LMS Capital is continuing the process of realising its portfolio and handing back the proceeds to shareholders. Its net asset value rose from 88p to 93p over the course of 2014. They handed back £40m to shareholders by way of a tender offer.
They made sales totalling £45.9m, £31.8m of this came from the sale of Updata and £2.6m from selling part of their holding in Weatherford International. The latter stock, an oil services company, suffered in the second half of the year from the falls in the oil price. They wrote up the value of one of their direct investments, Wesupply Limited, by £1m at the end of the year to reflect strong trading in the company’s software business.
They still have outstanding commitments to funds of £7m (down from £8m at the end of 2013).