REG - LMS Capital PLC - First Quarter 2026 Update

LMS CapitalAnnouncement

24/04/2026 07:00

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RNS Number : 7216B  LMS Capital PLC  24 April 2026

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT MAY CONSTITUTE INSIDE
INFORMATION AS STIPULATED UNDER THE UK'S MARKET ABUSE REGULATION. UPON THE
PUBLICATION OF THIS ANNOUNCEMENT, SUCH INSIDE INFORMATION IS NOW CONSIDERED TO
BE IN THE PUBLIC DOMAIN.

 

LEI: 2138004UJ1TW8UCELX08

 

24 April 2026

 

LMS CAPITAL PLC

First Quarter 2026 Update

 

LMS Capital plc (the "Company"), the listed Investment Company, provides the
following update covering the period from 1 January 2026 to date and including
the NAV at 31 March 2026.

 

Financial Highlights

·    Unaudited Net Asset Value ("NAV") at 31 March 2026 was £27.4 million
(33.9p per share). This compares to £29.0 million (35.9p per share) at 31
December 2025;

·    £1.6 million (2.0p per share) was returned to shareholders in
February 2026, bringing the total returned to shareholders under the
realisation strategy to £3.2 million, equivalent to 4.0p per share;

·    After adjusting for the February return of capital to shareholders
the NAV is broadly unchanged over the period;

·    Increases in portfolio value of £0.4 million, principally due to
foreign exchange gains, offset running costs and investment costs for the
period; and

·    Cash at 31 March 2026 was £3.4 million compared to £6.8 million at
31 December 2025;

o    Realisations in the period to 31 March 2026 were £0.7 million,
realised from the Weber fund;

o    As previously envisaged, there were follow-on investments in Dacian
and Castle View. The investment in Dacian is in line with previous estimates
to allow the company to execute its business plan. Further investment has been
made at Castle View to reduce debt under the existing facility and release
previously unsold apartments for rental. There are now four rental apartments
with a further one under offer. The company is in the process of establishing
a new bank facility to refinance the rental units.

 

Unaudited Net Asset Value at 31 March 2026

The unaudited 31 March 2026 NAV is summarised below:

 

                                 Unaudited  Audited
                                 31 March   31 December

                                 2026        2025
                                 £'000s
 Castle View, Windsor            8,645      7,526
 Dacian                          10,829     9,669
 Other

 -      Opus Capital             3,066      3,092

 -      Elateral                 1,100      1,100

 -      Weber                    787        1,495

 -      Other                    277        300
 Total Investments               24,704     23,182
 Cash                            3,410      6,761
 Other Net Assets/Liabilities    (731)      (925)
 Net Asset Value                 27,383     29,018

 

The NAV at the end of March is based on the valuation of the Company's
investments as at 31 December 2025, adjusted for transactions in the three
months ended 31 March 2026, price movements on quoted securities, movements in
foreign currency exchange rates, cash calls and distributions from funds, and
the latest information available from third-party fund managers, generally the
31 December 2025 fund valuation reports, except for Weber Capital Partners
which is based on 31 March 2026 valuations.

 

The person responsible for the release of this announcement on behalf of the
Company is IQ EQ Corporate Services (UK) Limited, the Company Secretary.

 

 

For further information please contact:

LMS Capital plc

Nick Friedlos, Managing Director

0207 935 3555

 

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