4th Nov 2014 09:18
LONDON (Alliance News) - LMS Capital PLC, an investment company which is returning cash to shareholders by realising its assets, Tuesday said there are a number of active sales processes underway on a number of its investments, but the company doesn't yet have certainty on their timing or the proceeds to be received.
However, LMS said its directors remain "satisfied" with current progress.
The news came as LMS said it received GBP1.5 million in proceeds from realisations in the three months to the end of September, mainly due to distributions from its fund interests.
In the same period, calls from outstanding fund commitments were GBP400,000. Uncalled commitments to funds at the end of September amounted to GBP7.1 million.
Over the first nine months of the year, realisations came to GBP42.0 million, with fund calls of GBP1.0 million. The company had GBP7.4 million in cash at the end of September after returning GBP40 million to shareholders through a tender offer in May.
While the company's net asset value increased by 3 pence to 97p over the three months to the end of September, primarily due to GBP5.1 million of unrealised currency gains in the quarter as the dollar strengthened against sterling, prices for most of its quoted stocks, in particular Weatherford International, have declined, resulting in a fall in net asset value since the end of that period.
Despite further unrealised foreign currency gains on the same currency pair, the company estimated that NAV per share has fallen since the end of the third quarter by about 3 pence.
LMS shares were up 1.4% at 82.10p on Tuesday.
By Samuel Agini; [email protected]; @samuelagini
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