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LMS Capital invests in Eye-Fi
Date Posted: 06/08/2008
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TransLink Capital and LMS Capital to Bring Strong International Connections, Support Worldwide Growth of Eye-Fi Products and Services.
MOUNTAIN VIEW, Calif., August 6, 2008 – Eye-Fi Inc. (www.eye.fi), makers of the world’s first wireless memory card for digital cameras, today announced it has secured Series B funding of $11 million. The round was led by TransLink Capital, with new funding from LMS Capital and participation from existing investors Opus Capital and Shasta Ventures. TransLink Capital’s co-founder and managing director, Toshi Otani, will join the Eye-Fi board. Read on.
Eye-Fi will use the investment to fund further development of its portfolio, expand distribution into new markets, and scale its organization and market development activities to support its fast-growing
business.
“This investment gives Eye-Fi the long-term resources to establish this new category of products and services that help consumers manage and share their digital memories,” said Jef Holove, CEO ofEye-Fi. “The combination of our current and new investors gives the company far-reaching capabilities to extend our efforts in the US and abroad, establishing new industry partnerships and accelerating our market development activities.”
Eye-Fi was founded in the summer of 2005 and launched its first product, the Eye-Fi Card, in October 2007. Since launch, the company has expanded its product portfolio and introduced new services; formed partnerships with Nikon, Lexar and more than 20 online photo destinations; and expanded its online and brick-and-mortar retail distribution to include national channels, such as Circuit City.
“Eye-Fi is changing the game for consumers and the photography services industry by making it simple for consumers to share and store their digital memories,” said Otani of TransLink. “We see a big growth opportunity for Eye-Fi to expand into new markets like Europe and Asia where digital photography is already an established practice.”
TransLink Capital is a U.S.-based venture capital firm focused on investments in early- to expansion-stage technology start-up companies. They specialize in investing on behalf of industry leaders in the early adopter markets of Asia. LMS Capital PLC is an independent investment company whose shares are traded on the AIM market of the London Stock Exchange. Its investment portfolio is valued at more than $400 million and comprises investments in both the US and UK, with a spread of early-stage investments, development capital and mature company buy-outs. Opus Capital, a leading venture capital firm based in Menlo Park, Calif., invests in early stage technology companies. Shasta Ventures, also based in Menlo Park, has developed an expertise working with companies that have invented internet-connected devices.
Eye-Fi has received numerous product awards, including being named one of PC World’s “100 Best Products of 2008,” and was recently honored in the AlwaysOn Global 250 Top Private Company List for companies that are demonstrating significant market traction and pursuing game-changing technology
in a specific sector. For more information, please visit www.eye.fi.
About Eye-Fi
Founded in 2005, the company is dedicated to building products and services that help consumers
navigate, nurture and share their visual memories. Eye-Fi’s patent-pending technology works with Wi-Fi networks to automatically send photos from a digital camera to online, in-home and retail destinations.
Headquartered in Mountain View, Calif., the company's investors include TransLink Capital, LMS Capital, Opus Capital and Shasta Ventures. More information is available at www.eye.fi.
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LMS Capital invests in Pims Group
Date Posted: 20/06/2008
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LMS Capital plc (“LMS”) is pleased to announce that it has invested £2.5 million in Pims Group, a supplier of waste water pumping systems and services, in a coinvestment with Inflexion 2006 Buyout Fund. Read on.
LMS Capital plc (“LMS”) is pleased to announce that it has invested £2.5 million in Pims Group, a supplier of waste water pumping systems and services, in a coinvestment with Inflexion 2006 Buyout Fund.
Pims is a well-established business based in Farnborough, Hampshire, which has enjoyed strong growth and has national coverage. Its Pumps Division designs and installs systems for domestic and commercial sewerage and rainwater and last year installed over 700 pumping stations. The Services Division has over 4,000 maintenance contracts, and its customer base includes major retailers. The UK market for these services is large (c £1 billion per annum) but there are few competitors of similar scale and there are opportunities to grow by acquisition.
Commenting on the transaction, Martin Pexton, Managing Director of LMS, said:
“We are pleased to have the opportunity to invest alongside Inflexion in the buyout of Pims. LMS is a limited partner in Inflexion’s 2003 and 2006 buyout funds and we have successfully coinvested with them in the past.”
For further information please contact:
LMS Capital plc 020 7935 3555
Robert Rayne, Chief Executive Officer
Martin Pexton, Managing Director
Tony Sweet, Chief Financial Officer
Arbuthnot Securities Limited 020 7012 2000
Alastair Moreton
Brunswick Group LLP 020 7404 5959
Simon Sporborg
Leonora Pou
Oliver Hughes
About LMS Capital
LMS Capital plc is an independent investment company whose shares are traded on AIM. The investment portfolio comprises investments in both the US and UK, with a spread of early stage and second round technology investments, development capital and mature company buy-outs.
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Transaction In Own Shares
Date Posted: 13/06/2008
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LMS Capital plc has today purchased 5,500,000 of its ordinary shares of 10 pence each. Read on.
13 June 2008
Transaction in own shares
LMS Capital plc (“the Company”) has today purchased 5,500,000 of its ordinary shares of 10 pence each. The average purchase price for each share was £0.725. The shares will be cancelled by the Company.
Following the purchase and the cancellation of these ordinary shares, the Company has 280,929,228 ordinary shares of 10 pence in issue and therefore the total number of voting rights is 280,929,228.
For further information please contact:
LMS Capital plc 020 7935 3555
Robert Rayne, Chief Executive Officer
Martin Pexton, Managing Director
Tony Sweet, Chief Financial Officer
Arbuthnot Securities Limited 020 7012 2000
Alastair Moreton
Brunswick Group LLP 020 7404 5959
Simon Sporborg
Leonora Pou
Oliver Hughes
About LMS Capital
LMS Capital plc is an independent investment company whose shares are traded on AIM. The investment portfolio comprises investments in both the US and UK, with a spread of early stage and second round technology investments, development capital and mature company buy-outs and some listed securities.
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2008 AGM Statement
Date Posted: 06/06/2008
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LMS Capital plc (“LMS Capital” or “the Company”) has issued the following statement ahead of the Annual General Meeting of the Company which is being held today. Read on.
LMS Capital plc (“LMS Capital” or “the Company”) has issued the following statement ahead of the Annual General Meeting of the Company which is being held today.
We have been active this year on a number of fronts including realisations, acquisitions and investments. The highlights of 2008 to date include the following:
- We successfully sold Energy Cranes International Limited to Close Brothers Private Equity for net proceeds of £83 million, reflecting an internal rate of return of 40%;
- Since the beginning of the year the value of our new quoted investments made in the Energy sector increased in line with growing demand in the sector. We currently have around 20% of our portfolio in the Energy sector;
- In April we committed €8 million (£6.3 million) to the Simmons Parallel Energy Fund, which will focus on investments in the Energy sector outside the USA;
- Cityspace Limited acquired Kizoom Limited, which strengthens its position in the provision of real time transport information to mobile users. Other acquisition opportunities are being considered;
- Looking ahead, we continue to see a steady number of investment opportunities and deal flow remains strong.
Commenting on the Company’s performance to date in 2008, Robert Rayne, Chief Executive Officer, said: “After a decade of exceptional liquidity and growth, the credit crunch has resulted in a more uncertain business environment. Despite the challenges this presents, LMS Capital is well positioned. We have significant cash and liquid resources and no debt and are able to move quickly to take advantage of investment opportunities.”
# Ends #
For further information please contact:
LMS Capital plc 020 7935 3555
Robert Rayne, Chief Executive Officer
Martin Pexton, Managing Director
Tony Sweet, Chief Financial Officer
Arbuthnot Securities Limited 020 7012 2000
Alastair Moreton
Brunswick Group LLP 020 7404 5959
Simon Sporborg
Leonora Pou
Oliver Hughes
About LMS Capital
LMS Capital plc is an independent investment company whose shares are traded on AIM. The investment portfolio comprises investments in both the US and UK, with a spread of early stage and second round technology investments, development capital and mature company buy-outs and some listed securities.
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Cityspace acquires Kizoom
Date Posted: 19/05/2008
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LMS Capital plc (“LMS”) is pleased to announce that Cityspace Limited, the UK-based technology company in which LMS is the majority shareholder, has acquired Kizoom Limited, a market leader in delivering real-time transport information to the internet and mobile devices. Read on.
19 May 2008
LMS Capital plc
Cityspace acquires Kizoom, innovator in transport information via mobile and the internet
LMS Capital plc (“LMS”) is pleased to announce that Cityspace Limited (“Cityspace”), the UK based technology company in which LMS is the majority shareholder, has acquired Kizoom Limited (“Kizoom”), a market leader in delivering real-time transport information to the internet and mobile devices.
Cityspace designs and delivers systems providing information and transaction services to the public in urban environments and in transport. Services in transport include journey planning, real-time passenger information and off-board ticketing.
Founded in 1999, Kizoom develops and operates mobile software applications for the major transport operators as well as selling bespoke customer information software services to public transport companies. Kizoom’s client list includes the five largest UK mobile operators, Transport for London (TfL), National Rail Enquiries (NRE) and the Department for Transport (DfT).
Cityspace and Kizoom have collaborated very successfully on a number of projects, including most recently the delivery of timetable information to mobile devices for the National Express East Coast rail network. Kizoom’s application development skills are held in high regard and Cityspace will benefit considerably from Kizoom’s established connections to many public transport real-time and timetable data feeds.
Commenting on the transaction, Martin Pexton, Managing Director of LMS, said:
“The completion of this transaction is an important milestone in Cityspace’s strategic growth plan, and follows the appointment of Andrew Fraser as Chief Executive earlier this year. Cityspace is already a market leader in intelligent transport systems and the acquisition of Kizoom will both enhance the portfolio of products and services and open up many new opportunities. We believe there is considerable potential in this market and look forward to supporting Cityspace’s further development.”
For further information please contact:
LMS Capital plc: 020 7935 3555
Robert Rayne, Chief Executive Officer
Martin Pexton, Managing Director
Tony Sweet, Chief Financial Officer
Arbuthnot Securities Limited: 020 7012 2000
Alastair Moreton
Brunswick Group LLP: 020 7404 5959
Simon Sporborg
Leonora Pou
Oliver Hughes
About LMS Capital
LMS Capital plc is an independent investment company whose shares are traded on AIM. The investment portfolio comprises investments in both the US and UK, with a spread of early stage and second round technology investments, development capital and mature company buy-outs.
www.lmscapital.com
About Cityspace
Since 1996 Cityspace has been delivering digital information to users in public spaces through screens and touch screen terminals. Today the Company is focused on delivering information services to the travelling public for many of the largest and most innovative authorities and operators in transport.
Cityspace is an information broadcast specialist that transforms transport data into traveller information for bus, rail and air passengers to make it easy to use public transport. The information is delivered at the point of need through a range of interactive terminals, broadcast screens and now to mobile phones and the web. Over 60 clients across the UK benefit from Cityspace’s expertise in content design and development, data and network management and ‘smart’ street furniture design, installation and management. Visit www.cityspace.com for more information.
www.cityspace.com
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Sale of Energy Cranes International Limited and NAV Update
Date Posted: 31/03/2008
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LMS Capital plc is pleased to announce that it has sold its entire holding in Energy Cranes International Limited to a management buyout team backed by Close Brothers Private Equity Read on.
31 March 2008
LMS Capital plc
SALE OF ENERGY CRANES INTERNATIONAL LIMITED AND NAV UPDATE
Sale of Energy Cranes International Limited
LMS Capital plc (“LMS” or “The Company”) is pleased to announce that it has sold its entire holding in Energy Cranes International Limited (“Energy Cranes”) to a management buyout team backed by Close Brothers Private Equity (“CBPE”).
The transaction places an enterprise value on Energy Cranes of £142 million and the net proceeds to LMS are £83 million in cash, which will be applied to the development of LMS’s investment portfolio and used for general corporate purposes. LMS’s return on equity from its investment in Energy Cranes is approximately 4.5 times, with an Internal Rate of Return of approximately 40%.
Energy Cranes was formed in 2003 when LMS acquired Sparrows Offshore, headquartered in Aberdeen, and several months later merged the business with American Aero and Titan Cranes, based in the Gulf of Mexico. LMS’s equity investment in the two transactions totalled £17.8 million.
Energy Cranes provides a wide range of crane-related services to the offshore oil and gas industry and has become increasingly international in its operations. Growth has been through organic development and through strategic acquisitions, both in the Gulf of Mexico (Dynamic Cranes in 2006, Marine & Mainland in 2007) and in the North Sea (Aberdeen Hydraulics in 2007). The company has a presence in many further locations including the Caspian, the Middle East, West Africa, Brazil, and Asia-Pacific. Employee numbers now exceed 1700.
Energy Cranes’ turnover has nearly doubled during the last five years to approximately £114 million for the year ended 31 December 2007, while profitability has increased at an even greater rate. Pre tax profits for 2007 were £2.7 million and net assets at the year end were £18.8 million.
Commenting on the transaction, Martin Pexton, Managing Director of LMS, said: “Energy Cranes is an excellent company with deep engineering expertise, a high calibre workforce, an enviable health and safety record and a strong customer base around the world. We are pleased to have been able to support its development into a global business and, by adding value, to have delivered strong returns for our investors. We wish the team every success for the future.”
John Jordan, Chief Executive Officer of Energy Cranes, said: “LMS has been a very supportive investor and we have enjoyed a strong working relationship during their period of ownership. We have made a significant investment in our infrastructure to prepare for the next phase of development and look forward to working with CBPE to grow the company further.”
Advisors to Energy Cranes and LMS on the transaction were Simmons & Company and Paull & Williamsons. CBPE were advised by KPMG and Maclay Murray & Spens. Ernst & Young and Dundas & Wilson advised management.
Net Asset Value – update
On 26 March 2008 LMS released its preliminary results for the year ended 31 December 2007 at which date the Company’s Net Asset Value (“NAV”) per share was 101 pence. The Company is taking this opportunity to provide an update on its NAV per share following the sale of Energy Cranes.
The pro forma NAV per share following the sale of Energy Cranes is 107 pence. This pro forma figure is based on the reported NAV at 31 December 2007 as increased by the amount by which the net proceeds to LMS from the sale of Energy Cranes exceed the carrying value of the investment at 31 December 2007. No account has been taken of changes in value of other investments in LMS’s investment portfolio, nor of trading since 31 December 2007.
For further information please contact:
LMS Capital plc 020 7935 3555
Robert Rayne, Chief Executive Officer
Martin Pexton, Managing Director
Tony Sweet, Chief Financial Officer
Arbuthnot Securities Limited 020 7012 2000
Alastair Moreton
Brunswick Group LLP 020 7404 5959
Simon Sporborg
Leonora Pou
About LMS Capital
LMS Capital plc is an independent investment company whose shares are traded on AIM. The investment portfolio comprises investments in both the US and UK, with a spread of early stage and second round technology investments, development capital and mature company buy-outs.
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Preliminary Results for the year ended 31 December 2007
Date Posted: 26/03/2008
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The Board of LMS Capital plc is pleased to announce its preliminary results for the year ended 31 December 2007. Read on.
The Board of LMS Capital plc (“LMS Capital” or the “Company) is pleased to announce its preliminary results for the year ended 31December 2007.
Financial Highlights*
- Net Asset Value per share was 101p (31 December 2006: 90p), an increase of 12%
- Shareholders' return on equity was 12% (nine months ended 31 December 2006: loss)
- Net Asset Value was £289.0 million (31 December 2006: £258.5 million)
- The valuation of the investment portfolio was £282.1 million (31 December 2006: £234.9 million)
- Net gains on investments were £36.7 million (nine months ended 31 December 2006: net loss of £6.4 million)
- Profit after tax was £29.8 million (nine months ended 31 December 2006: loss of £10.8 million)
*investment management business
Operational Highlights
- Discussions are taking place regarding the sale of Energy Cranes
- The Company entered the real estate sector through investments in Brockton Capital Fund I (UK), Illyrian Land Fund II (South Eastern and Eastern Europe) and Patson VNO Holdings (USA)
- The investment in Gourmet Holdings plc was increased
Robert Rayne, Chief Executive Officer of LMS Capital, said:
“These strong results demonstrate the resilience of our business despite the uncertain market conditions we have seen since the middle of 2007. We expect market conditions to be harder in the future and we continue to take a cautious approach to valuations, both in our existing portfolio and in assessing new investment opportunities. We believe that with our risk diversification, experienced management team and long-term outlook we are well placed to make good progress. We also perceive the current conditions as being an opportunity for us to make further investments at favourable prices.”
For further information please contact:
LMS Capital plc
020 7935 3555
Robert Rayne, Chief Executive Officer
Martin Pexton, Managing Director
Tony Sweet, Chief Financial Officer
Arbuthnot Securities Limited
020 7012 2000
Alastair Moreton
Brunswick Group LLP
020 7404 5959
Simon Sporborg
Leonora Pou
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Energy Cranes Acquisition of Marine and Mainland
Date Posted: 27/03/2008
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The Board of LMS Capital plc (the 'Company') is pleased to announce that Energy Cranes International ('Energy Cranes'), the Aberdeen-based offshore crane engineering specialists in which LMS Capital is the majority shareholder alongside the management team, has bought the assets of Marine & Mainland Crane Services Inc. Read on.
The Board of LMS Capital plc (the 'Company') is pleased to announce that Energy Cranes International ('Energy Cranes'), the Aberdeen-based offshore crane engineering specialists in which LMS Capital is the majority shareholder alongside the management team, has bought the assets of Marine & Mainland Crane Services Inc.
The transaction will double Energy Cranes' share of the US offshore crane service market and create an enlarged business projecting 2008 revenues in the US market exceeding US$86 million. The acquisition of Marine & Mainland adds 135 people to Energy Cranes' US workforce and extends its service network within Texas, Louisiana and throughout the Gulf of Mexico. The combined business will provide opportunities to improve efficiency and develop increased resources to meet market demands.
This deal further strengthens Energy Cranes' position in the offshore services business and it has made three other significant announcements in the last month: the acquisitions of Aberdeen Hydraulic Services (AHS) and the intellectual property of the former Bucyrus Erie, as well as winning a contract with Indian state oil producer Oil and Natural Gas Corporation Limited (ONGC).
Annual revenues of Energy Cranes are currently running at $200 million and these transactions will have a significant positive impact on both revenues and profitability.
AHS, acquired in August, has been merged with the hydraulics division of Energy Cranes to form a specialist hydraulics engineering business, Aberdeen Hydraulics, which will provide design, manufacture, supply and refurbishment services for hydraulics systems.
Energy Cranes has also acquired the intellectual property of the former Bucyrus Erie crane manufacturing company. There are believed to be some 250 large Bucyrus Erie cranes in offshore service, and this deal brings to well over 2,000 the number of cranes worldwide for which Energy Cranes is the sole provider of parts and support.
Last month Energy Cranes won a multi-million dollar contract with Indian state oil producer Oil and Natural Gas Corporation Limited (ONGC) for the refurbishment of twenty-two American Aero cranes located in ONGC's Mumbai High Asset.
John Jordan, Energy Cranes Chief Executive Officer, commented:
'Energy Cranes has been demonstrating value and safety gains in crane service to operators and vessel owners since our formation in 2003, while Marine & Mainland, led by Alan Schaefer and Tim O'Neill, has been growing as a similarly strong player in this sector. Some consolidation in the marketplace is essential if contractors are to continue to leverage these safety and performance benefits to clients while developing the service network and skills base the market demands of us.'
LMS Capital's Chief Executive Officer, Robert Rayne said of recent progress:
'We are delighted with the recent progress made by the management of Energy Cranes in developing the business both organically and with these acquisitions. This gives Energy Cranes more scale and breadth to support the global oil and gas industry through its offshore cranes and lifting services. The group, which now employs over 1,500 people, has a global presence and an unprecedented record of safety and excellence.'
LMS Capital plc 020 7935 3555
Robert Rayne, Chief Executive Officer
Martin Pexton, Managing Director
Tony Sweet, Chief Financial Officer
Arbuthnot Securities Limited 020 7012 2000
Alastair Moreton
Brunswick Group LLP 020 7404 5959
Simon Sporborg
Anisha Patel
About LMS Capital
LMS Capital plc is an independent investment company whose shares are traded on AIM. The investment portfolio comprises investments in both the US and UK, with a spread of early stage and second round technology investments, development capital and mature company buy-outs.
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Interim Results for the six months to 30 June 2007
Date Posted: 17/09/2007
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The Board of LMS Capital plc is pleased to announce its interim results for the six months to 30 June 2007. Read on.
The Board of LMS Capital plc is pleased to announce its interim results for the six months to 30 June 2007.
Financial highlights*
· £256.0 million valuation of investment portfolio (31 December 2006 - £234.9 million)
· 93p Net Asset Value per share (31 December 2006 - 90p)
· £10.6 million net gains on investments for the six months ended 30 June 2007 (nine months ended 31 December 2006 - net loss of £6.4 million)
· £7.6 million profit for the six months ended 30 June 2007 (nine months ended 31 December 2006 - loss of £10.8 million)
Operational highlights
· Significant progress in the underlying performance of our unquoted investments
· Acquisition of an interest in Brockton Capital Fund I, a real estate opportunity fund
· Energy Cranes International performing in line with expectations and expected to benefit from the increased scale provided by the acquisitions of Aberdeen Hydraulics and Marine & Mainland
* Investment management business
Robert Rayne, Chief Executive Officer, of LMS Capital, said:
“During the first half of 2007 we have made steady progress in managing the portfolio, building the investment team and developing our network and deal flow. As financial and other markets adjust to a new environment, sentiment is likely to be more cautious than in the recent past. We believe that our strategy of risk diversification will serve us well in these conditions and we are well placed to deliver good medium to long-term returns to shareholders.”
For further information please contact:
LMS Capital plc
020 7935 3555
Robert Rayne, Chief Executive Officer
Martin Pexton, Managing Director
Tony Sweet, Chief Financial Officer
Arbuthnot Securities Limited
020 7012 2000
Alastair Moreton
Brunswick Group LLP
020 7404 5959
Simon Sporborg
Anisha Patel
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Appointment of Nominated Adviser and Joint Broker
Date Posted: 03/09/2007
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The Board of LMS Capital plc (the “Company”) is pleased to announce that the Company has appointed Arbuthnot Securities Limited (“Arbuthnot Securities”) as its Nominated Adviser with effect from 1 September 2007. . . Read on.
The Board of LMS Capital plc (the “Company”) is pleased to announce that the Company has appointed Arbuthnot Securities Limited (“Arbuthnot Securities”) as its Nominated Adviser with effect from 1 September 2007. In addition, along with JPMorgan Cazenove Limited, Arbuthnot Securities has been appointed as joint broker to the Company.
Notification of interim results
The Company will announce its interim results for the six months ended 30 June 2007 on Monday 17 September 2007.
For further information please contact:
LMS Capital plc
020 7935 3555
Robert Rayne, Chief Executive Officer
Martin Pexton, Managing Director
Tony Sweet, Chief Financial Officer
Arbuthnot Securities Limited
020 7012 2000
Alastair Moreton
Brunswick Group LLP
020 7404 5959
Simon Sporborg / Anisha Patel
About LMS Capital
LMS Capital plc is an independent investment company whose shares are traded on AIM. The investment portfolio comprises investments in both the US and UK, with a spread of early stage and second round technology investments, development capital and mature company buy-outs.
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