REG - RM Infrastructure RM SecDirect - RMDC - Portfolio Update

RM Infrastructure IncomeAnnouncement

05/12/2023 08:45

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RNS Number : 7124V  RM Infrastructure Income PLC  05 December 2023

 

RM Infrastructure Income plc

("RMII" and the "Company")

 

Portfolio Update

LEI: 213800RBRIYICC2QC958

 

RMII provides an update on its investment in a hotel in Clyde Street as
follows.

 

The Company has investment loans (monthly factsheet references #58, #80, #92
and #79) junior secured against and / or exposed to the Virgin Clyde Street
Hotel in the city-center of Glasgow, Scotland. The senior secured lender has
initiated an administration process to recover value.

 

The Company's total nominal outstanding in respect of these loans is circa
£15m. Investment loans references #80, #92 and #79 (or circa 83% of nominal
outstanding) are underwritten via Coronavirus Business Interruption Loan
Scheme ("CBILS") and / or Recovery Loan Scheme ("RLS") facilities which
benefit from a partial contractual government-backed guarantee. Investment
loan reference #58 benefits from a valuable additional 3(rd) party security
package and has therefore been valued in accordance at 85p.

 

The Investment Adviser, RM Funds, has been positioning the valuation of the
above-mentioned loans at a conservative level for some time, with the CBILS
and RLS investment loans marked at their government-backed guarantee level of
80p. As a result, the Investment Adviser does not currently foresee any
further write downs of these loans is necessary and therefore does not expect
any impact on the Company's NAV.

 

 

For further information, please contact:

 

 RM Infrastructure Income plc  RMInfraCoSecmailbox@apexfs.group (mailto:RMInfraCoSecmailbox@apexfs.group)

 Norman Crighton
 Singer Capital Markets        020 7496 3000

 James Maxwell

 Asha Chotai

 

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