14 November 2013 LMS Capital plc Interim Management Statement

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20 Νοε 2013 (πριν από 3 χρόνια και 6 μήνες)

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14

November 201
3


LMS
Capital plc

Interim Management Statement


The Board of LMS Capital (“LMS

Capital
” or “the Company

) is pleased to present the Company’s
Interim Management Statement
(“IMS”)
as required by the UK Listing Authority’s
Disclosure and
Transparency Rule 4.3. This statement relates to the period from 1 July 201
3

to
13

November 201
3
.


LMS Capital is an investment company focused on small to medium sized companies in consumer,
energy and business services. Following a Gener
al Meeting on 30 November 2011, the Company is
undertaking a realisation strategy which aims to achieve a balance between an efficient return of
cash to shareholders and optimising the value of the Company’s investments.


In the three months
to 30 Septembe
r 201
3

we received
proceeds from realisations (principally
distributions from our fund interests
)

of
£
5.2

million
. In the same period
calls from our outstanding
fund commitments

were £
0.6

million
.
Uncalled commitments to funds at 30 September 2013 were
£
8.3
million.
Total realisations in the first nine months of the year were £
35.1

million, with fund calls
of £
3.1

million.



T
he Company

had cash of £
10.4

million

at 30 September 2013, having completed its second tender
offer (£35 million) in early August, bringing amounts returned so far to shareholders since the
commencement of the realisation strategy

to £75 million
.

This equates to around
31% of the net
asset v
alue at the end of 2011 and approximately
50% of the Company’s market capitalisation at the
time of the November 2011 General Meeting.


The Company’s unaudited net asset value per share at 30 September 2013 was 87 pence,
down 3
pence (3.3%) from 90 pence
as at 30 June 2013. In the third quarter improvements in the prices of
our quoted portfolio were outweighed by unrealised currency losses as the US dollar weakened
against £ sterling during that period.


Since the end of September, further improvements i
n the prices of our quoted stocks (in particular
Weatherford International) and recent strengthening of the US dollar against £ sterling have resulted
in a reversal of
most of
the third quarter unrealised losses such that current unaudited net asset
value
per share is
89

pence.



2


There
continue to be
active sales processes underway on a number of the Company’s investments
.
A
lthough these are not at a stage where the Board can have certainty on realisation timing or
proceeds
,
the Directors remain satisfied with current
progress and with
the exit op
portunities under
consideration.


C
onsolidated
portfolio
subsidiaries



The latest available trading results for our portfolio subsidiaries are to
30 September

2013.
Consolidated reve
nues for the first
nine months

were
38
% ahead of the same period last year with
significant contributions from
Updata

and Nationwide Energy Partners
;
the results for
both these
companies to date in 2013

reflect the impact of their success

in

continuing to win new business
.




Investments


The
carrying value of the portfolio at 30 September 201
3

is based on the valuation of the Company's
investment portfolio as at
30 June 201
3

with adjustments for transactions in the
three

months
ended

30 Sept
ember 201
3

including price movements on quoted securities, movements in foreign
currency exchange rates, cash calls and distributions from funds and sales of quoted
and unquoted
securities.
The

next full valuation of the portfolio
will be for our full year

results as at

3
1 December
201
3
.


The Company’s investment portfolio at 30 September 201
3

(and 30 June 201
3
) was as follows:




30 September
201
3


30 June


201
3



£'000


£'000

US





Quoted


22,035


20,
830

Unquoted


37,528


39,980

Funds


41,977


46,581

US total


101,540


107,391






UK





Quoted


1,334


1,152

Unquoted


31,554


32,090

Funds


26,147


26,170

UK total


59,035


59,412






Total


160,575


166,803


Details of
the Company’s

largest investments by valuation at 30
September

201
3
, representing
74
%
of the total portfolio, are set out
in the appendix to this statement
.


This statement is a general description of the financial position and performance of the Company for
the period from 1
July

201
3

to
13

November

201
3
. It does n
ot contain any profit forecast or forward
looking information. Future
NAV and share price
performance is likely to be affected by a number of
factors, including (but not limited to) general economic and market conditions and specific factors
affecting the
financial performance or prospects of individual investments within the Company's
portfolio.


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For further information please contact:


LMS Capital plc








020 7935 3555


Nick Friedlos
, Executive
Director

Tony Sweet, Chief Financial Officer


J.P. Morgan
Cazenove






020 7742 4000

Michael Wentworth
-
Stanley


MHP Communications






020 3128 8100

Tim McCall

Katie 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 to medium sized companies in the consumer, energy

and business services
sectors.


www.lmscapital.com























4



LMS Capital plc









Appendix


Interim management statement


14

November 201
3


The Company’s principal

investments by valuation
at 30
September 201
3

were as follows:


Name

Geography

Type

Sector

Date of
initial
investment

Book
value

£’000







HealthTech Holdings


US

Unquoted

Technology

2007

21,022

Weatherford International


US

Quoted

Energy

1984

19,422

Updata Infrastructure UK


UK

Unquoted

Technology

2009

17,000

Brockton Capital


UK

Fund

Property

2006

12,550

Nationwide Energy
Partners

US

Unquoted

Energy

2010

10,074

Yes To, Inc*

US

Unquoted

Consumer

2008

9,479

BV Investment Partners


US

Funds

Buyouts

1996

6,100

Penguin
Computing*

US

Unquoted

Technology

2004

5,311

Primus Capital


US

Funds

Business
services

2000

5,035

Entuity


UK

Unquoted

Technology

2000

5,000

Luxury Link*

US

Unquoted

Internet
commerce

2006

4,224

ICU Eyewear
*

US

Unquoted

Consumer

2010

4,199


*San
Francisco Equity Partners manages these investments.