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RNS Number : 6851M RM Infrastructure Income PLC 18 September 2023
RM Infrastructure Income Plc
("RMII" or the "Company")
LEI: 213800RBRIYICC2QC958
Net Asset Value
NAV
The NAV % Total Return for August 2023 was -0.44%, which takes the NAV % Total
Return to +1.69% over the past six months, and +3.95% over the past 12 months.
The NAV as at 31(st) August 2023 was 91.80 pence per Ordinary Share, which was
0.40 pence lower than at 31(st) July 2023. This overall loss comprised
positive interest income of 0.59 pence per Ordinary Share, net of expenses,
and a decrease in portfolio valuations of 0.99 pence per Ordinary Share.
Portfolio Activity
As at 31(st) August 2023, the Company's invested portfolio had an aggregate
valuation of £122 million across 38 investments. The average yield was
10.23%, with a weighted average loan life remaining of circa 1.79 years(10).
Overall, the portfolio is 96% invested in private market assets and 4% in
public bonds. The Investment Manager's focus on creating a portfolio of high
yielding and short duration loans that do not hold significant exposure to
interest rate movements, ensures the portfolio remains well positioned against
any further interest rate increases by global central banks.
The loss for the period was predominantly driven by investment loan ref #74, a
junior secured loan secured against 5 fully operational student accommodation
assets in the UK, as the value was brought down to reflect the appointed
receiver's latest recovery update.
Update on Strategic Review
On 6(th) September 2023, RMII's Board announced that following extensive
consultation with its advisers and shareholders regarding its strategic review
of the Company, and despite having received various approaches from third
parties, 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
to the managed wind-down and any related matters required to facilitate and
orderly realisation.
Shareholders should also note that prior to publication of the circular, RM
will explore the possibility of offering an opportunity for shareholders who
wish to maintain their exposure to the strategy to roll-over their interests
in RMII into an alternative fund structure to be managed by RM.
The Company also announces that the Monthly Report for the period to 31 August
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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