Lms Capital Regulatory News (LMS)

15 June 2017

LMS Capital plc (the "Company")

Notification of proceeds of fund distribution

The Company has been informed by the general partner of the San Francisco Equity Partners Funds (SFEP Funds) that the funds have received cash proceeds from a partial realisation of holdings in YesTo and that the general partner intends shortly, to make a distribution.

The Company has not yet received a formal distribution notice but the general partner has indicated that the distribution to the Company is likely to be between $11million and $12million.

It is understood by the Company that the realisation relates to approximately half of the holding in YesTo. However, sufficient details of the underlying transaction have not yet been received from the general partner of SFEP Funds. The Company therefore, is not yet in a position accurately to assess the appropriate carrying value of the balance of the holding in YesTo and the implications of the transaction on the Company's net asset value. At 31 December 2016 the Company reported a carrying value of £8.4m in respect of its entire holding in YesTo.

On 6 June 2017, the Board announced that the Company intended to make a tender offer of £6million to shareholders, being the first of two further tender offers proposed by the Company in its 2016 Circular. The distribution from SFEP Funds, if received in line with the indications from the general partner, would represent a significant increase in the Company's liquid resources. The Board is considering whether, and if so by how much, it would be able to increase the amount of the tender offer announced on 6 June 2017. 

A further announcement will be made in the near future.

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.

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