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

RM Infrastructure IncomeAnnouncement

21/10/2024 07:00

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RNS Number : 8383I  RM Infrastructure Income PLC  21 October 2024

 RM Infrastructure Income Plc

 ("RMII" or the "Company")

 LEI: 213800RBRIYICC2QC958

 Net Asset Value

 NAV Performance

The Company's NAV % Total Return for the month of September was -0.96%, which
 brings the NAV % Total Return for the quarter to 1.71%.

 The NAV % Total Return over the last twelve months was 4.25% and inception to
 date (ITD) 47.61%.

 The NAV as at 30(th) September 2024 was 87.73 pence per Ordinary Share. This
 negative NAV return of -0.853 pence per share in September arose primarily
 from an increase in the discount rate for investment loan Ref #39, as well as
 a reduction in the valuation of the Company's wholly-owned student
 accommodation property based in Coventry (investment loan Ref #68). Said
 reduction in valuation resulted from a deteriorated occupancy level.

Summary for September 2024 (pence per share)
 Net interest income             +0.561p
 Change in portfolio valuations  -1.398p
 Other                           -0.017p
 Net NAV Movement                -0.853p

 

Portfolio Activity

As at 30(th) September 2024, the Company's invested portfolio had an aggregate
 nominal outstanding of circa £86 million across 20 investments. The average
 yield was 11.90%, with a weighted average loan life remaining of circa 0.89
 years. Overall, the portfolio is 94% invested in private market assets and 6%
 in public bonds.

 Q3-2024 was an active and successful quarter for the Company in terms of
 portfolio realisation with a total of 5 repayments totalling circa £7.2m, all
 of which resulted in full exits of said investment loans. All exits were
 achieved at par apart from investment loan ref #79 against which 80p was
 recovered, in line with the Company's assumptions and latest valuation.

 ·      Investment Loan Ref #95a - c.£2.35m

 ·      Investment Loan Ref #95b - c.£0.5m

 ·      Investment Loan Ref #81 - c.£0.4m

 ·      Investment Loan Ref #98 - c.£0.3m

 ·      Investment Loan Ref #79 - c.£3.6m

 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.£75k

 ·      Investment Loan Ref #76 - £255k

 Post period end, a short-term 2-month extension was provided to investment
 loans Ref #66 & Ref #67 to enable the Borrower to complete on its
 refinancing transaction, which is currently underway. There can be no
 assurances that said refinancing process will successfully complete. In
 addition, a 3-year extension was provided to investment loan Ref #39 to have
 it co-terminus with the senior facility. However, the Sponsor will initiate
 an exit process of said investment during 2025 and so terms applicable to this
 extension have been structured accordingly. Our base case scenario at present
 is therefore a full repayment early 2026, circa 1.5 year ahead of the extended
 legal maturity.

 The Company completed its first return of capital during the month of
 September 2024, returning £17,486,194 of capital to Shareholders via tender
 offer at 88.59 pence per share. Further details regarding the Company's
 Managed Wind-Down and subsequent return of capital to Shareholders will be
 announced by the Board as and when appropriate.

 At period end, the Company had no outstanding debt with cash balances standing
 at circa £4.5m of which circa £1.5m will be retained by the Company largely
 to fund undrawn committed facilities and for working capital purposes.

 The Company also announces that the Monthly Report for the period to 30th
 September 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) September 2024, the Company's invested portfolio had an aggregate
nominal outstanding of circa £86 million across 20 investments. The average
yield was 11.90%, with a weighted average loan life remaining of circa 0.89
years. Overall, the portfolio is 94% invested in private market assets and 6%
in public bonds.

Q3-2024 was an active and successful quarter for the Company in terms of
portfolio realisation with a total of 5 repayments totalling circa £7.2m, all
of which resulted in full exits of said investment loans. All exits were
achieved at par apart from investment loan ref #79 against which 80p was
recovered, in line with the Company's assumptions and latest valuation.

·      Investment Loan Ref #95a - c.£2.35m

·      Investment Loan Ref #95b - c.£0.5m

·      Investment Loan Ref #81 - c.£0.4m

·      Investment Loan Ref #98 - c.£0.3m

·      Investment Loan Ref #79 - c.£3.6m

 

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.£75k

·      Investment Loan Ref #76 - £255k

Post period end, a short-term 2-month extension was provided to investment
loans Ref #66 & Ref #67 to enable the Borrower to complete on its
refinancing transaction, which is currently underway. There can be no
assurances that said refinancing process will successfully complete. In
addition, a 3-year extension was provided to investment loan Ref #39 to have
it co-terminus with the senior facility. However, the Sponsor will initiate
an exit process of said investment during 2025 and so terms applicable to this
extension have been structured accordingly. Our base case scenario at present
is therefore a full repayment early 2026, circa 1.5 year ahead of the extended
legal maturity.

The Company completed its first return of capital during the month of
September 2024, returning £17,486,194 of capital to Shareholders via tender
offer at 88.59 pence per share. Further details regarding the Company's
Managed Wind-Down and subsequent return of capital to Shareholders will be
announced by the Board as and when appropriate.

At period end, the Company had no outstanding debt with cash balances standing
at circa £4.5m of which circa £1.5m will be retained by the Company largely
to fund undrawn committed facilities and for working capital purposes.

The Company also announces that the Monthly Report for the period to 30th
September 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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