Sale of investment in Entuity completes

RNS Number : 9468I

LMS Capital PLC

14 August 2019

 

LMS Capital plc

("LMS" or "the Company")

Completion of the sale of the Company's investment in Entuity

In the announcement on 2 August 2019, of its results for the six months to 30 June 2019, the Company reported that contracts had been exchanged in late July 2019 for the sale of its investment in Entuity, with completion due on or before 30 September 2019.

The Company is pleased to confirm that completion of the sale took place on 13 August 2019.

After allowing for estimated transaction costs and payments due under legacy incentive schemes, net cash proceeds to be received by the Company will be approximately £10.5 million, an increase of £2.4 million over the net proceeds recognised at 30 June 2019 with a corresponding increase in net asset value. This reflects the sale not only of all the Company's shares, but also the repayment of all working capital loans.

Graham Bird, Gresham House Asset Management, commented:

"We are delighted on the realisation of Entuity which has been a complex transaction, but very successful from an LMS shareholder value perspective. This leaves the Company with a strong balance sheet from which to progress to the next stage of its journey as an attractive specialist private equity vehicle."

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

For further information please contact:

LMS Capital plc  Martin Knight, Chairman	020 3837 6275
Gresham House Asset Management Limited Graham Bird	020 3837 6275
J.P. Morgan Cazenove (Corporate Broker) Michael Wentworth-Stanley	020 7742 4000

 

END

 

 

DISLFFLITEIVLIA