4th Aug 2014 11:07
LONDON (Alliance News) - LMS Capital PLC Monday said proceeds from realisations in the first half amounted to GBP40.5 million, including GBP31.8 million from the sale of Updata Infrastructure (UK) and GBP2.6 million from the sale of part of its holding in Weatherford International.
In a statement, the investment company, which is focused on realising its portfolio and making returns to shareholders without investing in new opportunities, said it received GBP5.6 million in distributions from its funds in the six months ended June 30, with calls to meet fund commitments at GBP600,000.
Net asset value per share increased to 94 pence from 88p over the six month period. Its investment portfolio showed a GBP19.0 million net gain before unrealised net currency losses of GBP3.0 million and carried interest charges of GBP2.3 million.
"We are pleased to have achieved further realisations during the first half of 2014 and to have completed a third tender offer for GBP40.0 million, bringing the total returned to shareholders since the commencement of the realisation strategy to GBP115.0 million," Chairman Martin Knight said in a statement.
"The performance of the investment portfolio and the realisation strategies around individual assets continue to progress and produce results," Knight added.
LMS shares were Monday quoted down 1.2% at 85.50 pence.
By Samuel Agini; [email protected]; @samuelagini
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