12th Sep 2018 16:19
LONDON (Alliance News) - LMS Capital PLC on Wednesday said its net asset value fell in the first half of 2018 due to a drop in investments and an increase payments to subsidiaries.
As at June 30, the company's net asset value stood at 79.0 pence per share, having fallen from 79.9p at the end of 2017.
A significant factor in this drop was that company's investments fell to GBP139.8 million from GBP142.0 million. Moreover, amounts payable to subsidiaries jumped to GBP86.3 million from GBP78.7 million.
No dividend was declared for the period. However, due to a number of significant realisations, including those of Penguin Computing and Brockton Capital LLP, the company expects to pay a dividend "in due course".
These realisations produced net proceeds of GBP12.5 million and group cash increased to GBP14 million from GBP4 million.
"Realisations in the first six months of the year have created liquidity for the company, and the board sees a reasonable prospect of further realisations in 2019," said LMS Capital Chairman Martin Knight.
"The company is now in the position to take advantage of a pipeline of investment opportunities and the board expects further investment activity," Knight added.
Shares in LMS Capital were untraded at 52.25 pence on Wednesday.
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