EJF Investments Ltd EJF Investments-EJFZ - Annual Financial Report to 31 December 2022

EJF Investments

31/03/2023 07:00

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RNS Number : 8561U  EJF Investments Ltd  31 March 2023

FOR IMMEDIATE RELEASE

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31 March 2023

EJF Investments Ltd

Announcement of Final Results to 31 December 2022 and other matters

 

The Directors of EJF Investments Ltd ("EJFI" or the "Company") announce the
release of the Annual Report and Audited Financial Statements for the year
ended 31 December 2022.

The total net asset value ("NAV") return per ordinary share, inclusive of
dividends, was 13.85% for the year ended 31 December 2022, which exceeded the
Company's target return of 8% to 10% p.a. Dividends paid in respect of the
year ended 31 December 2022, met the target dividend, and totalled 10.7 pence
per ordinary share.

The Total Return of 13.85% was predominantly driven by regular interest
accruals and payments in addition to some gains on the Company's
Securitisation and Related Investments alongside strong mark-to-market gains
on the MSRs investment. There continued to be no defaults in underlying
collateral backing the Company's securitisation investments, which reflects
the ongoing robust credit profiles of the Company's underlying targeted US
bank and insurance exposures.

 

Highlights

·      Total NAV return per ordinary share, inclusive of dividends, of
13.85% for the year ended 31 December 2022;

·      Total NAV return per ordinary share, inclusive of dividends, of
93.38% since inception (exchange offer on 9 February 2017) to 31 December
2022;

·      NAV as at 31 December 2022 of £112.5 million, 184 pence per
ordinary share;

·      Share price discount to NAV as at 31 December 2022 of 28.3%; and

·      Dividend yield for the year ended 31 December 2022 based on
dividends declared in respect of the period and share price at 31 December
2022 of 8.1%.

Post Annual Report Update

·      Dividend of 2.675 pence per ordinary share paid in February 2023
in respect of the quarter ended 31 December 2022;

·      Issuance of 2,277,046 new 2025 ZDP Shares at 119.78 pence per
2025 ZDP share, raising gross proceeds of approximately £2.7 million;

·      NAV as at 28 February 2023 of £111.9 million or 183 pence per
ordinary share, representing a year to date Total NAV return per ordinary
share of 0.89%; and

·      March 2023 has seen further significant turmoil in financial
markets and certain segments of US and European banking sectors. On 29 March
2023, the Company issued a portfolio update detailing its exposure which can
be accessed here (LINK
(https://www.ejfi.com/media/1661/2023-29-03-rns-ejfi-bank-exposure-march-2023-vf.pdf)
).

The Company's Annual Report and Audited Financial Statements for the year
ended 31 December 2022 is attached to this release and will be available on
the Company's website (https://www.ejfi.com/investors/
(https://www.ejfi.com/investors/) ) shortly.

http://www.rns-pdf.londonstockexchange.com/rns/8561U_1-2023-3-30.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/8561U_1-2023-3-30.pdf)

 

Cessation of Placing Programme

The Company published a prospectus on 4 April 2022 which included a placing
programme, due to end on 3 April 2023 (the "Placing Programme"). As less than
a week of the Placing Programme remains unexpired, the Directors have decided
to cease the Placing Programme with immediate effect.

 

 

 

 

 

ENQUIRIES

 

For the Investment Manager

EJF Investments Manager LLC

Peter Stage / Jay Ghatalia

pstage@ejfcap.com / jghatalia@ejfcap.com

+44 203 752 6775 / +44 203 752 6776

 

For the Company Secretary and Administrator

BNP Paribas S.A., Jersey Branch

jersey.bp2s.ejf.cosec@bnpparibas.com

+44 1534 813 967 / +44 1534 709 189

 

For the Broker

Liberum Capital Limited

Darren Vickers / Owen Matthews

+44 (0) 20 3100 2218 / +44 (0) 20 3100 2223

 

About EJF Investments Ltd

EJFI is a registered closed-ended limited liability company incorporated in
Jersey under the Companies (Jersey) Law 1991, as amended, on 20 October 2016
with registered number 122353. The Company is regulated by the Jersey
Financial Services Commission (the "JFSC"). The JFSC is protected by both the
Collective Investment Funds (Jersey) Law 1988 and the Financial Services
(Jersey) Law 1998, as amended, against liability arising from the discharge of
its functions under such laws.

 

The JFSC has not reviewed or approved this announcement.

 

LEI:  549300XZYEQCLA1ZAT25

 

Investor information & warnings

 

The latest available information on the Company can be accessed via its
website at www.ejfi.com (http://www.ejfi.com) .

 

This communication has been issued by, and is the sole responsibility of, the
Company and is for information purposes only. It is not, and is not intended
to be an invitation, inducement, offer or solicitation to deal in the shares
of the Company. The price and value of shares in the Company and the income
from them may go down as well as up and investors may not get back the full
amount invested on disposal of shares in the Company. An investment in the
Company should be considered only as part of a balanced portfolio of which it
should not form a disproportionate part. Prospective investors are advised to
seek expert legal, financial, tax and other professional advice before making
any investment decision.

 

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