LMS Capital PLC First Quarter 2021 Update (9899W)
29 Abril 2021 - 3:00AM
UK Regulatory
TIDMLMS
RNS Number : 9899W
LMS Capital PLC
29 April 2021
29 April 2021
LMS CAPITAL PLC
First Quarter 2021 Update
LMS Capital plc (the "Company") the listed investment company
provides the following update covering the period from 1 January
2021 to date.
Financial Highlights
-- Unaudited Net Asset Value ("NAV") at 31 March 2021 was
GBP47.5 million (58.9p per share). This compares to GBP47.9 million
(59.4p per share) at 31 December 2020; and
-- Cash at 31 March 2021 was GBP21.5 million compared to GBP20.6
million at 31 December 2020 and increased due to GBP1.6 million of
portfolio distributions.
Unaudited Net Asset Value at 31 March 2021
The GBP0.4 million decrease in NAV during the first quarter
arises from GBP0.3 million of unrealised gains on the investment
portfolio, offset by GBP0.2 million of portfolio foreign exchange
losses from the weakening of the U.S. Dollar against the sterling
and GBP0.5 million of running costs and investment costs.
NAV at 31 March 2021 is summarised below:
Unaudited Audited
31 March 2021 31 December 2020
GBP millions
-----------------------------------
Quoted Investments 0.6 0.2
--------------- ------------------
Unquoted Investments 7.5 10.1
--------------- ------------------
Funds 12.7 11.9
--------------- ------------------
Subtotal Investment portfolio 20.8 22.2
--------------- ------------------
Cash 21.5 20.6
--------------- ------------------
Dacian Investment - Funds
Deposited 6.6 6.6
--------------- ------------------
Other Net Assets/Liabilities (1.4) (1.5)
--------------- ------------------
Net Asset Value 47.5 47.9
--------------- ------------------
NAV at the end of March is based on the valuation of the
Company's investments as at 31 December 2020, adjusted for
transactions in the three months ended 31 March 2021, price
movements on quoted securities, movements in foreign currency
exchange rates, cash calls and distributions from funds, and the
latest information available from third party fund managers.
Portfolio Unrealised Net Gains
The portfolio net unrealised gains of GBP0.3 million, excluding
foreign exchange movements, are summarised below:
Quoted Investments
The Company's quoted investment valuations increased by a net
GBP0.4 million during the first quarter of 2021, reflecting
underlying market price increases.
Unquoted Investments
The Company's unquoted investments include assets managed by San
Francisco Equity Partners (ICU Eyewear and YesTo) and our direct
holdings in Medhost, Elateral and Northbridge Industrial Services
plc.
Total unquoted investment unrealised losses were GBP1.1 million.
This relates to Medhost where Primus Capital, the lead fund manager
on Medhost, reduced its valuation resulting in an unrealised loss
of GBP1.1 million for the first quarter on the Company's holding in
Medhost.
Funds
The Company's fund investments include its holding in Brockton
Capital Fund I, Opus Capital Partners ("Opus"), Weber Capital
Partners ("Weber") and five other smaller fund interests.
Total fund unrealised gains were GBP1.0 million, primarily from
Opus and Weber. The carrying value of the funds is based on the
latest available information from the respective fund managers,
generally the 31 December 2020 fund valuation reports except for
Weber, which is based on 31 March 2021 valuations.
Portfolio Realisations
Realisations from the portfolio during the quarter were a GBP1.5
million distribution from ICU Eyewear plus other fund distributions
of GBP0.1 million.
Liquidity and Outlook
The Company continues to maintain significant cash balances,
GBP21.5 million at 31 March, and remains cautious about the way its
liquid resources are deployed. The Company continues to review
opportunities with its real estate teams, Cavera and George
Capital, and has a pipeline of opportunities for other
investments.
Dacian
Our investment in Dacian, the Romanian oil and gas production
company, is in the final stage of its approval process with the
Romanian authorities. The Dacian team continues to believe the
approval process will conclude satisfactorily. Once the approvals
have been obtained and the transaction completes, we will issue
updated information on the investment.
The information contained in this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulation (EU) No. 596/2014. Upon publication of this
announcement, this inside information is considered to be in the
public domain.
29 April 2021
For further information please contact:
LMS Capital PLC
Nick Friedlos, Managing Director
0207 935 3555
Shore Capital
Robert Finlay
0207 408 4050
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END
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