Lms Capital Regulatory News (LMS)

LMS Capital plc

Results of Tender Offer

LMS Capital plc (the "Company") today announces the results of the Tender Offer set out in the circular published by the Company on 26 July 2017 (the "Circular") which closed on 11 August 2017, with shareholder approval having been given at a general meeting of the Company held on 11 August 2017. As set out in the Circular, the Tender Offer Price is 70 pence per Ordinary Share and the Basic Entitlement is 16.29%.

52,362,194 Ordinary Shares were validly tendered under the Tender Offer. All valid tenders will be satisfied in full up to the Basic Entitlement, and, following application of the scale-back mechanism (as set out in the Circular), approximately 15.65% of the Ordinary Shares validly tendered in excess of the Basic Entitlement will also be satisfied. After application of the scaling provisions, 15,714,285 Ordinary Shares will therefore be purchased. The total value of all Ordinary Shares purchased is £11 million. Following the Tender Offer and Repurchase, members of the Concert Party will together hold 43.15% of the issued share capital of the Company.

It is anticipated that the proceeds payable to the Company's Qualifying Shareholders for the certificated Ordinary Shares purchased under the Tender Offer will be despatched in the form of a cheque from 18 August 2017 and that CREST account holders will have their CREST accounts credited from 18 August 2017.

As set out in the Circular, the Ordinary Shares will be purchased by J.P. Morgan Cazenove pursuant to the Tender Offer and the Company will buy-back such Ordinary Shares from J.P. Morgan Cazenove. The Company intends to cancel such Ordinary Shares, reducing its total issued share capital from 96,441,735 Ordinary Shares to 80,727,450 Ordinary Shares (of which no Ordinary Shares are held in treasury).

Capitalised terms used in this announcement (unless otherwise defined) have the same meaning as ascribed to them in the Circular.

For further information please contact:

LMS Capital plc

Martin Knight, Chairman 020 3837 6270

Gresham House Asset Management Limited

Graham Bird 020 3837 6270

J.P. Morgan Cazenove

Michael Wentworth-Stanley 020 7742 4000

J.P. Morgan Securities plc, which conducts its UK investment banking business as J.P. Morgan Cazenove, is authorised by the Prudential Regulation Authority and regulated by the Prudential Regulation Authority and the Financial Conduct Authority and is acting for the Company and no one else in connection with the Waiver, Rule 9 Waiver Resolution, Tender Offer and Repurchase and will not be responsible to anyone other than the Company for providing the protections afforded to its clients nor for providing advice in connection with the Waiver, Rule 9 Waiver Resolution, Tender Offer and Repurchase.

Apart from the responsibilities and liabilities, if any, which may be imposed on J.P. Morgan Cazenove by FSMA, the FS Act, or the regulatory regimes established thereunder, J.P. Morgan Cazenove accepts no responsibility whatsoever for the contents of this announcement or the Circular and disclaims all and any liability whether arising in tort, contract or otherwise (save as referred to above) which it might otherwise have in respect of this announcement or the Circular.