TIDMLMS
RNS Number : 4473J
LMS Capital PLC
27 April 2022
27 April 2022
LMS CAPITAL PLC
First Quarter 2022 Update
LMS Capital plc (the " Company"), a listed Investment Company,
provides the following update covering the three months ended 31
March 2022.
Financial Highlights
-- Unaudited Net Asset Value ("NAV") at 31 March 2022 was
GBP50.3 million (62.3p per share). This compares to GBP49.1 million
(60.8p per share) at 31 December 2021;
-- Unrealised portfolio gains of GBP1.3 million, including
foreign exchange gains, and accrued interest income of GBP0.3
million from the Dacian Petroleum investment; and
-- Cash at 31 March 2022 was GBP19.5 million compared to GBP20.1 million at 31 December 2021.
Unaudited Net Asset Value at 31 March 2022
The GBP1.2 million increase in NAV during the first quarter is
comprise d of the following:
-- Unrealised gains of GBP0.6 million on the mature investment portfolio;
-- Accrued interest income of GBP0.3 million on the Dacian Petroleum investment;
-- GBP0.7 million of portfolio and GBP0.1 million of
non-portfolio foreign exchange gains from the strengthening of the
U.S. Dollar against sterling; and
-- GBP0.4 million of running costs and GBP0.1 million of investment related costs.
The 31 March 2022 NAV is summarised below:
Unaudited Audited
31 March 31 December
2022 2021
---------- ------------
GBP 000s
------------------------
Mature Investment Portfolio
---------- ------------
Quoted Investments 297 383
---------- ------------
Unquoted Investments 9,078 8,668
---------- ------------
Funds 14,755 13,929
---------- ------------
24,130 22,980
---------- ------------
New Investment Portfolio
---------- ------------
Quoted Investments - -
---------- ------------
Unquoted Investments 8,470 7,958
---------- ------------
Funds - -
---------- ------------
8,470 7,958
---------- ------------
Total Investments 32,600 30,938
---------- ------------
Cash 19,458 20,113
---------- ------------
Other Net Assets/Liabilities (1,746) (1,942)
---------- ------------
Net Asset Value 50,312 49,109
---------- ------------
The NAV at the end of March is based on the valuation of the
Company ' s investments as at 31 December 2021, adjusted for
transactions in the three months ended 31 March 2022, 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.
Portfolio Unrealised Net Gains
The portfolio net unrealised gains of GBP0.6 million and GBP0.3
million of accrued interest income, excluding foreign exchange
movements, are summarised below:
Quoted Investments
The Company ' s quoted investment valuations decreased by a net
GBP0.1 million during the first quarter of 2022, reflecting
underlying market price decreases.
Unquoted Investments
The Company ' s unquoted investments include our direct holdings
in Dacian Petroleum, Medhost and Elateral, assets managed by San
Francisco Equity Partners (ICU Eyewear and YesTo), and a
convertible debt instrument with IDE Group Holdings.
Total unquoted investment unrealised gains were nil during the
first quarter as a GBP0.1 million gain in Medhost was offset by a
GBP0.1 million loss in Elateral.
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 gains were GBP0.7 million. The principal
movements were:
-- Opus Capital Venture Partners - Unrealised gain of GBP1.1
million, driven by a significant uplift in the fund manager's
valuation of one of the Fund's two principal remaining
investments;
-- Brockton Capital Fund 1 - Unrealised gain of GBP0.4 million,
reflecting the unwinding of the discount rate as the investment is
valued on a discounted cash flow basis;
-- Eden - Unrealised loss of GBP0.4 million;
-- Weber Capital Partners - unrealised loss of GBP0.3 million
due to the performance in the U.S. microcap equities held in the
fund; and
-- Other unrealised losses 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 2021 fund valuation reports except for Weber Capital
Partners , which is based on 31 March 2022 valuations.
Portfolio Realisations
There were fund distributions of GBP0.1 million during the first
quarter.
Liquidity and Outlook
The Company continues to maintain significant cash balances,
GBP19.5 million at 31 March 2022. The Board is reviewing a number
of opportunities with its real estate team, as well as further
investment opportunities, but continues to take a c autious stance
in the way the company's resources are deployed.
For further information please contact:
LMS Capital PLC
Nick Friedlos, Managing Director
0207 935 3555
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END
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April 27, 2022 02:01 ET (06:01 GMT)
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