Simon Thompson 

A mandate for value creation

Simon Thompson

Simon Thompson

Private equity investment company LMS Capital (LMS:55p) has reappointed top-rated fund manager Gresham House Asset Management (GHAM) for the next five years, alongside adopting a progressive dividend policy, starting in 2020, targeting an initial yield of 4 per cent of net asset value (NAV). The new arrangement is subject to shareholder approval at a forthcoming general meeting, much as I had anticipated when I suggested buying the shares at 52p (‘Exploit LMS’s ‘margin of safety’, 14 Aug 2019), having first highlighted the investment case in my April small-cap report when LMS’s shares were offered in the market at 49p.

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