LMS

Lms Capital PLC

Financial Services First-pass screen £13m

210/1000 Overall fit

AI beneficiary 35% 15

Operating leverage 25% 18

Valuation 25% 22

Downside protection 15% 36

First-pass take

Closed-ended investment fund in managed wind-down; zero AI exposure. Portfolio dominated by cyclical oil & gas (Dacian £9.7m, 42%) and illiquid real estate (Castle View £7.5m, 33%). Loss-making (£5.6m in 2025); shares trade at discount to NAV; directors reject going-concern basis.

Flags

ai-absentenergy-heavygoing-concernloss-makingmicro-capwind-downilliquid-assetsnet-cash