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

RM Infrastructure IncomeAnnouncement

17/07/2024 07:00

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RNS Number : 6683W  RM Infrastructure Income PLC  17 July 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 June was -0.76%, which
 brings the NAV % Total Return for the quarter to 2.00%.

 The NAV % Total Return over the last twelve months was 3.02% and inception to
 date (ITD) 45.13%.

 The Ordinary Share NAV as at 30(th) June 2024 was 87.84 pence per share. This
 monthly NAV return of -2.314 pence per share arose primarily from (1) the
 ex-dividend effect of the 1.625 pence per Ordinary Share dividend for the
 period Q1 2024, declared in May and paid in June 2024 and (2) discount rate
 movements which negatively affected investment loans valuations, predominantly
 driven by investment loans Ref #66 and Ref #67.

Summary for June 2024 (pence per share)
 Net interest income             +0.437p
 Change in portfolio valuations  -1.126p
 Payment of Dividend (Q1 2024)   -1.625p
 Net NAV Movement                -2.314p

 

Portfolio Activity

As at 30(th) June 2024, the Company's invested portfolio had an aggregate
 nominal outstanding of circa £93 million across 25 investments. The average
 yield was 11.72%, with a weighted average loan life remaining of circa 1.24
 years. Overall, the portfolio is 95% invested in private market assets and 5%
 in public bonds.

 Q2-2024 was an active and successful quarter for the Company in terms of
 portfolio realisation with a total of 11 repayments / prepayments totalling
 circa £16m, of which 5 full exits at par as shown below:

 ·      Investment Loan Ref #60 - c.£4.7m

 ·      Investment Loan Ref #91 - c.£0.5m

 ·      Investment Loan Ref #87 - c.£0.8m

 ·      Investment Loan Ref #97a & 97b - c.£6.3m (post reporting
 period event)

 ·      Investment Loan Ref #94a & 94b - c.£2.8m (post reporting
 period event)

 In line with the realisation mandate, there was limited activity in terms of
 drawdowns, with only two drawdowns under existing committed facilities:

 ·      Investment Loan Ref #96 - c.£700k

 ·      Investment Loan Ref #88 - £75k

 At period end, the Company had no outstanding debt with cash balances standing
 at circa £18m of which circa £2m will be retained by the Company largely to
 fund undrawn committed facilities and for working capital purposes.

 The Company confirmed the most appropriate and effective method to return
 capital to shareholders would be via tender offers.  Each tender offer will
 be subject to shareholder approval at a general meeting, including for the
 initial tender offer. The Board is currently anticipating the first tender
 offer to occur during H2-2024.

 The Company also announces that the Monthly Report for the period to 30(th)
 June 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/

 

Portfolio Activity

As at 30(th) June 2024, the Company's invested portfolio had an aggregate
nominal outstanding of circa £93 million across 25 investments. The average
yield was 11.72%, with a weighted average loan life remaining of circa 1.24
years. Overall, the portfolio is 95% invested in private market assets and 5%
in public bonds.

Q2-2024 was an active and successful quarter for the Company in terms of
portfolio realisation with a total of 11 repayments / prepayments totalling
circa £16m, of which 5 full exits at par as shown below:

·      Investment Loan Ref #60 - c.£4.7m

·      Investment Loan Ref #91 - c.£0.5m

·      Investment Loan Ref #87 - c.£0.8m

·      Investment Loan Ref #97a & 97b - c.£6.3m (post reporting
period event)

·      Investment Loan Ref #94a & 94b - c.£2.8m (post reporting
period event)

 

In line with the realisation mandate, there was limited activity in terms of
drawdowns, with only two drawdowns under existing committed facilities:

·      Investment Loan Ref #96 - c.£700k

·      Investment Loan Ref #88 - £75k

 

At period end, the Company had no outstanding debt with cash balances standing
at circa £18m of which circa £2m will be retained by the Company largely to
fund undrawn committed facilities and for working capital purposes.

The Company confirmed the most appropriate and effective method to return
capital to shareholders would be via tender offers.  Each tender offer will
be subject to shareholder approval at a general meeting, including for the
initial tender offer. The Board is currently anticipating the first tender
offer to occur during H2-2024.

 

 

The Company also announces that the Monthly Report for the period to 30(th)
June 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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