10th Mar 2015 11:47
LONDON (Alliance News) - LMS Capital PLC Tuesday said it has made progress in winding down the business, reporting increases in profit and net asset value per share in 2014.
In a statement, LMS Capital said it made a GBP10.3 million net profit in 2014, compared with a GBP9.0 million net profit in the prior year.
Net asset value, which refers to assets less liabilities, increased to 93 pence per share from 88p per share over the year.
"In 2014 the board made further progress in implementing the asset realisation strategy approved by shareholders in November 2011 and we were able to make a third distribution to shareholders. Markets have seen a rise in the level of transaction activity, and your board expects continued progress in the orderly wind-down of the business in the coming year," Chairman Martin Knight said in a statement.
The company returned GBP40 million to shareholder through a tender offer in May 2014, bringing the total to GBP115 million since the realisation strategy began.
LMS said it received GBP45.9 million in proceeds from the investment portfolio in 2014, including GHBP31.8 million from the sale of Updata Infrastructure (UK) and GBP2.6 million from the sale of part of its holding in Weatherford International.
Net gains on the investment portfolio amounted to GBP16.6 million, before deducting GBP2.5 million relating to charges for incentive plans.
The company said it had GBP9.2 million in cash at the end of the year. It said it will consider returning capital to shareholders depending on realisations in 2015.
LMS did not pay a dividend for 2014, as was the case in the prior year.
LMS shares were flat at 75.50 pence late Tuesday morning.
By Samuel Agini; [email protected]; @samuelagini
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