A general meeting was held yesterday but no fixed timetable has emerged on when chairman Robert Rayne will step down. He will remain on the board.
Richard Christou is to become chairman and two other directors will be replaced, according to a deal announced on Friday. City A.M. understands no date has been set for the reshuffle, however, which could take a few months.
Meanwhile a fire sale of assets has been avoided but the wind-down could run into 2013. Directors will delay taking action until the value of assets increases.
Rayne and his supporters have been concerned by the price of LMS shares, which have traded at a heavy discount to their net asset value since 2006. The fund declined to comment.