LEI: 2138004UJ1TW8UCELX08
21 October 2026
LMS CAPITAL PLC
Third Quarter 2026 Update
LMS Capital plc (the “Company”), the listed Investment Company, provides the following update covering the period since 30 June 2026 to date and including the Net Asset Value (“NAV”) at 30 September 2026.
The unaudited NAV at 30 September 2026 was £26.2 million (32.4 pence per share) compared to £26.6 million (33.0 pence per share) at 30 June 2026.
Portfolio
There were no material underlying valuation or foreign exchange related movements in the portfolio during the quarter. The increases in the carrying values in Dacian and Castle View reflect additional investment during the quarter.
Dacian
The progress by the Dacian team against the objectives in the July 2025 business plan, as reported in the half year announcement, is continuing. It is the intention to provide a detailed update on progress and the future outlook, at the time of the full year end reporting in Q1 2027.
Retirement Living – Castle View
The operational progress reported at the half year has continued over the summer. Following the completion of two further rentals during the quarter, all 15 units available when LMS acquired Castle View are now sold or rented.
Additionally, resale activity has been good. Three resales have completed over the summer with a fourth exchanged and expected to complete this month. These transactions have generated deferred management fee income for the business. When the fourth transaction completes, given the recent resale and rental activity, this will mean that Castle View is fully occupied save for one apartment available as a resale.
The new five year financing facility on Castle View, secured on the rental portfolio, has now been finalised. The remaining balance of £1.56 million on the Terido loan was repaid in August and the first drawdown of £1.25 million against the new facility was completed in September. The resulting additional net cash investment in Castle View of £0.3 million is reflected in the investment carrying value. A second drawdown of approximately £1.1 million which is planned to be made in Q4 will allow part of the net LMS investment in Castle View to be repaid.
Unaudited NAV at 30 September 2026
| Unaudited | Unaudited | |
| 30 September 2026 | 30 June 2026 | |
| £ 000s | ||
| Mature Investment Portfolio | ||
| Quoted investments | 12 | 10 |
| Unquoted Investments | 1,100 | 1,100 |
| Funds | 3,516 | 3,520 |
| Other Investments | ||
| Castle View, Windsor | 9,716 | 9,409 |
| Dacian | 10,824 | 10,760 |
| Total Investments | 25,168 | 24,799 |
| Cash | 1,852 | 2,593 |
| Other Net Assets/Liabilities | (838) | (771) |
| Net Asset Value | 26,182 | 26,621 |
The NAV at the end of September is based on the valuation of the Company’s investments as at 30 June 2026, adjusted for transactions in the three months ended 30 September 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 30 June 2026 fund valuation reports, except for Weber Capital Partners which is based on 30 September 2026 valuations.
The net reduction in NAV reflects running costs of £0.3 million and investment costs of £0.1 million.
For further information please contact:
LMS Capital plc
Nick Friedlos, Managing Director
020 7935 3555
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