LMS CAPITAL PLC

Net Asset Value • Apr 30, 2019

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RNS Number : 4747X

LMS Capital PLC

30 April 2019

30 April 2019

LMS Capital plc

1st Quarter 2019 update

LMS Capital plc ("LMS" or "the Company") is issuing the following update covering the period from 1 January 2019 to date.

31 March 2019 Net Asset Value

The Company's unaudited net asset value ("NAV") at 31 March 2019 was £59.6 million (31 December 2018 £60.3 million), equivalent to 73.8p per share (31 December 2018: 74.7p per share). The most significant movements in net asset value during the quarter were:

·    The investment portfolio showed net gains of £0.3 million, excluding the impact of exchange rate movements. The principal items were an increase of £0.6 million in the value of the shares in Gresham House and a reduction of £0.5 million in the valuation of YesTo;

·    Strengthening of sterling against the US Dollar in the period to 31 March 2019 has resulted in an unrealised exchange loss of £0.6 million;

·    Other net changes amount to a £0.4 million reduction, the main item of which is overhead costs.

There was no material change in the cash balance during the quarter. Continued progress is being made with the realisation of one of the company's unquoted investments, which could result in further proceeds being received.

The NAV at the end of March is based on the valuation of the Company's investments as at 31 December 2018, adjusted for transactions in the three months ended 31 March 2019, 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.

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

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse regulations (EU) No. 596/2014. Upon 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    0203 837 6270

Gresham House Asset Management Limited

Graham Bird      0203 837 6270

J.P. Morgan Cazenove

Michael Wentworth-Stanley    0207 742 4000

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