Slaughter and May is advising LMS Capital - return of up to £40 million to shareholders

Slaughter and May is advising LMS Capital plc (LMS Capital) in relation to its return of up to £40 million to shareholders, made by way of a tender offer for shares by J.P. Morgan Cazenove and a subsequent repurchase by LMS Capital. The tender offer is being made in accordance with the realisation strategy approved by the shareholders of LMS Capital on 30 November 2011 and follows returns to shareholders of £40 million in November 2012, £35 million in July 2013 and £40 million in June 2014, each of which were also made by way of tender offer and subsequent repurchase.

A general meeting will take place on 14 December 2015 at which shareholders will be asked to approve: (i) the repurchase associated with the tender offer; and (ii) a waiver of Rule 9 of the City Code on Takeovers and Mergers (the Code) necessary to ensure that certain shareholders (who together constitute a "concert party" for the purposes of the Code) are not required, as a result of the tender offer and repurchase, to make an offer for all of the ordinary shares in LMS Capital that they do not already own.

Subject to the above shareholder approval being obtained, the tender offer and associated repurchase are expected to complete on 15 December 2015.

Sarah Osprey Partner