Slaughter and May is advising LMS Capital plc - proposed change of investment policy

Slaughter and May is advising LMS Capital plc (the Company) in relation to its proposal to change its investment policy from its current realisation strategy to enable it to instead make investments in the global energy sector.

It is proposed that an investment team comprising Robert Rayne, Tom Daniel, Bernard Duroc-Danner and Tony Hayward will oversee this new strategy and that Julian Metherell will act as a senior adviser to the investment team.

A general meeting of the Company will take place on 12 August 2015 at which shareholders will be asked to approve: (i) the change to investment policy; (ii) the adoption of a new directors’ remuneration policy to reflect the proposed investment policy and associated changes to the Company; (iii) the participation of Robert Rayne, a current non-executive director of the Company, in the carried interest plan being set up in connection with the proposed energy investments; and (iv) a standing allotment authority in relation to the Company’s ordinary shares.

The change to investment policy is also conditional on FCA approval to the appointment of an alternative investment fund manager to the Company being received, FCA approval in relation to a sufficient number of the individual members of the new investment team being received, and appointment of a depositary by the Company. Subject to the above conditions being fulfilled, and shareholder approval being obtained, the proposed change to investment policy is expected to become effective by the end of September 2015.