Sale of Apogee and Board Changes

RNS Number : 8198Z

LMS Capital PLC

12 March 2013

 



12 March 2013

LMS Capital plc

Sale of Apogee Corporation Limited ("Apogee") and

Board changes

Sale of Apogee

LMS Capital plc ("LMS Capital" or "the Company") is pleased to report that it has sold its interest in Apogee, one of the UK's leading suppliers of digital document solutions, for cash consideration of £16 million. This represents a 2.1 times return on cash invested and an IRR of 30% since acquisition in 2010.  The book value of this investment at 30 June 2012 was £13.5 million.

Board changes

Given the reducing size of the Company following the successful commencement of the realisation strategy and the consequent need to reduce overheads, Richard Christou (the current Chairman) and Mark Sebba have decided not to stand for re-election to the Board at the forthcoming Annual General Meeting.  Martin Knight has agreed to take over as Chairman from the conclusion of the Annual General Meeting.

The Company expects to announce its preliminary results for the year ended 31 December 2012 on Monday 18 March.

For further information please contact:

LMS Capital plc                                                                                                  020 7935 3555

Nick Friedlos, Director

Tony Sweet, Chief Financial Officer

J.P. Morgan Cazenove                                                                                   020 7742 4000

Michael Wentworth-Stanley

MHP Communications                                                                                  020 3128 8100

Tim McCall

Katie Hunt

About LMS Capital

LMS Capital is an investment company which, following a General Meeting on 30 November 2011, is undertaking a realisation strategy with the aim of achieving a balance between an efficient return of cash to shareholders and optimising the value of the Company's investments. Its investment portfolio consists of small to medium sized companies in the consumer, energy and business services sectors.

www.lmscapital.com

 

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