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A growing portfolio and an active pipeline

INTRODUCTION

We have a strong balance sheet, including significant cash reserves

The Company has a strong balance sheet, including significant cash reserves.

It is positioned well to pursue its investment activities and a substantial pipeline of potential opportunities is being developed.

The Company is also focused on progressing the existing portfolio, either through an orderly realisation or through further investment where business case supports this course of action.

New investments

Energy - Dacian Petroleum

LOCATION EU | YEAR 2021 | % HOLDING 32% | NAV £9.4 MILLION

LMS assembled a funding package, in which it is the lead investor,  to invest in Dacian Petroleum, a Romanian oil and gas production business formed to acquire and operate onshore, mature energy production assets.

Real Estate - Cavera

LOCATION UK | YEAR 2020 | % HOLDING 100%

Cavera has been established by LMS Capital as a vehicle to work with a successful real estate development team.

Mature Investments - Principal Unquoted Investments

(Financial information as report & accounts 2021)

Medhost

REGION US | YEAR 2008 | % HOLDING: 8.8% | NAV £5.3 MILLION

Medhost, a co-investment with funds of Primus Capital, is a healthcare information technology group that provides cloud-based enterprise, departmental and healthcare engagement solutions to over 1,000 community and specialty hospitals. Its products include cloud-based clinical, financial and operational solutions as well as maintenance, support and consulting services.

www.medhost.com

ICU Eyewear

REGION US | YEAR 2010 | % HOLDING: 50% | NAV £0.6 million

ICU Eyewear (‘ICU’), a co-investment managed by San Francisco Equity Partners, is primarily a designer and distributor of glasses and sunglasses made from reclaimed plastic, recycled metal and bamboo.

www.icueyewear.com

Elateral

REGION UK | YEAR 2008 | % HOLDING: 62.5% | NAV £0.6 million

Elateral operates in the digital marketing sector and has developed cloud-based software which allows corporate marketing materials to be distributed to local marketing teams to enable content to be tailored whilst protecting brand identity. Elateral targets large international companies with multi-language requirements and has a concentration of global corporate customers.

www.elateral.com

Mature Investments - Principal Funds

(Financial information as report & accounts 2021)

Brockton Capital Fund I

REGION UK | YEAR 2008 | NAV £6.0 million

Brockton is a UK real estate fund with one remaining investment in a super prime London residential development. The Company’s investment represents its share of preferred debt investments via the Brockton fund.

www.brocktoneverlast.com

Opus Capital
Venture Partners

REGION UK | YEAR 2008 | NAV £5.4 million

Opus is a US fund that invests in early-stage technology opportunities with two principal assets remaining.

www.opuscapitalventures.com

Weber Capital
Partners

REGION UK | YEAR 2008 | NAV £1.8 million

Weber Capital GW 2001 is a fund that invests in listed US microcap stocks, primarily in the technology and medical sectors.

www.brocktoneverlast.com