TIDMLMS
RNS Number : 8455X
LMS Capital PLC
28 April 2023
28 April 2023
LMS CAPITAL PLC
First Quarter 2023 Update
LMS Capital plc (the "Company"), the listed Investment Company,
provides the following update covering the three months ended 31
March 2023.
Financial Highlights
-- Unaudited Net Asset Value ("NAV") at 31 March 2023 was
GBP46.1 million (57.2p per share). This compares to GBP46.5 million
(57.7p per share) at 31 December 2022;
-- Overall portfolio net gains were GBP0.1 million. These
comprise net underlying gains of GBP0.5 million (including accrued
interest on Dacian) offset by unrealised foreign exchange losses of
GBP0.4 million reflecting the weakening of the US Dollar compared
to sterling in Q1; and
-- Cash at 31 March 2023 was GBP17.5 million compared to GBP17.9 million at 31 December 2022.
Unaudited Net Asset Value at 31 March 2023
The 31 March 2023 NAV is summarised below:
Unaudited Audited
31 March 31 December
2023 2022
---------- ------------
GBP 000s
------------------------
Mature Investment Portfolio
---------- ------------
Quoted Investments 144 160
---------- ------------
Unquoted Investments 6,701 6,626
---------- ------------
Funds 13,526 14,033
---------- ------------
20,371 20,819
---------- ------------
New Investment Portfolio
---------- ------------
Dacian 10,280 10,145
---------- ------------
10,280 10,145
---------- ------------
Total Investments 30,651 30,964
---------- ------------
Cash 17,490 17,906
---------- ------------
Other Net Assets/Liabilities (1,995) (2,329)
---------- ------------
Net Asset Value 46,146 46,541
---------- ------------
The NAV at the end of March is based on the valuation of the
Company's investments as at 31 December 2022, adjusted for
transactions in the three months ended 31 March 2023, 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.
The GBP0.4 million decrease in NAV during the first quarter is
comprised of the following:
-- Net underlying gains of GBP0.5 million on the investment portfolio;
-- GBP0.4 million of portfolio unrealised foreign exchange
losses from the strengthening of sterling against the U.S.
Dollar;
-- GBP0.1 million of non-portfolio unrealised foreign exchange losses;
-- GBP0.5 million of running costs and GBP0.1 million of investment related costs; and
-- GBP0.2 million on bank interest and other income receivable.
Portfolio Net Underlying Gains - GBP0.5 million
Quoted Investments
The Company's quoted investment valuations remained flat during
the first quarter.
Unquoted Investments
The Company's unquoted investments include our direct holdings
in Dacian Petroleum, Medhost, Elateral and a convertible debt
instrument with IDE Group Holdings. ICU Eyewear, the final asset
managed by San Francisco Equity Partners was disposed of during the
period resulting in a realised gain of GBP0.1 million.
Unrealised gains on the unquoted portfolio were GBP0.4 million
during the first quarter all resulting from Medhost.
Dacian Petroleum had GBP0.3 million in investment accrued
interest income during the first quarter.
Funds
The Company's fund investments include its holding in Brockton
Capital Fund I, Opus Capital Venture Partners, Weber Capital
Partners and five other smaller fund interests.
Fund unrealised net losses were GBP0.3 million. The principal
movements were:
-- Opus Capital Venture Partners - Unrealised loss of GBP0.8
million, driven by a reduction in the fund manager's valuation of
the Fund's two principal remaining investments, primarily
reflecting movements in comparable market indices;
-- Brockton Capital Fund 1 - Unrealised gain of GBP0.3 million,
reflecting the unwinding of the discount rate as the investment is
valued on a discounted cash flow basis;
-- Weber Capital Partners - Unrealised gain of GBP0.1 million
due to the performance in the U.S. microcap equities held in the
fund; and
-- Other unrealised gains on funds of GBP0.1 million.
The carrying value of the funds is based on the latest available
information from the respective fund managers, generally the 31
December 2022 fund valuation reports except for Weber Capital
Partners, which is based on 31 March 2023 valuations.
Liquidity and Outlook
Portfolio realisations were GBP0.3 million during the
period.
Cash balances were GBP17.5 million at 31 March 2023.
As laid out in our Annual Report, our 2023 priorities are:
-- to bring to fruition the work that has been undertaken,
particularly with our real estate teams, to deploy new capital from
our own balance sheet in conjunction with our co-investors;
-- to support the Dacian team as it enters its second year of
operation with an emphasis on its workover program to increase
production; and
-- to continue to manage the mature asset portfolio to optimise realisation proceeds
For further information please contact:
LMS Capital plc
Nick Friedlos, Managing Director
0207 935 3555
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
QRFIPMITMTATMTJ
(END) Dow Jones Newswires
April 28, 2023 02:00 ET (06:00 GMT)
LMS Capital (AQSE:LMS.GB)
Gráfico Histórico do Ativo
De Nov 2024 até Dez 2024
LMS Capital (AQSE:LMS.GB)
Gráfico Histórico do Ativo
De Dez 2023 até Dez 2024
