14th May 2015 11:30
LONDON (Alliance News) - LMS Capital PLC expects to be able to consider the possibility of returning capital to shareholders later in 2015, Chairman Martin Knight said on Thursday.
"The company has continued to make progress with its realisation strategy during the current year to date; the board expects to be in a position to consider a further return of capital to shareholders later in the year," Knight said in a statement.
LMS said its unaudited net asset value was GBP138.5 million at the end of March, up from GBP135.1 million at the end of December, equivalent to a 2 pence increase in net asset value per share to 95 pence per share.
The investment company said the strengthening of the dollar against sterling and the improved value of its holding in Weatherford International drove the increase in NAV.
Partly offsetting those increases was the decision to sell five of the company's fund interests.
"The discount on this transaction (approximately 19%) reduced net asset value per share in the first quarter by approximately 1p; completion took place in April with net proceeds (after transaction costs) of approximately GBP9 million," the company said.
LMS shares were up 1.6% at 76.49p on Thursday.
By Samuel Agini; [email protected]; @samuelagini
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