Overview
LMS Capital is an investment company focused on predominantly private equity investment into small to medium sized companies in our preferred sectors of consumer, energy and business services. Following a General Meeting on 30 November 2011, the Company is undertaking a realisation strategy which aims to achieve a balance between an efficient return of cash to Shareholders and optimising the value of the Company’s investments
Fundamentals
Price
Research History
-
06 Apr 2023 82 min read
QuotedData’s Economic and Political Monthly Roundup April 2023
Economic and Political Monthly Roundup Investment companies | Monthly | April 2023 A collation of recent insights on markets and economies taken from the comments made by chairs and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage […]
-
09 Oct 2020 7 min read
QuotedData’s Investment Companies Roundup – October 2020
Investment Companies Roundup Kindly sponsored by Baillie Gifford and Aberdeen Standard Investments Table of contents New research Performance data Discounts and premiums Money in and out Major news stories Events Guide Appendix – Performance by sector full list New research Here is a list of research we published over September: Standard Life Investments Property Income Trust – […]
-
07 May 2020 8 min read
QuotedData’s Investment Companies Roundup – May 2020
Investment Companies Roundup Kindly sponsored by Baillie Gifford and Aberdeen Standard Investments Table of contents New research In this issue Performance data Discounts and premiums Money in and out Major news stories Income Events Guide Appendix – Performance by sector full list New research Here is a list of research we published over April: An update note […]
-
4 min read
QuotedData’s Economic Roundup – May 2020
Economic & Political Roundup Kindly sponsored by Allianz A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell […]
-
10 Jan 2020 5 min read
QuotedData’s investment companies roundup – January 2020
Investment Companies Roundup Kindly sponsored by Baillie Gifford Table of contents New research In this issue Performance data Discounts and premiums Money in and out Income Events New research Here is a list of research we published over December: An update note on BlackRock Throgmorton (THRG) “BlackRock Throgmorton continues to lead its peer group in […]
-
06 Dec 2019 6 min read
QuotedData’s investment companies roundup – December 2019
Investment Companies Roundup Kindly sponsored by Baillie Gifford Table of contents New research In this issue Performance data Discounts and premiums Money in and out Income Events New research Here is a list of research we published over November: An initiation note on Henderson High Income “We have initiated coverage on Henderson High Income (HHI). Since […]
-
11 Sep 2019 3 min read
QuotedData’s investment companies roundup – September 2019
Investment Companies Roundup Kindly sponsored by Baillie Gifford New research Over August, we published notes on Aberdeen Emerging Markets and JLEN Environmental Assets . You can read all these notes by clicking on the links above or by visiting www.quoteddata.com. In this issue Performance data – appetite for risk was generally down in August, as […]
-
05 Apr 2019 4 min read
QuotedData’s economic roundup – April 2019
Kindly sponsored by Polar Capital Economic & Political Roundup A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy […]
-
22 Feb 2019 1 min read
QuotedData’s investment companies roundup – February 2019
QuotedData’s investment companies roundup – February 2019 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of January 2019. Kindly sponsored by Baillie Gifford. December’s sharp sell-off in technology and growth stocks reversed somewhat in January. This was […]
-
18 Jul 2018 2 min read
Quarterly Investment Companies Roundup – Second Quarter 2018
QUARTERLY INVESTMENT COMPANIES ROUNDUP – SECOND QUARTER 2018 Global equities markets rose in the second quarter of 2018, Markets were volatile, as positive economic data and encouraging company performances played off against geopolitical concerns. Yields from bond markets rose early in the quarter but fell back as investors turned to ‘safer’ investments. The threat of […]
-
11 Jul 2018 1 min read
QuotedData’s investment companies roundup – July 2018
QuotedData’s investment companies roundup – July 2018 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of June 2018. Kindly sponsored by Baillie Gifford. July Investment Companies Roundup Money raised and returned in June Newcomer to the market, Yew Grove […]
-
11 May 2018 1 min read
QuotedData’s investment companies roundup – May 2018
QuotedData investment companies roundup – May 2018 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of April 2018. Kindly sponsored by Baillie Gifford. India Capital Growth has experience a rebound in performance in the past month, as […]
-
25 Apr 2018 1 min read
Quarterly investment companies roundup – First quarter 2018
Quarterly investment companies roundup – First quarter 2018 Quarterly investment companies roundup – First quarter 2018 – Global equity markets declined in the first quarter of 2018. Concerns about US interest rate rises were the feature of the first half of the quarter. However, worries about global trade took over in the second part, particularly […]
-
18 Apr 2018 1 min read
QuotedData’s investment companies roundup – April 2018
QuotedData investment companies roundup – April 2018 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of March 2018. Kindly sponsored by Baillie Gifford. Stock markets have suffered their first meaningful fall for nearly two years. At the quarter end, […]
-
19 Oct 2017 1 min read
Quarterly investment companies roundup – Third quarter 2017
Quarterly investment companies roundup – Third quarter 2017 – Markets moved up a little over the course of the three months ended 30 September 2017. Regionally, emerging markets did well. The pound strengthened a bit relative to the US dollar but was flat against the euro. The oil price rose by more than 20%. In […]
-
14 Sep 2017 1 min read
QuotedData investment companies roundup – September 2017
QuotedData investment companies roundup – September 2017 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of August 2017. Kindly sponsored by Baillie Gifford. September Investment Companies Roundup Winners and losers in August Ashmore Global’s […]
-
03 Aug 2017 1 min read
QuotedData investment companies roundup – August 2017
QuotedData investment companies roundup – August 2017 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of July 2017. Kindly sponsored by Baillie Gifford. August Investment Companies Roundup Monthly NAV/Price moves: A couple of themes stand out […]
-
16 May 2017 2 min read
QuotedData investment companies roundup – May 2017
QuotedData investment companies roundup: Our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of April 2017. Kindly sponsored by Baillie Gifford. Money in: The only new launch in April was EJF Investments, a £69m fund trying to take advantage of […]
-
15 Mar 2017 1 min read
QuotedData investment companies roundup – March 2017
Our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of February 2017. Kindly sponsored by Baillie Gifford. March Investment Companies Roundup
-
14 Feb 2017 1 min read
QuotedData investment companies roundup – February 2017
Our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of January 2017. Kindly sponsored by Baillie Gifford. February Investment Companies Roundup
-
27 Oct 2016 1 min read
Quarterly investment companies roundup – Third quarter 2016
Q3 saw the market adapt to life post the UK’s EU referendum. Sterling continued to fall but most stock markets stabilised and discounts narrowed across most sectors. While the US election is dominating headlines, it does not seem to be having much impact on markets so far. q3-quarterly-roundup
News
-
11 Aug 2025 2 min read
Morning briefing: Allianz Tech says markets remain “volatile”; plus RICA, AGR, CVCG, DVNO, LMS, MHN & JEMA
Half-year results from Allianz Technology, Ruffer Investment Company trims equities, Assura rebuffs KKR and continues to back the offer from Primary Health Properties, plus updates from CVC Income & Growth, Develop North, LMS Capital, Menhaden Resource Efficiency and JPMorgan Emerging Europe. Allianz Technology Trust (ATT) made a 2.9% investment return in the first half of […]
-
08 Jul 2025 2 min read
QuotedData’s morning briefing 8 July: UTG, SBO, CBA, CORD, LMS, INPP & PHP
Student accommodation provider Unite reiterates its annual earnings target despite a slowdown in bookings, Schroder British Opportunities invests in insurance broker JMG and Cuban property fund Ceiba pays money owed to Aberdeen, its former asset manager, and holders of its convertible bonds.
-
15 May 2025 2 min read
QuotedData’s morning briefing 15 May 2025 – LMS, MYI, BSIF, BGEU, NAS, CREI, RGL
In QuotedData’s morning briefing 15 May 2025: We also have: Did you miss from yesterday?
-
28 Mar 2025 2 min read
LMS Capital reports another weak year as it kicks off managed realisation
LMS Capital (LMS) has announced its final results for the year ended 31 December 2024, reporting a 12.4% decline in NAV and a decision by the board to pursue a managed wind-down of its portfolio (announced on 13 March 2025). This strategic pivot follows a challenging year marked by losses across several legacy fund positions […]
-
13 Mar 2025 1 min read
LMS Capital will embark on a managed realisation (again)
LMS Capital announced a strategic review and a shareholder consultation on 13 February 2025. The board has reached the conclusion that this would be most effectively achieved by a managed realisation of the company’s assets and returns of capital over time. A consideration in this decision was the prevailing and persistent discount to NAV, the […]
-
31 Jul 2024 1 min read
QuotedData’s morning briefing 31 July 2024 – LMS, SHC, SREI, PCTN
In QuotedData’s morning briefing 31 July 2024: LMS Capital (LMS) announced its interim results for the six months to 30 June 2024. During the period, the NAV return was -13%. Chairman, James Wilson, commented: “The changes to Dacian, whilst resulting in a write down now, we believe have put Dacian on a sound footing going […]
-
15 Jul 2024 5 min read
LMS Capital take 3% NAV hit due to Dacian restructuring
LMS Capital (LMS) has announced changes to the governance and financial structure of its investment in the Romanian oil and gas production company, Dacian Petroleum (Dacian), that led to a £1.3m fall in its NAV, equivalent to 3.1% of its most recently announced NAV as at 31 March 2024. This follows a challenging 2023 financial […]
-
19 Mar 2024 1 min read
Challenging year for LMS Capital
LMS Capital has announced the company’s annual results for the year ended 31 December 2023.The NAV total return for the year fell 7.9%. The main drivers of the negative returns were FX headwinds and an unrealised loss on the revaluation of the Brockton Fund 1. Offsetting this was the sale of the company’s Medhost investment […]
-
29 Jan 2024 2 min read
QuotedData’s morning briefing 29 January 2024 – BOOK, GCP, DORE, LMS, BBOX
In QuotedData’s morning briefing 29 January 2024: Literacy Capital (BOOK) has provided a quarterly trading update and NAV announcement for the fourth quarter of 2023. Over the period BOOK saw a NAV uplift of $4.6m, or 7.7p per share, equal to a quarterly return of 1.6%. Its total NAV for the end of 2023 was […]
-
27 Dec 2023 1 min read
QuotedData’s morning briefing 27 December 2023 – LMS
In QuotedData’s morning briefing 27 December 2023: LMS Capital (LMS) announced the sale of its minority interest in Medhost. Net proceeds for LMS are estimated to be approximately $8.6m, of which $7.0 million will be paid cash at closing and $1.6 million by way of a promissory note that will be settled one year after […]
-
21 Dec 2023 3 min read
LMS Capital makes retirement living investment
LMS Capital is buying Castle View Retirement Village, Windsor for £11.9m, of which £6.0m is being provided by LMS equity and the remaining £5.9m by a loan from the existing lenders to the scheme. Castle View is a purpose built retirement village, completed in 2018 and comprising 64 individual 1 and 2 bedroom apartments, of […]
-
01 Aug 2023 2 min read
QuotedData’s morning briefing 1 August 2023
Third Point (TPOU) published an investor letter for Q2 with the company returning 1.1% in the flagship Offshore Fund during the second quarter of 2023, compared with the S&P 500 Index return of 8.7% and the MSCI World Index return of 7.0% in the same period. The top five positive contributors for the quarter were […]
-
20 Mar 2023 1 min read
LMS’s portfolio remains stable through 2022
LMS Capital (LMS) has released its final results for its financial year ending 31 December 2022. Over the year LMS reported an NAV decrease of -3.9%, or £1.9m. LMS’s portfolio was however flat over the year, as an increase in value of £2.2m on its new energy investment, Dacian Petroleum, was offset by an equal […]
-
10 Mar 2022 4 min read
Cash pile holds back returns at LMS Capital
Cash pile holds back returns at LMS Capital – LMS Capital says that, over the course of 2021 its NAV return was just 4.0%. The portfolio rose in value by £3.8m of which £2.6m (an 11.6% return) was from net realised and unrealised gains on the trust’s mature (pre 2012) asset portfolio and £1.2m (an 18.5% return) […]
-
03 Aug 2021 2 min read
QuotedData’s morning briefing 3 August 2021
In QuotedData’s morning briefing 3 August 2021: Vietnam Holding (VNH) proposes to hold a tender for up to 30% of its issued share capital. To be eligible to participate, shareholders must have owned the share on 2 August. Shareholders will be asked to approve the tender at a meeting scheduled for 31 August 2021 and payment […]
-
29 Apr 2020 1 min read
QuotedData’s morning briefing 29 April 2020
Barclays reported first quarter results this morning. It announced a sharp increase in its provisions for bad loans, anticipating a series of defaults from its corporate and retail clients. British Airways is to reduce its workforce of 42,000 by nearly 30%. Its parent company, IAG, does not expect passenger numbers to return to 2019 levels […]
-
29 Nov 2019 1 min read
LMS Capital votes to remove Gresham House
LMS Capital votes to remove Gresham House – at the meeting called to decide who should be running LMS Capital, the votes were 41.6% in favour of keeping Gresham House as manager and 58.4% in favour of internalising the management of the company. The independent directors (who wanted to keep Gresham) have resigned. The vote […]
-
30 Sep 2019 1 min read
LMS Capital reviewing management arrangements
LMS Capital reviewing management arrangements – LMS Capital has been reviewing its investment management arrangements since July. The review concluded with a majority of the board deciding that Gresham House Asset Management (“GHAM”) should continue as the appointed investment manager on terms that include both a reduction in the annual management fee (excluding any cash over […]
-
14 Aug 2019 1 min read
LMS Capital completes Entuity sale
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 […]
-
26 Jul 2019 2 min read
QuotedData’s other news 26 July 2019
In QuotedData’s other news 26 July 2019: Scottish American (SCAM) has announced its interim results for the six-months ended 30 June 2016, in which it modestly outperformed its benchmark. SCAM’s net asset value total return for the first six months of 2019 was 17.3% and the share price total return was 17.5%. In contrast, it says […]
-
30 Apr 2019 1 min read
QuotedData’s other news 30 April 2019
British Empire Trust (BTEM) has entered into an agreement with Scotiabank Europe for a Japanese Yen 4.0bn revolving credit facility for a period of three years. The facility is equivalent to £27.7m at current exchange rates. BTEM wants to add some flexibility to the management of its gearing and the new facility will also bring […]
-
22 Mar 2019 2 min read
LMS Capital surveying new opportunities
LMS Capital surveying new opportunities – The small to mid-sized focused private equity trust LMS Capital (LMS) saw its NAV decline by 6.5% in the year to December 31, 2018. Highlights include: The net asset value at 31 December 2018 was £60.3m, 74.7p per share (31 December 2017: £64.5m, 79.9p per share) The portfolio showed […]
-
15 Mar 2018 1 min read
First year results for LMS Capital with new investment manager
First year results for LMS Capital with new investment manager – In August 2016, LMS Capital (LMS) appointed Gresham House Asset Management Limited as its investment manager to carry out the new investment policy and to manage the company’s assets on a discretionary basis. Please click here to see our report on the proposal at the time. […]
-
08 Feb 2018 1 min read
LMS Capital exits Brockton Capital LLP
LMS Capital exits Brockton Capital LLP – In 2006 LMS, together with 3 other cornerstone investors, backed the establishment of Brockton Capital LLP, a private equity real estate investment adviser, and became an investor in Brockton Capital Fund I LP, a real estate investment fund. The investment in the LLP gave LMS the right to participate in […]
-
26 Jul 2017 1 min read
LMS Capital announces tender offer proposals
LMS Capital is proposing to return up to £11 million to shareholders by way of tender offer and repurchase of up to 16.29% of the issued share capital of the Company at a price of 70p per Ordinary Share. The company says that the tender offer price represents a 5% discount to the 30 June […]
-
16 Jun 2017 2 min read
LMS Capital assessing tender proposals in light of YesTo realisation
LMS Capital has announced that it has been informed by the general partner of the San Francisco Equity Partners Funds (SFEP Funds) that the funds have received cash proceeds from a partial realisation of holdings in YesTo and that the general partner intends shortly, to make a distribution. LMS Capital says that, whilst it not […]
-
06 Jun 2017 2 min read
LMS Capital handing back another £11m
LMS Capital handing back another £11m in two tender offers. In its circular published on 27 July 2016, LMS Capital proposed two further returns of capital to shareholders either by way of tender offers or share repurchases. This would be up to half the net proceeds of further sales of assets from the existing portfolio. The details of […]
-
06 Apr 2017 2 min read
LMS Capital sells stake in 365IT
LMS Capital says it has sold its majority stake in the, leading UK IT services business, 365IT, to CORETX Holdings plc. Under the terms of the acquisition the enterprise value of 365IT was agreed at GBP5.4m, which after adjusting for net debt of GBP800k results in an equity value of GBP4.6m, to be settled through […]
-
14 Mar 2017 1 min read
LMS Capital sees 23% NAV drop in 2016
LMS Capital has announced preliminary results for the year ended 31 December 2016. At the general meeting on 16 August 2016 shareholders voted in favour of proposals to change the Company’s investment policy so that the Company may now make new investments focused on private equity opportunities. On the same date the Company appointed Gresham House […]
-
21 Mar 2016 1 min read
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 […]
-
15 Dec 2015 1 min read
LMS Capital tender offer returns £40m
LMS Capital has announced the results of its tender offer that was previously announced on 27 November 2015. The latest tender is the fourth the company has made since the approval of its realisation strategy in November 2011. The tender price was 96p and 130,363,380 ordinary shares were validly tendered. The basic entitlement is 28.7% […]
-
27 Nov 2015 1 min read
LMS proposes fourth tender to return up to $40m
LMS Capital has announced its intention to return up to £40m to shareholders through a tender offer and repurchase of up to 29.98% of the ordinary shares of the Company. The proposed tender offer is the fourth made since the approval of the Company’s realisation strategy in November 2011 and will, if approved, bring the […]
-
24 Jul 2015 4 min read
LMS thinking of investing in energy
LMS Capital’s interims for the first half of 2015 show its NAV rising by a penny to 94p. They sold off investments worth £26.6m including the sale of five fund positions in the secondary market which raised £9.2m after costs; ChyronHego Corporation (one of our US quoted investments) was bought by Vector Capital – the cash proceeds […]
-
10 Mar 2015 1 min read
Updata and wesupply drive NAV growth at LMS Capital
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 […]
-
04 Aug 2014 1 min read
LMS Capital : LMS – interims
LMS Capital has published its interim figures for the six months ended 30 June 2014. £40.5m was realised from the portfolio and £40m returned to shareholders by way of a tender during the period. In addition a net £5m was generated from their fund investments. The net asset value rose to 94p from 88p despite […]
-
09 May 2014 1 min read
LMS Capital : LMS – tender offer
LMS Capital, which is gradually selling off its portfolio and returning money to its shareholders, will tender for £40m of shares. Forms must be submitted by 22 May, the tender will be approved by shareholders on 27 May and the result of the tender will be announced on 28 May.
-
01 Apr 2014 1 min read
LMS Capital : LMS – sale of investment
LMS Capital has announced that it has sold its interest in Updata Infrastructure for £27.2m to Capita. The price reflects a 5.3x multiple on the cost of the investment and adds 4p per share to the net asset value. Updata was LMS capital’s largest investment.
-
04 Mar 2014 1 min read
LMS Capital : LMS – annual results
Over the year ended 31 December 2013 LMS capital’s net asset value rose from 85p to 88p. £35m was handed back to shareholders via a tender offer, funded by £44m of cash exits from portfolio positions.
