LMS CAPITAL PLC

Net Asset Value • Oct 30, 2018

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RNS Number : 5941F

LMS Capital PLC

30 October 2018

LMS Capital plc

("the Company")

Third Quarter 2018 update

LMS Capital plc is issuing the following update covering the period from 1 July 2018 to date.

30 September 2018 Net Asset Value

The Company's unaudited net asset value ("NAV") at 30 September 2018 was £63.1 million (30 June 2018: £63.8 million), equivalent to 78.1p per share (30 June 2018: 79.0p). The most significant movements in the quarter were:

§ The investment portfolio showed a net unrealised loss in the quarter of £0.4 million after including unrealised exchange gains of £0.5 million. The loss was due principally to changes in the prices of quoted securities.

§ Reductions in the value of the Company's holdings in IDE Group and Weatherford, of £0.8 million and £0.2 million respectively, were in part offset by an increase of £0.4 million in the value of its holding in Gresham House plc.

§ Other net movements in the portfolio amounted to a reduction of £0.3 million

§ Other net changes, including operating costs for the quarter amounted to a £0.3 million reduction

The NAV at the end of September is based on the valuation of the Company's investments as at 30 June 2018, adjusted for transactions in the three months ended 30 September 2018, price movements on quoted securities, movements in foreign currency exchange rates, cash calls and distributions from funds, latest reports from third party fund managers, purchases and sales of quoted and unquoted securities, and operating expenses.  The next full valuation of the portfolio will be for the Company's full year results as at 31 December 2018. 

Since the end of September, further movements in the prices of the Company's quoted investments and changes in the sterling/US dollar exchange rate have not had a significant impact (either individually or in aggregate) on the Company's NAV as at the end of September.

Outlook

As reported in the Company's interim results, following cash realisations in the first six months of the year the Company has re-started its investment activities and is well positioned to  take advantage of a pipeline of investment opportunities. The Company had cash balances of £13 million at 30 September 2018.

- Ends -

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

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

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