.2 million in other net credits in the second half of 2020.

 

Further information on the performance of the portfolio, underlying investment valuations and changes during the year will be included in the Company's audited results for the year ended 31 December 2020, which it expects to announce in March 2021.

 

Group cash balances at 31 December 2020 were £20.6 million (30 June 2020: £29.0 million). The change in the second half of 2020 is principally attributable to the £7.0 million deposited for the Dacian investment and an additional £0.8 million investment in Weber Capital Partners.

 

Dacian Update

 

On 7 January 2021, the Company provided an update on its planned investment in Dacian, the Romanian oil and gas production company acquiring 40 onshore oil and gas field from OMV Petrom. The transaction remains in the final stages of the approval process. The Dacian team believes that the approval process will conclude satisfactorily, and the transaction will complete within a reasonable period of time.

 

Outlook

 

The Company continues to maintain significant cash balances, £20.6 million at 31 December 2020, and remains cautious about the way its liquid resources are deployed. Notwithstanding the impact and uncertainties around the Coronavirus pandemic, the Company made progress during 2020, particularly with its energy team and its real estate teams, in building a pipeline of opportunities. Further updates on these investment opportunities will be included in the Company's final results announcement in March 2021.

 

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

 

For further information please contact:

 

LMS Capital PLC

Nick Friedlos, Managing Director

0207 935 3555

 

Shore Capital

Robert Finlay

0207 405 485

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
 
 
NAVEAAAFEFPFEAA
Date   Source Headline
9th Mar 20103:28 pmPRNAnnouncement date for the 2009 Results
4th Feb 20107:00 amPRNDirectorate Change
14th Jan 20103:36 pmPRNDirector/PDMR Shareholding
5th Jan 20104:35 pmRNSPrice Monitoring Extension
3rd Nov 20097:00 amPRNInterim Management Statement
2nd Nov 200911:43 amPRNDirector/PDMR Shareholding
2nd Nov 200911:42 amPRNHolding(s) in Company
15th Sep 20099:21 amPRNPrinted 2009 Half-Year Report Available
11th Sep 200911:14 amRNSBoard Changes
9th Sep 20099:35 amPRNAppointment of David Verey as Non Executive Director
4th Sep 20094:38 pmPRNHolding(s) in Company
4th Sep 20098:05 amPRNNotification of a transaction by a director
28th Aug 20094:15 pmPRNNotification of a transaction by a director
27th Aug 20097:00 amPRNHalf-Year Results for the six months to 30 June 2009
19th Aug 200912:19 pmPRNNotification of Half-Year Results Publication Date
3rd Aug 20094:35 pmRNSPrice Monitoring Extension
13th Jul 200912:06 pmRNSInvestment in Updata Infrastructure UK Limited
1st Jul 200910:43 amRNSNotification of transaction by a director
1st Jul 200910:42 amRNSNotification of transaction by a director
1st Jul 200910:41 amRNSNotification of transaction by a director
1st Jul 200910:41 amRNSNotification of transaction by a director
1st Jul 200910:40 amRNSNotification of transaction by a director
30th Jun 20097:00 amRNSAdmission to the Official List
24th Jun 20091:00 pmRNSDirector's Share Dealing
9th Jun 20091:21 pmRNSNotification of Major Interests in Shares
3rd Jun 20095:02 pmRNSNotification of Transaction by a Director
2nd Jun 20094:10 pmRNSPublication Announcement
19th May 20092:25 pmRNSResults of AGM
19th May 20097:00 amRNSAGM Statement
6th May 20094:40 pmRNSSecond Price Monitoring Extn
6th May 20094:35 pmRNSPrice Monitoring Extension
14th Apr 20094:00 pmRNSNotice of Annual General Meeting
9th Apr 20098:00 amRNSSainsbury's selects Wesupply
7th Apr 20095:01 pmRNSDirector's Shareholding
7th Apr 20095:00 pmRNSDirector's Shareholding
7th Apr 20095:00 pmRNSDirector's Shareholding
23rd Mar 20097:00 amRNSPreliminary Results
18th Mar 200910:46 amRNSNotice of Results
17th Mar 20093:53 pmRNSHolding in Company
19th Jan 20095:27 pmRNSDisclosure under Rule 17 of the AIM rules
5th Jan 200911:35 amRNSHolding in Company
23rd Dec 20084:45 pmRNSTransaction in own shares
18th Dec 20084:18 pmRNSTransaction in own shares
15th Dec 200811:48 amRNSCancellation of treasury shares
9th Dec 20083:06 pmRNSNotification of Transaction by a Director - Amend
3rd Dec 20082:42 pmRNSNotification of Transaction by a Director
1st Dec 20083:12 pmRNSNotification of Transaction by a Director
26th Nov 20081:15 pmRNSNotification of Transaction by a Director
24th Nov 20087:00 amRNSTransaction in Own Shares
20th Nov 20085:19 pmRNSHolding(s) in Company

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.