TIDMRMII TIDMTTM

RNS Number : 3354I

RM Infrastructure Income PLC

14 April 2022

 
RM Infrastructure Income Plc 
 
("RMII" or the "Company") 
 
LEI: 213800RBRIYICC2QC958 
 
Net Asset Value 
 
 NAV 
  The Company's NAV % Total Return for the month of March was -0.17%, 
  which brings the NAV % Total Return for the quarter to +0.33%. 
  The NAV % Total Return over the last twelve months was +8.18%, 
  and since January 2020 pre-COVID-19 pandemic the NAV % Total 
  Return has been +12.46%. 
  The Ordinary Share NAV as at 31(st) March 2022 was 94.54 pence 
  per share. This monthly NAV return of -1.792 pence per share 
  arose primarily from the ex-dividend effect of the 1.625 pence 
  per share total ordinary dividend for the period Q4 2021, declared 
  in February 2022 and paid in March 2022. Otherwise, there was 
  positive interest income, net of expenses, of 0.571 pence per 
  share and a decrease in portfolio valuations of 0.738 pence per 
  share.Summary for March 2022 (pence 
   per share) 
  Net interest income      +0.571p 
  Change in portfolio 
   valuations              -0.738p 
  Payment of Dividend 
   (Q4 2021)               -1.625p 
  Net NAV Movement         -1.792p 
 
 
  The closing mid-market share price at the quarter-end was 92.75 
  pence which is 2.25 pence per share lower than the opening mid-market 
  share price at the start of the year and represents a total shareholder 
  return(12) of 14.05% over the twelve months to 31(st) March 2022. 
  Company Activity 
  The Company declared a dividend of 1.625 pence per share in respect 
  of Q4 2021 in February 2022. This was paid in March and for the 
  full year 2021 the Company met its stated annual dividend target 
  of 6.5 pence per share. Since inception, the Company has distributed 
  a total of 30.725 pence per share to investors. 
  There were no further share buy-backs during the quarter with 
  the mid-market share price discount to Net Asset Value at each 
  month end during the quarter being within the 6% discount to 
  net asset value objective. 
  The Company's cash position remains robust with c.GBP6.5m of 
  available undrawn RCF and several repayments expected shortly 
  which will be used to fund imminent pipeline transactions, totalling 
  c.GBP10m. 
  Portfolio Update 
  Overall, the first quarter of 2022 was a stable quarter for the 
  portfolio with a NAV % Total Return of +0.33%. There were two 
  significant valuation adjustments over the quarter, both occurred 
  in March 2022 and are detailed below: 
  Loan reference 76, Energie Fitness (7.02% of NAV) ; continued 
  strong trading performance and cash servicing of debt since September 
  2021 justified the review of the mark to 100.00 from 92.50. The 
  margin is still c.300bp/400bp wider than that of comparable, 
  more publicly tradeable instruments and demonstrates the value 
  of the private, bilateral lending which RMII specialises in. 
  Further positive trading will likely see a review of the c. 28% 
  equity stake in the business which RMII owns and which is currently 
  valued at zero. 
  Investment reference 68, student accommodation Coventry (3.24% 
  of NAV) ; in January 2022, RM Funds received a Fire Safety Report 
  commissioned during 2021 which concluded that remedial works 
  were required due to the fire risk of the building. These remediation 
  costs were received in late March 2022 and totalled approximately 
  GBP1.5m including VAT. As the building was in a non-compliant 
  state as at 31 December 2021, under accounting standards it is 
  deemed an adjustment event for the purposes of the audited 2021 
  final results. Although this provision (c.1.3p/share) has now 
  been reflected in the March 2022 NAV, it will also be reflected 
  in the 2021 audited final results and associated year-end reported 
  NAV. Concurrent to this remediation workstream there is work 
  on a legal claim via the original loan documentation's collateral 
  warranties. This claim is ongoing and aims to recover all costs 
  associated with the remedial works and associated loss of income, 
  and Shareholders will be kept informed with progress on the case 
  claim. 
  There was GBP12m repaid over the quarter and the majority of 
  this has been redeployed. The transactions for the quarter are 
  shown below: 
  -- Loan reference 15; Healthcare - Voyage Care repaid GBP4.5m 
  1(st) lien bonds and GBP3.0m second lien bonds. Re-invested into 
  GBP7.5m 1(st) lien bonds maturing 2027. 
  -- Loan reference 6; Healthcare - Elysium Healthcare repaid GBP4.5m 
  from 1(st) lien private loan. 
  -- Loan reference 88; Healthcare - Further drawdowns totalling 
  circa GBP1.8m under the construction facility provided to a leading 
  UK healthcare asset owner and operator in the purpose-built modern 
  care home market. 
 
  Finally, with high inflation levels and further interest rate 
  hikes by global central banks likely, the Investment Manager 
  remains confident with regards to the low interest rate sensitivity 
  of the portfolio. This is largely due to the short duration nature 
  of the portfolio meaning that, in a relatively high inflationary 
  environment, loans are repaid relatively quickly as well as being 
  high yielding. The portfolio also has no direct exposure to Russia 
  or Ukraine. 
 
The Company also announces that the Monthly Report for the period 
 to 28 Feb 2022 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 
Pietro Nicholls 
 Thomas Le Grix De La Salle 
Tel: 0131 603 7060 
 
International Fund Management - AIFM 
Chris Hickling 
Shaun Robert 
Tel: 01481 737600 
 
Tulchan Group - Financial PR 
Elizabeth Snow 
Oliver Norgate 
Tel: 0207 353 4200 
 
Sanne Fund Services (UK) Limited - Administrator and Company 
 Secretary 
Brian Smith 
Ciara McKillop 
Tel: 020 3327 9720 
 
Singer Capital Markers Advisory LLP - Financial Adviser and 
 Broker 
James Maxwell 
Asha Chotai 
Tel: 020 7496 3000 
 
Peel Hunt LLP - Financial Adviser and Broker 
Luke Simpson 
Liz Yong 
Tel: 020 7418 8900 
 
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/ 
 

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April 14, 2022 02:10 ET (06:10 GMT)

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