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LMS Capital NAV flat in 2015

LMS Capital reports that its Net Asset Value per share at the end of 2015 was 92p, a 1% decrease from 93p a year ago. They wrote up the value of 365iTMS and wrote down the value of Nationwide Energy Partners.

They say 365 made good progress in 2015 and this is reflected in the valuation increase of £1m. nationwide experienced difficult trading conditions in 2015 as competitors reduced prices to maintain market share. this impacted the company’s trading margins and overall profitability – they cut the value by £1.5m.

Distributions from funds were £11.6m and calls paid were £400k. The principal distributions were from Voreda (which completed the sale of its principal asset) £6.5m, SFEP (which sold The Guild and received escrow proceeds from an earlier disposal) £2.0m and Inflexion £1.4m.

LMS is the majority investor in SFEP (as opposed to its other fund interests where it has only a minority stake) and at the end of 2015 the carrying value of our interest was £11.8m (31 December 2014: £16.3m). The principal remaining investments in its portfolio at 31 December 2015 are Yes To in the consumer sector and Penguin Computing in the technology sector).

LMS Capital NAV flat in 2015

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