RM Infrastructure Income PLC Net Asset Value(s) (5510Y)
17 Enero 2022 - 01:01AM
UK Regulatory
TIDMRMII TIDMTTM
RNS Number : 5510Y
RM Infrastructure Income PLC
17 January 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 December was
+0.33%, which brings the NAV % Total Return for the quarter to
+0.82%.
The NAV % Total Return for the full year was +9.24%, and since
January 2020 pre-pandemic the NAV % Total Return has been +12.68%.
The Ordinary Share NAV as at 31(st) December 2021 was 95.85 pence
per share. This monthly NAV return of -1.306 pence per share
arose primarily from the ex-dividend effect of the 1.625 pence
per share total ordinary dividend for the period Q3 2021, declared
in November and paid in December 2021. Otherwise, there was positive
interest income, net of expenses, of 0.486 pence per share and
a decrease in portfolio valuations of 0.166 pence per share.
Summary for December 2021
(pence per share)
Net interest income +0.486p
Change in portfolio
valuations -0.166p
Payment of Dividend
(Q3 2021) -1.625p
Net NAV Movement -1.305p
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Company Activity
The Company declared a dividend of 1.625 pence per share in respect
of Q3 2021 in November. This was paid in December, marking the
19(th) distribution for the Company at or above the Company's
stated annual targets, which currently is 6.5 pence per share.
Since inception, the Company has distributed a total of 34.355
pence per share to investors.
During December, the Company purchased a total of 103,794 ordinary
shares in two transactions at an average price of 93.96 pence
per share representing a 3.28% discount to the latest published
NAV at the time of trade execution.
The closing mid share price at the year-end was 95 pence which
is 8 pence per share higher than the opening mid share price
at the start of the year and represents a total share return(12)
of 17.27% for the year.
The Investment Manager was accredited as a lender by the British
Business Bank through the Recovery Loan Scheme "RLS" in October.
RMII is the funding partner under the RLS programme, and this
offers further opportunities to make secured loans within the
Company's core sectors, increasing the proportion of the portfolio
that benefits from contractual government guarantees. The proportion
of the portfolio benefitting from partial UK government guarantees
increased over the quarter from circa 24% to circa 27%.
Portfolio Update
Overall, the fourth quarter of 2021 was a stable quarter for
the portfolio with a NAV % Total Return of +0.82%. Investments
and repayments for the quarter are shown below:
* Loan ref 15. Healthcare - GBP4.5m invested in Voyage
Care 1(st) Lien bonds maturing in 2023.
* Loan ref 92. Hotel & Leisure - GBP2.5m under the RLS
to complete the funding required for the Glasgow
Virgin hotel scheme.
* Loan ref 88. & 83. Healthcare - further drawdowns
under the Company's committed facilities totalling
circa GBP3m largely driven by drawdowns under these
two construction facilities provided to a leading UK
healthcare operator in the purpose-built modern care
home market. One of the properties reached practical
completion during the quarter.
* Loan ref 74. Student accommodation - repayment
totalling circa GBP4.25m.
* Loan ref 58. Hotel & Leisure - repayment totalling
GBP1.74m.
Finally, considering inflation is high and is expected to remain
elevated with the further interest rate hikes by global central
banks likely, the Investment Manager remains confident in regard
to the low interest rate sensitivity of the portfolio. This is
largely due to the short duration nature of the portfolio with
a weighted average loan life of 2.2 years. Thus, in a relatively
high inflationary environment loans are repaid relatively quicky
and can be reinvested at higher yields.
The Company also announces that the Monthly Report for the period
to 31 Dec 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
Elizabeth Snow
Oliver Norgate
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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