REG - RM Infrastructure RM SecDirect - RMDC - Net Asset Value(s)

RM Infrastructure IncomeAnnouncement

17/04/2024 07:00

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RNS Number : 8508K  RM Infrastructure Income PLC  17 April 2024

 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 March was -1.02%, which
 brings the NAV % Total Return for the quarter to 0.50%.

 The NAV % Total Return over the last twelve months was 3.97% and inception to
 date (ITD) 44.58%.

 The Ordinary Share NAV as at 31(st) March 2024 was 89.18 pence per share. This
 monthly NAV return of -2.558 pence per share arose primarily from (1) the
 ex-dividend effect of the 1.625 pence per Ordinary Share dividend for the
 period Q4 2023, declared and paid in March 2024; (2) the negative valuation
 adjustments for investment loans ref 66 & 67 in relation to the Company's
 hospitality & leisure exposure; and (3) investment loan ref 39 for which
 the Company's valuation agent uses a generic benchmark index that witnessed a
 significant yield widening during the reporting period. Otherwise, there was
 positive interest income, net of expenses, of 0.578 pence per share.

Summary for March 2024 (pence per share)
 Net interest income             +0.578p
 Change in portfolio valuations  -1.511p
 Payment of Dividend (Q4 2023)   -1.625p
 Net NAV Movement                -2.558p

 

 Finally the auditors have stated that due to accounting standards and as the
 Company is in Managed Wind-down, RMII is required to accrue for the total
 forecasted liquidation expenses at year end 2023. The published unaudited NAV
 as at 31 December 2023 did not reflect these forecasted liquidation costs.
 Thus, the Company is currently expecting a negative NAV adjustment of circa
 1-2 pence per Ordinary Share versus the published but unaudited NAV of
 December 2023 of 90.35 pence per Ordinary Share. The exact NAV adjustment will
 be confirmed in the audited 2023 RMII Annual Accounts which are expected to be
 released shortly.  This adjustment will also be applied to NAVs published
 since the year end including this one (once the 2023 RMII Annual Accounts have
 been published).

Portfolio Activity

As at 31(st) March 2024, the Company's invested portfolio had an aggregate
 nominal outstanding of circa £100 million across 30 investments. The average
 yield was 11.11%, with a weighted average loan life remaining of circa 1.31
 years. Overall, the portfolio is 95% invested in private market assets and 5%
 in public bonds.

 During the reporting quarter, investment loan ref 71 was fully repaid at par,
 or circa £1.7m.

 At period end, the Company had no outstanding debt. Current cash balance
 stands at circa £8m of which circa £6m will be retained by the Company
 largely to fund undrawn committed facilities.

 The Company has also been evaluating the most appropriate and effective method
 to return capital to shareholders and concluded that a tender offer is the
 most suitable structure.  Each tender offer will be subject to shareholder
 approval at a general meeting (including for the initial tender offer,
 resolutions required to create distributable reserves from share premium
 account).  Further details will be provided in due course however based on
 anticipated repayments it is currently expected that the first tender offer
 will take place in H2 2024.

 The Company also announces that the Monthly Report for the period to 31(st)
 March 2024 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
 Jenny Thompson

 Tel: 07767102572

 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/

 

Finally the auditors have stated that due to accounting standards and as the
Company is in Managed Wind-down, RMII is required to accrue for the total
forecasted liquidation expenses at year end 2023. The published unaudited NAV
as at 31 December 2023 did not reflect these forecasted liquidation costs.
Thus, the Company is currently expecting a negative NAV adjustment of circa
1-2 pence per Ordinary Share versus the published but unaudited NAV of
December 2023 of 90.35 pence per Ordinary Share. The exact NAV adjustment will
be confirmed in the audited 2023 RMII Annual Accounts which are expected to be
released shortly.  This adjustment will also be applied to NAVs published
since the year end including this one (once the 2023 RMII Annual Accounts have
been published).

 

Portfolio Activity

As at 31(st) March 2024, the Company's invested portfolio had an aggregate
nominal outstanding of circa £100 million across 30 investments. The average
yield was 11.11%, with a weighted average loan life remaining of circa 1.31
years. Overall, the portfolio is 95% invested in private market assets and 5%
in public bonds.

 

During the reporting quarter, investment loan ref 71 was fully repaid at par,
or circa £1.7m.

At period end, the Company had no outstanding debt. Current cash balance
stands at circa £8m of which circa £6m will be retained by the Company
largely to fund undrawn committed facilities.

The Company has also been evaluating the most appropriate and effective method
to return capital to shareholders and concluded that a tender offer is the
most suitable structure.  Each tender offer will be subject to shareholder
approval at a general meeting (including for the initial tender offer,
resolutions required to create distributable reserves from share premium
account).  Further details will be provided in due course however based on
anticipated repayments it is currently expected that the first tender offer
will take place in H2 2024.

The Company also announces that the Monthly Report for the period to 31(st)
March 2024 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

Jenny Thompson

Tel: 07767102572

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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