REG - LMS Capital PLC - 1st Quarter Results

LMS CapitalAnnouncement

08/05/2024 09:30

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RNS Number : 5950N  LMS Capital PLC  08 May 2024

 

 

 

 

 

 

8 May 2024

 

 

LMS CAPITAL PLC

First Quarter 2024 Update

 

 

LMS Capital plc (the "Company"), the listed Investment Company, provides the
following update covering the period from 1 January 2024 to date and including
the NAV at 31 March 2024.

 

Financial Highlights

·    Unaudited Net Asset Value ("NAV") at 31 March 2024 was £41.5 million
(51.4p per share). This compares to £42.1 million (52.2p per share) at 31
December 2023;

·    Overall portfolio net losses were £0.3 million.  These comprise net
underlying losses of £0.8 million offset by accrued interest on Dacian of
£0.4 million and by unrealised foreign exchange gains of £0.1 million
reflecting the strengthening of the US Dollar compared to sterling in Q1; and

·    Cash at 31 March 2024 was £14.6 million compared to £15.5 million
at 31 December 2023.

 

Unaudited Net Asset Value at 31 March 2024

The unaudited 31 March 2024 NAV is summarised below:

 

                                 Unaudited  Audited
                                 31 March   31 December

                                 2024        2023
                                 £ 000s
 Mature Investment Portfolio
 Quoted Investments              153        145
 Unquoted Investments            1,731      1,717
 Funds                           8,314      9,469
                                 10,198     11,331
 Other Investments
 Castle View, Windsor            6,130      6,130
 Dacian                          11,451     10,989
                                 17,581     17,119

 Total Investments               27,779     28,450
 Cash                            14,451     15,480
 Other Net Assets/Liabilities    (734)      (1,789)
 Net Asset Value                 41,496     42,141

 

The NAV at the end of March is based on the valuation of the Company's
investments as at 31 December 2023, adjusted for transactions in the three
months ended 31 March 2024, 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, generally the
31 December 2023 fund valuation reports, except for Weber Capital Partners
which is based on 31 March 2024 valuations.

 

The overall £0.6 million decrease in NAV during the first quarter is
comprised of the following:

·    Net underlying losses of £0.8 million on the investment portfolio;

·    Accrued interest on Dacian investment of £0.4 million;

·    £0.1 million of portfolio unrealised foreign exchange gains from the
weakening of sterling against the U.S. Dollar;

·    £0.1 million of non-portfolio foreign exchange gains;

·    £0.4 million of running costs and £0.2 million of investment
related costs; and

·    £0.2 million on bank interest and other income receivable.

 

Portfolio Net Underlying Losses

 

Portfolio unrealised net losses were £0.8 million. The principal movements
were:

·    Opus Capital Venture Partners - Unrealised loss of £0.8 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 prices;

·    Weber Capital Partners - Unrealised loss of £0.2 million reflecting
market performance of the U.S. microcap equities held in the fund; and

·    Other unrealised gains on funds of £0.2 million.

 

Liquidity and Outlook

Portfolio realisations were £0.4 million during the period, consisting of a
distribution from the Simmons Parallel Energy fund.

 

Cash balances were £14.5 million at 31 March 2024.

 

As laid out in our Annual Report, we see our real estate activities,
particularly in retirement living as being a key area of focus over the next
period in establishing a portfolio which can deliver our long-term goal. In
particular, we will be focussed on identifying additional investment
opportunities and funding partners with whom to develop our investment
platform in the retirement living sector.

 

 

For further information please contact:

LMS Capital plc

Nick Friedlos, Managing Director

0207 935 3555

 

 

 

 

Appendix 1

Portfolio Breakdown - 31 March 2024

                                   £m     % NAV
 Portfolio total                   27.7   66.7%

 Mature Investment Portfolio
 UK Private                        1.8    4.3%
 Elateral                          1.7    4.1%
 Other                             0.1    0.2%

 UK Listed                         0.1    0.2%
 Tialis                            0.1    0.2%

 UK Funds                          2.8    6.7%
 Brockton Capital                  2.5    6.0%
 EMAC ILF                          0.3    0.7%

 US Funds                          5.4    13.0%
 Weber                             2.0    4.8%
 Opus Capital                      3.4    8.2%
 Total Mature Portfolio            10.1   24.3%

 Other investments
 EU Private
 Dacian Petroleum                  11.5   27.7%

 UK Private
 Castle View                       6.1    14.7%

 Total Other Investment Portfolio  17.6   42.4%

 Cash                              14.5   34.9%
 Other Net Assets/Liabilities      (0.7)  -1.7%

 Net Asset Value                   41.5

 

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