LMS Capital PLC Annual Report and Notice of Annual General Meeting (3981J)
March 29 2018 - 6:00AM
UK Regulatory
TIDMLMS
RNS Number : 3981J
LMS Capital PLC
29 March 2018
29 March 2017
2017 Annual Report and
Notice of 2018 Annual General Meeting
LMS Capital plc ("LMS Capital" or "the Company") today published
its 2017 Annual Report incorporating the Notice of its 2018 Annual
General Meeting. This document is available in the Investor
Relations section of the Company's website, www.lmscapital.com.
This follows the release on 15 March 2018 of the Company's
Preliminary Results Announcement for the year ended 31 December
2017.
In compliance with Rule 9.6.1 of the Listing Rules, the Company
has submitted to the UK Listing Authority, via the National Storage
Mechanism, a copy of the LMS Capital 2017 Annual Report which
includes the Notice of its 2018 Annual General Meeting and a sample
of a Form of Proxy for use at that meeting. The LMS Capital 2017
Annual Report will be filed with the Registrar of Companies in due
course and copies can be obtained from the Company Secretary,
Augentius Corporate Services Limited, Two London Bridge, London,
SE1 9RA. The Annual General Meeting will be held at 12.00 noon on
27 April 2018.
The Disclosure and Transparency Rules (DTR 6.3.5(2)) require
certain information to be disclosed upon publication of an Annual
Report. Accordingly, the following disclosures are made in the
'Additional information' section below. That information should be
read in conjunction with the Company's preliminary results
announcement, which is not a substitute for reading the full Annual
Report and Accounts 2017. References to page numbers and notes to
the accounts made in this section refer to page numbers and notes
to the accounts in the Company's 2017 Annual Report.
Additional Information
Statement of Directors' responsibilities
The 2017 Annual Report includes a responsibility statement dated
15 March 2018, the date of approval of the 2017 Annual Report, and
signed for and on behalf of the Board by Martin Knight. The
following is extracted from that statement:
We confirm that to the best of our knowledge:
-- the financial statements, prepared in accordance with IFRSs
as adopted by the EU, give a true and fair view of the assets,
liabilities, financial position and profit or loss of the Company
taken as a whole; and
-- the Annual Report includes a fair review of the development
and performance of the business and the position of the Company
taken as a whole, together with a description of the principal
risks and uncertainties that they face.
Related party transactions
Gresham House Asset Management Limited was appointed the
investment manager of LMS Capital plc on 16 August 2016. Amounts
charged by the investment manager in 2017 were GBP1,055,000 (2016:
GBP573,000).
With effect from January 2011 the Company entered into a lease
agreement with Derwent London plc in respect of the premises
comprising its head office and registered office. Under the terms
of the lease the Company paid an annual rent of GBP406,000 (2016:
GBP406,000) to Derwent London plc plus certain service charges.
Robert Rayne is Chairman of Derwent London plc. The lease will
terminate on 24 March 2018.
For a number of years, the Company has provided without charge
office accommodation and services within its premises for The Rayne
Foundation, a registered charity (www.raynefoundation.org.uk). The
estimated monetary value of this for the first six months of 2017
was GBP30,000 (full year 2016: GBP65,000). The Company has been
transitioning out of its offices during 2017 in line with the
outsourcing of management and administration services and, as a
result, the Rayne Foundation was required to find alternative
office premises from 1 July 2017. To compensate the Foundation for
the additional costs which it will incur, the Company made a
one-off contribution to these additional costs of GBP275,000. The
Company will make no further payments to the Rayne Foundation.
Robert Rayne is Chairman of the Board of Trustees of The Rayne
Foundation.
As part of the transition referred to above the Company gave
notice on its annual contract with a financial news service. To
reduce the ongoing cost to the Company of this service, SQP Limited
agreed to assume the Company's obligations under its contract with
the news service provider. In connection with this transfer the
Company paid SQP Limited GBP13,000 as a contribution to the
contract costs. Robert Rayne is the controlling shareholder and a
director of SQP Limited.
Compensation arrangements for Directors are set out in the
Remuneration Committee Report.
For further information, please contact
LMS Capital plc
Martin Knight, Chairman 020 3837 6275
Gresham House Asset Management
Limited
Graham Bird 020 3837 6275
J.P. Morgan Cazenove
Michael Wentworth-Stanley 020 7742 4000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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