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Healthcare Management Systems Inc acquires Medhost
Date Posted: 05/02/2010
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Healthcare Management Systems Inc, a US unquoted company in which LMS Capital holds an 8% stake, has acquired Medhost, the leading US provider of emergency department information systems. Read on.
HEALTHTECH HOLDINGS ACQUIRES MEDHOST
MEDHOST and HMS will deliver an integrated emergency department system on the HMS platform
Nashville, Tenn. (February 1, 2010) – HealthTech Holdings, Inc. (HHI), a healthcare technology holding company and parent of Healthcare Management Systems Inc. ® (HMS), announced today that it has acquired MEDHOST, the leading provider of emergency department information systems. The companies will develop an integrated emergency department system for the HMS enterprise-wide solution designed for community hospitals.
Investors in HealthTech Holdings, Inc. have experienced rapid growth with their initial investment in HMS and are expanding their holdings in health information technology with this acquisition. With this acquisition, HHI expects combined revenues in excess of $100 million in 2010. This acquisition comes on the heels of HMS’ recent addition of the HMS Ambulatory EHR, which enabled the company to offer a comprehensive clinical package that incorporates physician practice management and electronic health record functionality to facilitate seamless care for patients between the physician office and hospital. With MEDHOST, HMS will gain a new product as it rounds out its fully integrated and complete health information system offering.
MEDHOST is a market leader in emergency department software, making it an ideal addition to the HealthTech Holdings portfolio. It will continue to provide highly targeted and specialized emergency department systems for large community and tertiary hospitals. The collaboration opportunity for both companies lies in exploiting each other’s strengths. MEDHOST will develop a product designed for the community hospital market, utilizing the expertise of HMS and the company’s experience serving 650 community hospitals. This expansion will give MEDHOST a robust product mix that serves all segments of the hospital market. In addition, MEDHOST will have opportunities within the HMS customer base, to offer a fully integrated product with a consistent look and feel and all the benefits of the MEDHOST user experience.
“Recapitalizing our company provided the necessary financial strength we sought in order to continue our rapid growth in the ever-changing healthcare landscape,” said Craig Herrod, CEO of MEDHOST. “The combination of the two companies provides us the resources to expand our customer services, fast track our development innovations and reach new markets.”
“This is a win-win transaction,” said Tom Stephenson, CEO of HMS. “We will work together to gain the benefits of collaboration and capitalize on each other’s strengths, bringing to market a truly customized and integrated product for our target market.” HMS customers will benefit from the proven gains in productivity and safety brought on by automating emergency department visits. Moreover, MEDHOST’s automatic Charge Capture prevents lost charges and provides enhanced financial performance by calculating charges as care is documented. The system’s real-time notifications help keep ED clinicians and staff better informed about each patient’s status thereby improving quality of care.
About MEDHOST, Inc.
About HMS, Inc.
Based in Nashville, Tenn., Healthcare Management Systems, Inc.(HMS) develops, sells and supports a full range of healthcare technology products that combines clinical, financial and patient access information. Founded in 1984, HMS currently serves 650 community hospitals; behavioral, rehabilitation and long-term acute care facilities; and multi-entity healthcare organizations nationwide. Visit www.hmstn.com for more information.
About HealthTech Holdings, Inc.
HealthTech Holdings, Inc. is a health information technology holding-company, with portfolio companies including HMS, MEDHOST and Sentry Healthcare Services, Inc. HealthTech Holdings mission is to acquire and manage technology companies focused on the creation of value for the healthcare industry.
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Method launches new revolutionary laundry detergent
Date Posted: 05/02/2010
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In late January 2010, Method Products launched a new revolutionary laundry detergent in the US, made with smartclean technology - a powerful, patent-pending, plant-based formula that gets clothers clean with a forumla that's super green. Read on.
Method launches new revolutionary laundry detergent
Method Products, Inc is the maker of eco-friendly household and personal care products. In late January 2010 they launched a new revolutionary laundry detergent in the US, made with smartclean technology – a powerful, patent-pending, plant-based formula that gets clothes really clean with a formula that’s super green.
The launch has proven a great success and has received much coverage in the press and on television. Details of some of this coverage can be seen here (when you click on a link, a new window will open on the relevant website or article)
Method Products is a US unquoted investment made by San Francisco Equity Partners, a partnership in which LMS Capital is a founding partner. Method products are available in the UK in John Lewis, Waitrose, Tesco, Sainsbury, Co-op, Homebase, B&Q, Boots and Selfridges.
5 February 2010
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Appointment of Chief Executive & Directorate Change
Date Posted: 04/02/2010
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LMS Capital plc today announces that Glenn Payne is appointed Chief Executive and Robert Rayne will succeed Jonathan Agnew as Chairman. Read on.
4 February 2010
Appointment of Chief Executive and Directorate Change
LMS Capital plc (“LMS Capital” or “the Company”) today announces that Glenn Payne is appointed Chief Executive and Robert Rayne will succeed Jonathan Agnew as Chairman.
Glenn Payne appointed as Chief Executive
LMS Capital is today pleased to announce the appointment of Glenn Payne as Chief Executive of the Company with effect from 1st March 2010. Glenn will succeed Robert Rayne who will remain with LMS Capital as Chairman.
Glenn (aged 45) is currently a Director of First Reserve Corporation, a leading investment firm specialising in the energy industry. Previously he was the Director of Strategy for Suez Energy, a major global electricity and gas provider. He also worked at McKinsey & Co. as an Engagement Manager serving electric power and natural gas clients. Before joining McKinsey, he was at the Atlantic Richfield Company (ARCO, now BP), where he served as a Director of Business Development. Earlier experiences include positions at ARCO Coal as a strategic analyst and as a consultant at Arthur Andersen in their Melbourne, Australia and Singapore offices.
He holds a Bachelor of Commerce degree in Accounting and Commercial Law from the University of Melbourne, an MBA from the University of Michigan and is a Chartered Accountant.
He will chair the Company’s Investment Committee and take direct responsibility for running its operations in the US and other overseas locations. Pieter Hooft, Managing Director of UK investments, will support Glenn by leading the UK business assisted by the strong investment team.
There is no further information to be disclosed in accordance with Listing Rule 9.6.13 with regard to his appointment.
Robert Rayne will succeed Jonathan Agnew as Chairman
Jonathan Agnew, who has been Chairman since the Company’s demerger from London Merchant Securities in April 2006, has decided that the appointment of a new chief executive makes it an appropriate time for him to hand over the chairmanship; he will retire as a Director at the Annual General Meeting on 13 May 2010.
It will continue to be the Company’s objective to produce high rates of return though a risk diversified portfolio.
Paragraph A.2.2 of the Combined Code states that a chief executive should not go on to be chairman of the same company. However the Board of LMS Capital believes this is an exceptional case. The Board has deemed that Robert Rayne's continued involvement with LMS Capital through the role of Chairman would be beneficial to all shareholders.
Robert Rayne's appointment would provide continued access to the network and relationships he has developed over the last 40 years; continuing access to the advisory boards of a number of funds; an ongoing involvement with the management teams of investee companies, especially where Robert Rayne is the LMS Capital representative; and continuity with shareholders.
Robert Rayne, Chief Executive of LMS Capital, said:
“I am delighted to welcome Glenn to LMS Capital. He will bring an international perspective, a deep understanding of the investment sector and in depth knowledge of the US and energy space. Glenn has an excellent track record and is the ideal Chief Executive to drive LMS Capital forward during its next phase.
Jonathan has been Chairman of LMS Capital since it became an independent company over three years ago and has made a considerable contribution in that time. On behalf of the Board I would like to thank him for his involvement, dedication and leadership. We wish him all the best for the future.
We have a strong management team in place at LMS Capital and I look forward to stepping into the role of Chairman.”
For further information please contact:
LMS Capital plc 020 7935 3555
Robert Rayne, Chief Executive Officer
Tony Sweet, Chief Financial Officer
Brunswick Group LLP 020 7404 5959
Simon Sporborg
Oliver Hughes
Notes to Editors
About LMS Capital
LMS Capital plc is an international investment company whose shares are listed on the London Stock Exchange. 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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LMS Capital takes a 12.5% equity interest in 365 iT plc
Date Posted: 01/12/2009
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365 iT plc announced today that it has acquired the IT managed services and computer hosting specialist 7 Global Group Ltd from LMS Capital plc. In addition, LMS Capital plc has taken a 12.5% equity interest in 365 iT plc. Read on.
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Telespree Communications wins new contract
Date Posted: 01/12/2009
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Telespree Communications, the leading US provider of self-service platforms for automated activation, programming, service enrollment and ongoing account maintenance for mobile devices, and a company in which LMS Capital is invested, has today announced a new contract win with i-wireless, a US national wireless service provider. Read on.
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Board Changes
Date Posted: 11/09/2009
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As part of its succession planning LMS Capital has been reviewing the constitution of its Board so that it is best positioned for the future. Read on.
11 September 2009
Board changes
LMS Capital Plc (“LMS Capital” or “the Company”), has been an independently listed company for over three years and in June 2009 successfully migrated from the AIM Market to the Main Market of the London Stock Exchange.
As part of its succession planning the Company has been reviewing the constitution of its Board so that it is best positioned for the future, and recently announced the appointment of David Verey as a Non-Executive Director. The Company has also started a formal search process to find a new Chief Executive. Robert Rayne will remain as Chief Executive until a successor is in place.
Martin Pexton, Managing Director of the Company, has decided that he will retire from the Company. He has resigned as a Director and will leave the Company at the end of this month.
Robert Rayne, Chief Executive of LMS Capital, said:
“We have a strong management team in place at LMS Capital and I look forward to leading the team and continuing to run the business day to day while we find a high quality Chief Executive to drive LMS Capital forward for the benefit of all shareholders.
On behalf of the Board I would like to thank Martin for his considerable contribution to LMS Capital over the last three years and wish him all the best for the future.”
For further information please contact:
LMS Capital plc 020 7935 3555
Robert Rayne, Chief Executive Officer
Tony Sweet, Chief Financial Officer
J.P. Morgan Cazenove Limited 020 7588 2828
Michael Wentworth-Stanley
Brunswick Group LLP 020 7404 5959
Simon Sporborg
Oliver Hughes
About LMS Capital
LMS Capital plc is an international investment company whose shares are listed on the
London Stock Exchange. The investment portfolio comprises investments in both the US and
UK, with a spread of early stage and second round technology investments, development
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Interim Management Statement
Date Posted: 03/11/2009
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LMS Capital plc presents its Interim Management Statement as required by the UK Listing Authority's Disclosure and Transparency Rule 4.3. This statement relates to the period from 1 July 2009 to 31 October 2009. Read on.
3 November 2009
LMS Capital plc
Interim Management Statement
LMS Capital plc (“LMS Capital” or “the Company”) presents its Interim Management Statement as required by the UK Listing Authority’s Disclosure and Transparency Rule 4.3. This statement relates to the period from 1 July 2009 to 31 October 2009.
LMS Capital is an international investment company which aims to produce high rates of return though a risk diversified portfolio. This diversification is achieved through geographical spread, primarily the US and UK, and through investment in assets of varying maturities. The major focus is in small to medium sized companies in our preferred sectors of energy services, applied technology, media & consumer, medical & healthcare and real estate.
Despite a strong performance in major stock markets, unemployment in the western economies has continued to rise and the available liquidity has been predominantly a function of governments’ monetary intervention. Whilst equity markets have shown short term gains, we believe there has been little evidence of a sustained recovery. The volume of private equity and real estate transactions remains low. For the immediate future we remain cautious.
The unaudited net asset value per share at 30 September 2009 was 87 pence, an increase of 5% since 30 June 2009 and a decrease of 2% from 31 December 2008. The principal factor in this increase was the recovery in the public markets. During October we have however seen a weakening in the share prices of our two largest quoted investments, ProStrakan Group and Weatherford International, and this, coupled with a slight strengthening of the US dollar over the same period, means that we estimate that NAV per share at the end of October had fallen back to its end of June level of 83 pence.
During the three months ended 30 September 2009 funds invested by the Company were £10.5 million in unquoted securities and to meet fund calls. Proceeds from realisations of quoted securities and fund distributions were £6.5 million.
The Company’s investment portfolio at 30 September 2009 was as follows:
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US
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UK
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Total
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£'000
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%
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£'000
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%
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£'000
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%
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Quoted
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39,539
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18%
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23,730
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11%
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63,269
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29%
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Unquoted
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16,275
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7%
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38,785
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18%
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55,060
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25%
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Funds
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72,248
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33%
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29,133
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13%
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101,381
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46%
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Total
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128,062
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58%
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91,648
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42%
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219,710
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100%
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The carrying value of the portfolio at 30 September 2009 is based on the valuation of the Company's investment portfolio as at 30 June 2009 with adjustments for transactions in the three months ended 30 September 2009 including price movements on quoted securities, movements in foreign currency exchange rates, cash calls and distributions from funds and purchases and sales of quoted securities. In addition, where the Company has invested further amounts in its existing unquoted portfolio, such amounts have been written off as fair value adjustments in the period and investments in new unquoted securities in the period are included at cost. The next full valuation of the portfolio will be as at 31 December 2009.
The ten largest holdings at 30 September 2009 (excluding fund interests where the Company has only a minority position) were as follows:
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Name
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Geography
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Type
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Book value
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% of net assets
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£’000
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Weatherford International Oilfield services
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US
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Quoted
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26,415
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11%
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Prostrakan Group plc Specialty pharmaceuticals
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UK
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Quoted
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21,650
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9%
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Method Products Consumer products
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US
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Fund portfolio company
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10,963
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8%
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Rave Reviews Cinemas Cinema operations
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US
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Unquoted
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6,210
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3%
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Updata Infrastructure UK Wide area networks
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UK
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Unquoted
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6,200
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3%
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Kizoom Transport information systems
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UK
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Unquoted
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6,000
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3%
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Wesupply B2B connectivity software
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UK
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Unquoted
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5,500
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2%
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Penguin Computing Linux server systems
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US
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Fund portfolio company
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5,345
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2%
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Gulfmark Offshore Offshore services
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US
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Quoted
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5,084
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2%
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Yes To Consumer products
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US
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Fund portfolio company
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3,857
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2%
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97,224
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45%
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At 30 September 2009 the Company had uncalled commitments to funds of £62.6 million which we expect to be called over the next five years. Cash and other liquid assets (including the value of our quoted portfolio) were £84.7 million. The Company has no debt.
Portfolio subsidiaries
The latest available trading results for our portfolio subsidiaries are to 30 September and these indicate that 2009 continues to produce mixed results. Updata, in which we acquired our interest in July this year, has performed well and its results to September are ahead of budget. Entuity, our network management software business, is also trading ahead of budget with significantly improved profitability. Kizoom and Coppereye have encountered difficult trading conditions in 2009 and their results for the period have been disappointing. Members of our investment team are working closely with the management of these companies to achieve improvements in their operating performance.
This statement is a general description of the financial position and performance of the Company for the period from 1 July 2009 to 31 October 2009. It does not contain any profit forecast or forward looking information. Future performance and share price is likely to be affected by a number of factors, including (but not limited to) general economic and market conditions and specific factors affecting the financial performance or prospects of individual investments within the Company's portfolio.
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Appointment of David Verey as Non Executive Director
Date Posted: 09/09/2009
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The Board of LMS Capital plc is delighted to announce the appointment of David Verey as a Non-Executive Director with immediate effect. Read on.
The Board of LMS Capital Plc (“LMS Capital” or “the Company”) is delighted to announce the appointment of David Verey as a Non-Executive Director with immediate effect. David has extensive industry knowledge and was previously Chairman of Blackstone Group UK where he remains as a member of their International Advisory Board. Previously he worked for Lazard Brothers for twenty-eight years becoming Chief Executive in 1990 and Chairman two years later. His current responsibilities include being a Non Executive Director and Chair of the Audit Committee at Daily Mail & General Trust plc.
Robbie Rayne, Chief Executive of LMS Capital, said:
“David has over thirty years of experience as one of London’s leading financial services professionals and he will be of great value to our business as we seek to deliver sustained medium to long term growth for our shareholders through our risk-diversified portfolio.”
LMS Capital plc confirms that there is nothing further to disclose in relation to Rule 9.6.13 (2) to (6) of the Listing Rules.
For further information please contact:
LMS Capital plc 020 7935 3555
Robert Rayne, Chief Executive Officer
J.P. Morgan Cazenove Limited 020 7588 2828
Michael Wentworth-Stanley
Brunswick Group LLP 020 7404 5959
Simon Sporborg
Oliver Hughes
About LMS Capital
LMS Capital plc is an international investment company whose shares are listed on the
London Stock Exchange. The investment portfolio comprises investments in both the US and
UK, with a spread of early stage and second round technology investments, development
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Half-year results for the six months to 30 June 2009
Date Posted: 27/08/2009
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The Board of LMS Capital plc is pleased to announce the Company's half-year results for the six months to 30 June 2009. Read on.
The Board of LMS Capital plc, (“LMS Capital” or “the Company”), is pleased to announce the Company’s half year results for the six months to 30June 2009.
Highlights
- Net Asset Value per share was 83p (31 December 2008: 89p) a decrease of 7%
- Net Asset Value was £226.0 million (31 December 2008: £241.5 million)
- The return on the investment portfolio was a loss of £10.7 million after recording unrealised currency losses of £16.5 million
- The loss for the period was £15.5 million (six months ended 30 June 2008: profit of £22.8 million; year ended 31 December 2008: loss of £40.8 million)
- Investment of £6.2 million in July for a 53.3% interest in Updata Infrastructure UK Limited (“Updata”) in support of a management buyout
- Successful migration of the Company’s shares to trading on the Main Market of the London Stock Exchange
Robert Rayne, Chief Executive Officer of LMS Capital, said:
“The Company is focused on building the sales and profitability of the existing portfolio of investments while looking at attractively priced acquisitions. The general lack of liquidity is slowing down the growth of companies but also throwing up interesting investment opportunities. Our recent acquisition of a controlling interest in Updata is illustrative of this. Although the business climate in the first half of the year has been difficult, and we expect this to continue for some time, we are well positioned to use our strong balance sheet to acquire new investments and bolster our existing companies with add on acquisitions.”
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Article in Management Today magazine on Wesupply
Date Posted: 23/07/2009
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Bob Godfrey, the CEO of Wesupply, writes about his week for Management Today magazine. Read on.
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