RM Infrastructure Income PLC Net Asset Value(s) (3354I)
14 Abril 2022 - 1:10AM
UK Regulatory
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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END
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April 14, 2022 02:10 ET (06:10 GMT)
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