Many thanks to all that replied to my request for help, and Specially to 
Barry Branch who very kindly provided me with a easy to understand script 
that was short and simply: -but does the job!
#!/bin/sh
MAILTO=${*:-"root"}
mm=`date +%b | tr '[a-z]' '[A-Z]'`
yy=`date +%Y`
expire=`/usr/sbin/lmf list full | grep -p ${mm}-${yy}`
if [ "${expire}" ]; then
    mailx -s "The following licenses will expire this month for `hostname`"
$MAILTO <<EOF
$expire
EOF
fi
Rather than trying to exract the Termination date field, just use grep -p 
which is a paragraph separator and look for the current month.
Regards
Mark
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Received on Fri Mar 09 2001 - 11:32:20 NZDT