Timing of general meeting

RNS Number : 3171Q

LMS Capital PLC

17 October 2011

 



LMS CAPITAL PLC

TIMING OF GENERAL MEETING and

RESOLUTIONS FOR SHAREHOLDER VOTE

The Independent Committee of the Board (the "Independent Committee") of LMS Capital plc ("LMS Capital" or the "Company") announces that the Company has today received a notice from certain members of the Rayne Concert Party requisitioning a general meeting.  A circular convening a general meeting will be sent to shareholders within the required period of 21 days from today.

The Independent Committee believes that the requisition does not address any points of substance which have not already been set out in the Company's announcement of 10^th October, in which it announced that it would be publishing a circular and notice of General Meeting shortly.

The Independent Committee continues to believe that Robert Rayne should stand down from the Board in the interests of good corporate governance and to ensure complete independence as the Board supervises an orderly wind-down of the Company.

John Barnsley, Chairman of the Independent Committee, reiterated his previous comments:

"The Company will be writing to shareholders shortly to table resolutions to approve the orderly wind-down and to address the composition of the Board so as to ensure its full independence as it supervises the wind-down.  The Board is concerned to ensure there is no possibility of the Rayne family Concert Party having, or appearing to have, any undue influence or confidential information during the course of the implementation of the wind-down."

A further announcement will be made in due course.

ENDS

Enquiries

Quayle Munro:

Andrew Tuckey / Colin La Fontaine Jackson                                          020 7907 4200

Matrix Corporate Capital LLP

Paul Fincham / Rob Naylor                                                                    020 3206 7175

Brunswick Group

Simon Sporborg / Fiona Micallef-Eynaud                                                 020 7404 5959

About LMS

Under its current strategy, LMS is an investment company focused on investing in profitable and growing private companies where our involvement is additive to the value and performance of the company. Our focus is on small to medium sized companies in our preferred sectors of consumer, energy and business services. We partner with experienced managers in profitable, growing companies where we believe we can add value. We aim to grow our investments (and NAV) by 15%+ per annum without undue risk or investing in unproven businesses.

Our recent deal experience has confirmed to us that potential partners place great store on working with people who not only understand their business (typically through previous deals in the same sector) but also have themselves worked in operational management positions and who therefore understand and empathise with the role of management in a business partnership.

In the 12 months to 30 June 2011, we have increased NAV by 12%, reported a maiden profit at the plc level, increased underlying EBITDA at portfolio companies by 42%, reduced overheads at the plc by 20%, and outperformed the listed PE comparables and the broader FTSE indices. The Company's Net Asset Value at 30 June 2011 was £252.4 million - including the investment portfolio valued at £224.3 million and net cash of £30.5 million. Harvesting our legacy investments should produce the capital required to finance growth at our existing and new direct holdings.

John Barnsley, Non-executive Director

Mr Barnsley is the Senior Independent Non-executive Director of the Company, having been appointed to the Board on 7 April 2006. He currently holds a number of other directorships, including: Grainger Trust plc, Northern Investors Company plc, American Appraisal Associates LLP and European Cardiovascular Genetics Foundation. Prior to December 2001, Mr Barnsley spent 22 years as a partner at PricewaterhouseCoopers, including four years as UK managing partner.

Richard Christou, Non-executive Director

Mr Christou is an independent Non-executive Director of the Company, having been appointed to the Board on 7 April 2006. He has been executive chairman of Fujitsu Services Holdings plc since April 2004. With a law degree from Cambridge, Mr Christou began his career in 1967 and spent a number of years as legal adviser and company secretary of STC Telecommunications Ltd. In 1985, he became company secretary and legal director of Solaglas (UK) Ltd, before returning, in 1987, to STC plc as Director, Commercial and Legal Affairs. He moved to ICL in 1990, becoming chief executive in 2000. ICL plc changed its name to Fujitsu Services Holdings plc in April 2002.

David Verey, CBE, Non-executive Director

Mr. Verey is an independent Non-executive Director of the Company, having been appointed to the Board on 7 September 2009. He is currently a Senior Adviser to Lazard & Co., Limited, Senior non- executive director at the Department of Culture, Media and Sport, a non-executive director of Daily Mail and General Trust plc, Sofina SA and Bank Gutmann. Formerly, he was Chairman and Chief Executive of Lazard Brothers & Co., Limited and Chairman of Blackstone Group UK.

 

END

 

 

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