LMS Capital PLC Receipt of proceeds from Brockton Capital LLP (9420I)
March 26 2018 - 7:40AM
UK Regulatory
TIDMLMS
RNS Number : 9420I
LMS Capital PLC
26 March 2018
26 March 2018
LMS Capital plc ("LMS" or "the Company")
Receipt of proceeds from the sale interest in Brockton Capital
LLP
On 8 February 2018, the Company announced that terms had been
agreed for the sale of Brockton Capital LLP, in which the Company
had an interest of 6.67%. Completion of the sale was subject to
customary conditions including obtaining regulatory approval.
The net proceeds from the sale were expected to be in the region
of GBP2.5 million. This amount was reflected in the 31 December
2017 results announced on 15 March 2018.
The Company can now confirm that the sale has completed and
proceeds have been received. The Company's share of proceeds on
sale amount to GBP2.65 million. In addition, GBP465,000 has been
received being the Company's share of surplus funds held within the
entity sold and which were distributed immediately prior to
completion. The total cash receipt was therefore GBP3.1
million.
For further information please contact:
LMS Capital PLC 020 3837 6275
Martin Knight, Chairman
Gresham House Asset Management
Graham Bird, Investment Director 020 3837 6275
J.P. Morgan Cazenove
Michael Wentworth-Stanley 0207 742 4000
Notes:
In 2006 LMS, together with 3 other cornerstone investors, backed
the establishment of Brockton Capital LLP, a private equity real
estate investment adviser, and became an investor in Brockton
Capital Fund I LP, a real estate investment fund. The investment in
Brockton capital LLP gave LMS the right to participate in entities
that would receive a share of any incentive payable in relation to
the performance of the Fund and subsequent Brockton-advised funds
(the "Carried Interest").
The sale of Brockton Capital LLP does not affect the Company's
investment in Brockton Fund I which it continues to hold (carrying
value GBP4.6 million at 31 December 2017). Similarly, the Company's
interests in the Carried Interest on existing Brockton funds are
unaffected.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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