LMS Capital completes Entuity sale – Contracts were exchanged in late July 2019 for the sale of LMS Capital’s investment in Entuity, with completion due on or before 30 September 2019.
The company has confirmed that completion of the sale took place on 13 August 2019.
After allowing for estimated transaction costs and payments due under legacy incentive schemes, net cash proceeds to be received by the company will be approximately GBP10.5 million, an increase of GBP2.4 million over the net proceeds recognised at 30 June 2019 with a corresponding increase in net asset value. This reflects the sale not only of all the company’s shares, but also the repayment of all working capital loans.
Graham Bird, Gresham House Asset Management, commented: “We are delighted on the realisation of Entuity which has been a complex transaction, but very successful from an LMS shareholder value perspective. This leaves the company with a strong balance sheet from which to progress to the next stage of its journey as an attractive specialist private equity vehicle.”
LMS : LMS Capital completes Entuity sale