LMS Capital PLC Notification of proceeds of fund distribution (1879I)
June 15 2017 - 4:18AM
UK Regulatory
TIDMLMS
RNS Number : 1879I
LMS Capital PLC
15 June 2017
15 June 2017
LMS Capital plc (the "Company")
Notification of proceeds of fund distribution
The Company 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.
The Company has not yet received a formal distribution notice
but the general partner has indicated that the distribution to the
Company is likely to be between $11million and $12million.
It is understood by the Company that the realisation relates to
approximately half of the holding in YesTo. However, sufficient
details of the underlying transaction have not yet been received
from the general partner of SFEP Funds. The Company therefore, is
not yet in a position accurately to assess the appropriate carrying
value of the balance of the holding in YesTo and the implications
of the transaction on the Company's net asset value. At 31 December
2016 the Company reported a carrying value of GBP8.4m in respect of
its entire holding in YesTo.
On 6 June 2017, the Board announced that the Company intended to
make a tender offer of GBP6million to shareholders, being the first
of two further tender offers proposed by the Company in its 2016
Circular. The distribution from SFEP Funds, if received in line
with the indications from the general partner, would represent a
significant increase in the Company's liquid resources. The Board
is considering whether, and if so by how much, it would be able to
increase the amount of the tender offer announced on 6 June
2017.
A further announcement will be made in the near future.
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulation (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
For further information please contact:
LMS Capital plc
Martin Knight, Chairman 020 7935 3555
Gresham House Asset Management
Limited
Graham Bird 020 3837 6270
J.P. Morgan Cazenove
(Corporate Broker) 020 7742 4000
Michael Wentworth-Stanley
This information is provided by RNS
The company news service from the London Stock Exchange
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