RM Infrastructure Income PLC Net Asset Value(s) (2923P)
18 Octubre 2021 - 1:00AM
UK Regulatory
TIDMRMII TIDMTTM
RNS Number : 2923P
RM Infrastructure Income PLC
18 October 2021
RM Infrastructure Income Plc
("RMII" or the "Company")
LEI: 213800RBRIYICC2QC958
Net Asset Value
NAV
The Company's NAV % Total Return for the month of September was
+0.63%, which brings the NAV % Total Return for the quarter to
+3.20%.
The Ordinary Share NAV as at 30(th) September 2021 was 96.68
pence per share. This monthly NAV return of -1.008 pence per
share arose primarily from the ex-dividend effect of the 1.625
pence per share total ordinary dividend for the period Q2 2021,
declared in August and paid in September 2021. Otherwise, there
was positive interest income, net of expenses, of 0.683 pence
per share and a decrease in portfolio valuations of 0.066 pence
per share.
Summary for September 2021
(pence per share)
Net interest income +0.683p
Change in portfolio
valuations -0.066p
Payment of Dividend -1.625p
Net NAV Movement -1.008p
--------------------- --------
Company Activity
During the period the Company declared and paid a 1.625 pence
per share dividend in respect of Q2 2021. This marks the 18(th)
distribution for the Company all being at or above the Company's
stated target and 29.1 pence returned as income distributions
to investors since IPO.
In May 2021, the Investment Manager announced the refining of
the Company's focus to social & environmental infrastructure
and it is pleasing to see the journey of the portfolio's rotation
into these core sectors. Currently the core sectors represent
nearly 50%, a circa 15% increase from the 35% as of May 2021
and this is expected to continue at pace with a target of 55%
by Year End 21 and 75 % by Year end 2022.
Finally, there will be an update release on Monday 18(th) October
at 8am with regards to the progress of RM Funds as a Recovery
Loan Scheme "RLS" lender and RMII as a funding partner to this.
Portfolio Update
Overall, Q3 was a very strong quarter for the portfolio with
a NAV % total return of +3.20%. This above target return was
largely driven by the revaluation of some of the loans that had
been conservatively marked down during the COVID pandemic. This
positive revaluation momentum is expected to continue over the
remainder of 2021 / early 2022 with some remaining reserves taken
in March 2020 yet to be released.
Valuation movements for the quarter are shown below:
* 76. Energie Fitness - business has returned to circa
94% of pre-COVID trading levels and moved back to
cash pay starting 1(st) September 2021. Moved from
82.5% to 92.5% of nominal value.
* 66 & 67. Hotel exposure - the two largest hotel loans
have had an uninterrupted debt service throughout the
pandemic and have a material liquidity reserve
controlled by the lender. Moved from 97.5% to 100% of
nominal value.
* 39. Beinbauer - the loan reverted to its original
cash / PIK interest payment mechanism and has credit
metrics which are improved from the initial
underwriting stage. Moved from 95% to 100% of nominal
value.
* 64. Invoice Finance - business has shown exceptional
resilience throughout COVID and significantly
improved its interest cover ratio and leverage
metrics vs. pre-COVID levels. Moved from 98% to 100%
of nominal value.
* 68. Student Accommodation - the property is now fully
occupied (100%) for the 2021/22 academic cycle. Moved
from 96% to 100% of nominal value.
* 12. Student Accommodation - the portfolio is well
positioned to achieve near full occupancy for the
2021/22 academic cycle, with current occupancy at
nearly 85%. Moved from 97.5% to 100% of nominal
value.
* 79 & 86. Hotel Glasgow - Although the refurbishment
works are progressing well with practical completion
expected late Q1/22, due to minor delays and some
inflationary pressures which are being closely
monitored, CBILS loans were marked from 100% to 97%
of nominal value.
The reporting quarter was relatively quiet in terms of new investments.
There were 7 scheduled drawdowns under the two healthcare construction
loans totalling circa GBP3.9m. With regards to repayments, one
of the portfolio's non-core loans, Valeo (Loan ref: 34), an Irish
food-based business, repaid the full GBP4.5m nominal outstanding.
Post the reporting period, this was reinvested within one of
the Company's core sector, healthcare, with an investment in
Voyage Care 1(st) Lien.
Finally, in light of the current inflationary concerns, the Investment
Manager remains confident in regard to the low interest rate
sensitivity of the portfolio. This is mainly due to the short
duration of the portfolio with a weighted average loan life of
circa 2.5 years and the manager will continue investing in short
duration high coupon loans. The investments ultimately allow
the Investment Manager to minimise any duration risk.
The Company also announces that the Monthly Report for the period
to 30 September 2021 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
James Macey White
Elizabeth Snow
Tel: 0207 353 4200
PraxisIFM Fund Services (UK) Limited - Administrator and Company
Secretary
Brian Smith
Ciara McKillop
Tel: 020 4513 9260
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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October 18, 2021 02:00 ET (06:00 GMT)
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