RM Infrastructure Income PLC Net Asset Value(s)
April 17 2024 - 1:00AM
RNS Regulatory News
RNS Number : 8508K
RM Infrastructure Income PLC
17 April 2024
RM Infrastructure Income
Plc
|
|
("RMII" or the
"Company")
|
|
LEI:
213800RBRIYICC2QC958
|
|
Net Asset
Value
|
NAV & Share Price
Performance
The Company's NAV
% Total Return for the month of March was -1.02%,
which brings the NAV % Total Return for the quarter to
0.50%.
The NAV % Total Return over the last
twelve months was 3.97% and inception to date (ITD)
44.58%.
The Ordinary Share NAV as at
31st March 2024 was 89.18 pence per share. This monthly
NAV return of -2.558 pence per share arose primarily from (1) the
ex-dividend effect of the 1.625 pence per Ordinary Share dividend
for the period Q4 2023, declared and paid in March 2024; (2) the
negative valuation adjustments for investment loans ref 66 & 67
in relation to the Company's hospitality & leisure exposure;
and (3) investment loan ref 39 for which the Company's valuation
agent uses a generic benchmark index that witnessed a significant
yield widening during the reporting period. Otherwise, there was
positive interest income, net of expenses, of 0.578 pence per
share.
Summary
for March 2024 (pence per share)
|
Net interest income
|
+0.578p
|
Change in portfolio
valuations
|
-1.511p
|
Payment of Dividend (Q4
2023)
|
-1.625p
|
Net NAV Movement
|
-2.558p
|
Finally the auditors have stated
that due to accounting standards and as the Company is in Managed
Wind-down, RMII is required to accrue for
the total forecasted liquidation expenses at year end 2023. The
published unaudited NAV as at 31 December 2023 did not reflect
these forecasted liquidation costs. Thus, the Company is currently
expecting a negative NAV adjustment of circa 1-2 pence per Ordinary
Share versus the published but unaudited NAV of December 2023 of
90.35 pence per Ordinary Share. The exact NAV adjustment will be
confirmed in the audited 2023 RMII Annual Accounts which are
expected to be released shortly. This adjustment will also be
applied to NAVs published since the year end including this one
(once the 2023 RMII Annual Accounts have been
published).
Portfolio Activity
As at 31st March 2024,
the Company's invested portfolio had an aggregate nominal
outstanding of circa £100 million across 30 investments. The
average yield was 11.11%, with a weighted average loan life
remaining of circa 1.31 years. Overall, the portfolio is 95%
invested in private market assets and 5% in public
bonds.
During the reporting quarter,
investment loan ref 71 was fully repaid at par, or circa
£1.7m.
At period end, the Company had no
outstanding debt. Current cash balance stands at circa £8m of which
circa £6m will be retained by the Company largely to fund undrawn
committed facilities.
The Company has also been evaluating
the most appropriate and effective method to return capital to
shareholders and concluded that a tender offer is the most suitable
structure. Each tender offer will be subject to shareholder
approval at a general meeting (including for the initial tender
offer, resolutions required to create distributable reserves from
share premium account). Further details will be provided in
due course however based on anticipated repayments it is currently
expected that the first tender offer will take place in H2
2024.
|
|
The Company also announces that the
Monthly Report for the period to 31st March 2024 is now
available to be viewed on the Company website:
|
https://rm-funds.co.uk/rm-infrastructure-income/rm-funds-investor-monthly-fact-sheets-2/
|
|
END
|
|
For further information, please
contact:
|
RM
Capital Markets Limited - Investment
Manager
|
James Robson
|
Thomas Le Grix De La
Salle
|
Tel: 0131 603 7060
|
|
FundRock Management Company (Guernsey) Limited
- AIFM
|
Chris Hickling
|
Dave Taylor
|
Tel: 01481 737600
|
|
Apex Listed Companies Services (UK) Ltd
- Administrator and Company Secretary
|
Jenny Thompson
|
|
Tel: 07767102572
|
|
Singer Capital Markers Advisory LLP - Financial Adviser and Broker
|
James Maxwell
|
Asha Chotai
|
Tel: 020 7496 3000
|
|
|
About RM Infrastructure Income
|
|
RM Infrastructure Income Plc ("RMII"
or the "Company") is a closed-ended investment trust established to
invest in a portfolio of secured debt instruments.
|
|
The Company aims to generate
attractive and regular dividends through loans sourced or
originated by the Investment Manager with a degree of inflation
protection through index-linked returns where appropriate. Loans in
which the Company invests are predominantly secured against assets
such as real estate or plant and machinery and/or income streams
such as account receivables.
|
|
For more information, please
see
|
https://rm-funds.co.uk/rm-infrastructure-income/
|
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact
rns@lseg.com or visit
www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our
Privacy
Policy.
END
NAVFQLLFZZLFBBB
Rm Infrastructure Income (LSE:RMII)
Historical Stock Chart
From Apr 2024 to May 2024
Rm Infrastructure Income (LSE:RMII)
Historical Stock Chart
From May 2023 to May 2024