LMS Capital plc held a general meeting earlier November 28, 2019 to consider the proposals set out in the circular published by the Company on 5 November 2019 (the "Circular"). As set out in the Circular, in the event that the resolution was not passed it was the intention of each of the independent directors, being Martin Knight, Neil Lerner and Rod Birkett (the "Independent Directors"), to resign. The Independent Directors note that a very substantial majority of shareholders that are independent of the Rayne family holding approved the resolution and supported the recommendation of the Independent Directors. However, given the Rayne family's substantial shareholding, the Independent Directors consider that it would not be in the best interests of the Company for them to continue as directors given that they do not, for reasons set out in the Circular, believe that the internal management proposal is in the best interest of shareholders as a whole. Accordingly, in accordance with Listing Rule 9.6.11, the Company announces that it has received letters of resignation from each of Messrs. Knight, Lerner and Birkett and that these resignations will be effective from 4 p.m. (GMT) November 28, 2019. A further announcement relating to the appointment of replacement directors will be made by the Company in due course.