Lms Capital Regulatory News (LMS)

24 January 2018

LMS Capital plc

Net Asset Value Estimate as at 31 December 2017

LMS Capital plc (the "Company") is a listed Investment Company focused on investing in private equity and illiquid asset classes. The Company is managed by Gresham House Asset Management Limited.

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 net asset value will be in the region of £61 million (75p per share). 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. 

Realisation proceeds for the year ended 31 December 2017 were £21.7 million and in August the Company fulfilled its commitment to return capital to shareholders. It is now focused on re-investing any future realisation proceeds in line with the new investment policy. No new investments were made in the second half of the year although there is a growing pipeline of opportunities identified by the investment manager.

As well as seeking new investments, the Company continues to focus on managing the cost base, improving investor communication, and managing the existing portfolio of investments to ensure value is optimised. 

As previously indicated, the Board and investment manager continue to evaluate strategic options for the Company which will enable greater scale and will take advantage of the capabilities within Gresham House.

The company expects to announce its audited results in mid-March. 

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 020 3837 6275

 Martin Knight, Chairman

Gresham House Asset Management

Graham Bird, Investment Director 020 3837 6275

J.P. Morgan Cazenove

Michael Wentworth-Stanley 0207 742 4000