Result of Tender Offer

LMS Capital plc

 Result of Tender Offer

30 November 2012

LMS Capital plc (the "Company") today announces the results of the Tender Offer set out in the circular published by the Company on 2 November 2012 (the "Circular") which closed on 22 November 2012, with shareholder approval being given at a general meeting of the Company held on 29 November 2012.

The Tender Offer Price was determined to be 84 pence and therefore the Basic Entitlement is 17.4%. The Tender Offer Price was set on 29 November 2012.

219,428,757 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 1.5% of the Ordinary Shares validly tendered in excess of the Basic Entitlement will also be satisfied. After application of the scaling provisions, 47,618,864 Ordinary Shares will therefore be purchased. The total value of all Ordinary Shares purchased is £40 million.

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 on 10 December 2012 in the form of a cheque and that CREST account holders will have their CREST accounts credited on or around 4 December 2012.

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 273,863,838 Ordinary Shares to 226,244,974 Ordinary Shares (of which no Ordinary Shares are held in treasury).

Capitalised terms used in this announcement have the same meaning as ascribed to them in the Circular.

Enquiries:

LMS Capital plc 0207 935 3555Nick Friedlos, DirectorTony Sweet, Chief Financial Officer

J.P. Morgan Cazenove 0207 742 4000Michael Wentworth-Stanley

MHP Communications 0203 128 8100Tim McCallKatie Hunt

About LMS Capital

LMS Capital is an investment company which, following a General Meeting on 30 November 2011, is undertaking a realisation strategy with the aim of achieving a balance between an efficient return of cash to shareholders and optimising the value of the Company's investments. Its investment portfolio consists of small and medium sized companies in the consumer, energy and business service sectors.

www.lmscapital.com