RM Infrastructure Income PLC Net Asset Value(s) (1471Q)
16 Octubre 2023 - 1:00AM
UK Regulatory
TIDMRMII TIDMTTM
RNS Number : 1471Q
RM Infrastructure Income PLC
16 October 2023
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 September was
0.39%, which brings the NAV % Total Return for the quarter to
0.52%.
The NAV % Total Return over the last twelve months was 4.74%
and inception to date 41.59%.
The Ordinary Share NAV as at 30(th) September 2023 was 90.53
pence per share. This monthly NAV return of -1.268 pence per
share arose primarily from the ex-dividend effect of the 1.625
pence per share ordinary dividend for the period Q3 2023, declared
and paid in September 2023. Otherwise, there was positive interest
income, net of expenses, of 0.426 pence per share and a decrease
in portfolio valuations of 0.07 pence per share. Summary for September 2023 (pence
per share)
Net interest income +0.426p
Change in portfolio
valuations -0.069p
Payment of Dividend
(Q3 2023) -1.625p
-1.268
Net NAV Movement p
-------------------------- ---------
Shareholder Consultation Update
On 6 September 2023, the Company announced that following an
extensive consultation with its advisers and shareholders regarding
the future strategy of the Company, and although shareholders
have been overwhelmingly supportive of the Company's management
and performance, the Board has decided to put forward proposals
for a managed wind down of the Company.
The Board intends to publish a shareholder circular by the end
of October 2023 to convene a general meeting at which it will
seek approval from shareholders for the managed wind down and
any other related matters required to facilitate an orderly realisation.
Market Update
Fixed income products, especially sovereign bonds, have dominated
the news flow during this third quarter of 2023. The higher for
longer rhetoric from Central Banks from both sides of the Atlantic,
has translated into a steepening of the UK yield curve at the
tail end as well as a tightening of the yield curve inversion
at the front of the curve. Although on track to continue its
downward trajectory, UK inflation remains high with the labour
market showing signs of resiliency. We remain cautious regarding
duration risk and have positioned the portfolio accordingly.
Credit spreads, as measured by the Markit ITRX European Crossover
Index, saw a widening of circa 25bps during September, commencing
at circa 400bps and ending the month at circa 427bps. Since the
month end, it reached a peak of circa 461bps after gradually
reverting back to circa 430bps. This is in line with our previous
comments whereby RM believes that spreads are / were probably
at their tightest levels and decompression would soon materialise.
As the monetary tightening effects continue to feed through the
financial system and as credit conditions continue to deteriorate,
it is RM's view that credit spreads will continue their decompression
journey, in line with what we have seen in the sovereign yield
space.
Total Return (%)
1yr 3yr 5yr
------------------------------ -------
RM Infrastructure Income
NAV 4.74% 21.58% 31.78%
RM Infrastructure Income
Share Price -8.73% 10.61% 1.36%
S&P European Leveraged Loan
Index 6.08% 1.75% -2.69%
Ishares Core Corp Bond UCITS
ETF GBP 7.98% -18.46% -5.34%
------- -------- -------
Portfolio Update
The Investment Manager remains confident with regards to the
low interest rate sensitivity of the portfolio. This is largely
driven by its short average duration, which is currently 1.53
years. The weighted average yield of the portfolio has increased
to 10.38% at the end of the reporting period, a widening in yield
of 26bps versus June 2023 or 151bps versus same period last year.
We outline below the key investment activities for Q3 2023:
New investments
* Childcare & Education, Ref 98: c.GBP0.8m
Material Repayments:
* Asset Finance, Ref 60: GBP2m
* Hotel & Leisure, Ref 86: GBP5m
Post period end, the Company successfully completed the prepayment
at par of investment loan #82 and #83, receiving c.GBP7.8m.
Given the outcome of the Board's strategic review and the resulting
proposed managed wind down recommendation, which will be put
to a Shareholders' vote in November 2023, there will be no new
investments (save for drawdowns against committed facilities)
unless the Board considers that doing so will maximise returns
to shareholders in the timeframe in which the Company will otherwise
be dealing with the managed wind down.
As such, available free cash is currently being utilised in repayment
of the outstanding leverage facilities. During the reporting
period, the RCF was fully repaid with a GBP2.2m repayment and
the Term Loan saw a GBP1m repayment. Post period end, a further
GBP5.8m was repaid on the Term Loan with a current outstanding
balance of c.GBP5.2m. We anticipate that by end of Q4 2023, the
TLB will have been repaid in full.
The Company also announces that the Monthly Report for the period
to 30 September 2023 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
Ciara McKillop
Tel: 020 3327 9720
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/
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END
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October 16, 2023 02:00 ET (06:00 GMT)
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