Lms Capital Regulatory News (LMS)

2 Jun 2009 16:10



LMS Capital plc

This document is not a prospectus. Investors should not subscribe for any transferable securities referred to in this announcement except on the basis of information in the prospectus.

This announcement is not for release, publication or distribution in or into the united states, australia, Canada, japan or south africa

2 June 2009

LMS Capital plc, ("LMS Capital" or the "Company"), a self-managed closed-ended international investment company, today announces the proposed migration of its ordinary shares (the "Shares") from the London Stock Exchange's AIM market to the Official List of the UK Listing Authority (the "Official List") and the Main Market of the London Stock Exchange. The Company has today published its prospectus, which is available for public inspection on the Company's website and at the Viewing Facility of the UK Listing Authority. J.P. Morgan Cazenove Limited has been appointed as Sponsor and Financial Adviser in connection with the Admission, and is acting as NOMAD in relation to the de-listing from AIM. 

The Board believes that the Company, having gained valuable experience as a public company admitted to AIM since June 2006, has now developed and matured sufficiently as a company for the Main Market to be the most appropriate platform for the Company's continued growth. The Board believes that a listing on the Official List and admission to the Main Market will have the following benefits for Shareholders

The Main Market represents a larger pool of capital, offering investors greater liquidity;

The Company will have a potentially broader investor base as the inclusion of the Company in one of the FTSE's Indices will open the Shares up to tracker investors;

The Company's profile will be raised through greater market making participation and research analyst coverage;

Shareholders will have access to a more frequent and more detailed understanding of the Company's activities as a result of interim management statements and other disclosure requirements resulting from the Main Market's more expansive regime; and

Investors may also invest in the Shares through ISAs.

It is expected that the admission of the Company's shares to the Official List and to trading on the Main Market of the London Stock Exchange will take place simultaneously with the de-listing from AIM, and will become effective at 08:00 on Tuesday 30th June 2009.

A copy of the prospectus has been submitted for public inspection at the Document Viewing Facility of the UK Listing Authority, The Financial Services Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS.

For further information, please contact:

This document does not constitute an offer to sell or a solicitation of an offer to buy or subscribe for any securities of LMS Capital plc in any jurisdiction. No offer of securities of LMS Capital plc is being, or will be, made to the public. The distribution of this document may be restricted by law in certain jurisdictions. Persons into whose possession this document comes must inform themselves about, and observe any such restrictions on the distribution of this document. In particular, this document and the information contained therein is not for distribution or publication, neither directly nor indirectly, in or into the United States of America, Australia, Canada, Japan or South Africa or any jurisdiction in which such distribution or publication is unlawful.

This announcement is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration. No public offering of securities will be made in the United States by the Company in connection with the Company's admission to the Official List and the the Main Market of the London Stock Exchange.

The price of securities and the income from them may go down as well as up and investors may not get back the full amount invested on disposal of the securities. There is no guarantee that the market price of securities in LMS Capital plc will fully reflect their underlying net asset value.

Notes for Editors

About LMS Capital (www.lmscapital.com)

LMS Capital is an international investment company. The investment portfolio comprises investments primarily in the US and the UK, with a spread of early stage revenue-generating technology investments, development capital and mature company buyouts.

The following tables provide summary details of the Company's portfolio as at 30 April 20091.

(1) This information is based on the latest audited valuatuion of the Company's investment portfolio (as at 31 December 2008) with adjustments in the four months ended 30 April 2009 for (a) price movements in quoted securities, (b) movements in foreign currency exchange rates, (c) cash calls and distributions from funds, and (d) purchases and sales of quoted securities.  In addition where the Company has invested further amounts in the existing unquoted portfolio, these amounts have been written off as fair value adjustments in the period pending the next full valuation of the portfolio scheduled for 30 June 2009. Investments in new unquoted securities are included at cost pending the next full valuation of the portfolio as at 30 June 2009. 

(2) "Vintage" means the year the Company first invested into the relevant investment. 

(3) Third party valuation includes valuation reports from fund managers regarding the Company's fund positions and co-investments.

Future Commitments

As at 30 April 2009, the Company had the following outstanding commitments in respect of its fund investments:

The commitments to US funds are denominated in US dollars and at 30 April 2009 amounted to $57.4 million; the amount has been converted to pounds sterling at a rate of £1.00: US $1.49 (being the prevailing exchange rate as at 30 April 2009). Included in the commitments to US funds is $15.6 million in respect of San Francisco Equity Partners.