18th Mar 2016 09:18
LONDON (Alliance News) - Investment company LMS Capital PLC on Friday said its net asset value per share declined in 2015 as it returned funds to shareholders.
LMS said net asset value per share at the end of December was 92.0 pence, down from 93.0 pence a year earlier. Total net asset value declined to GBP95.1 million from GBP135.1 million as LMS pursued its asset realisation strategy.
The group received GBP43.7 million in disposal proceeds from its investment portfolio in the year and returned GBP40.0 million to shareholders via a tender offer in December, taking the total return since the realisation strategy was started at the end of 2011 to GBP155.0 million.
"In 2015 the board made further progress in implementing the asset realisation strategy approved by shareholders in November 2011, and we were able to make a fourth distribution to shareholders," said Martin Knight, LMS's chairman.
"As the company's investment portfolio reduces in size, your board is focussed on optimising shareholder value in a cost effective manner," he added.
LMS shares were down 3.2% to 65.833 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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