LMS Capital plc announced a proposal to change its investment policy from its current realisation strategy to enable it instead to make investments in the global energy sector. Subject to shareholder approval of this Change of Investment Policy, an investment team comprising Robert Rayne, Tom Daniel, Bernard Duroc-Danner and Tony Hayward will oversee the new strategy. Julian Metherell will act as a senior adviser to the Investment Team.

Nick Friedlos will step down from the Board when the Change of Investment Policy becomes effective, but will continue to oversee realisation of the assets held by the Company as at the date of the Change of Investment Policy. Tony Sweet will remain on the Board as an executive director, continuing in his role as Chief Financial Officer. His role will include assisting with the realisation of Legacy Assets, transitioning the administration of the Company to an externally managed structure and aiming significantly to reduce the costs associated with the legacy structure, over what is currently expected to be a 12 month period.

In order to meet the independence requirements for closed-ended investment funds in the Listing Rules, two additional independent non-executive directors will be appointed to the Board before the Company implements the Change of Investment Policy. The Company will announce these appointments when they are made.