When I suggested buying shares in private equity investment company LMS Capital (LMS:49.3p), it was predicated on top-rated fund manager, Gresham House Asset Management (GHAM), recycling LMS’s cash pile (currently accounting for £28.5m of LMS’s market capitalisation of £39.8m) into new investments and replicating its success at Gresham House Strategic (GHS:1,245p), a constituent of my market beating 2016 Bargain Shares Portfolio and one of the best performing small-cap funds this year. The majority of LMS’s board concluded that GHAM should continue as the appointed investment manager for the next five years, a decision that Robert Rayne, a major shareholder, opposed as he wants to take the investment management in-house.
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