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RM Infrastructure IncomeAnnouncement

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RNS Number : 5304K  RM Infrastructure Income PLC  08 December 2025

 RM Infrastructure Income Plc

 ("RMII" or the "Company")

 LEI: 213800RBRIYICC2QC958

 Portfolio Update

 

 Loan Reference 88.

 The Company is pleased to report that on 5(th) December 2025 Investment Loan
 Ref #88 has been successfully repaid at par, ahead of its market value as at
 end of September 2025.

 This marks the successful exit of RMII's largest loan exposure and the receipt
 of £15,129,009. As at 30(th) September 2025 this amount represents
 approximately 25% of the Company's NAV.

 As per previous shareholder communications, the majority of this capital will
 form part of the next scheduled tender offer which is expected to occur early
 Q1-2026.  A further announcement in that regard will be made by the Company
 as and when appropriate.

 Loan Reference 15

 The Company is pleased to report that on December 3(rd), 2025, Voyage Care
 BondCo Plc (the "Offeror") announced an offer (the "Offer") to purchase for
 cash the outstanding 5.875% Sterling Denominated Senior Secured Notes (the
 "Notes") due in 2027 at par (100.00). The Offer is ahead of its market value
 as at the end of September 2025. Whilst the Offeror is not under any
 obligation to accept any tender of Notes for purchase pursuant to the Offer,
 it is anticipated that the £5m holding that the Company has held since
 January 2022 will be successfully tendered with a settlement date of 12(th)
 December 2025.

 In aggregate (Loan References 88 & 15), and assuming the total nominal
 outstanding of Investment Loan Reference 15 is tendered for, this represents
 circa 34% of the Company's September 2025 NAV. Further, this would imply that
 since the wind down vote in December 2023, RM Funds, the Investment Manager,
 will have managed to recover circa 57% of the November 2023 NAV, ahead of
 target.

 Loan Reference 76 and 76.1.

 The Company has an aggregate c.£11.2m of capital outstanding exposed to
 Empowered Brands ("EB"). As at 30(th) September 2025, this was marked at
 c.£9.7m, representing c.16% of the Company's NAV.

 Both investment loans are currently in technical default with interest
 currently paid as Pay-In-Kind "PIK". These PIK amounts have been provided for
 given the timing and quantum of their receipt is uncertain.

 The management teams at EB and RM Funds, the Investment Manager, have
 identified growth initiatives to both preserve and create value by conducting
 organic and non-organic growth initiatives.  RMII is considering providing
 additional capital of up to £3m in the form of a loan to facilitate these
 initiatives. The Investment Manager and the Company believe this will both
 safeguard the value of EB's assets, against which the respective investment
 loans are secured and, provide for a quicker return of capital than the
 current trajectory.

 The Company and Investment Manager believe that remaining in a status quo
 position, without further support into EB, would either significantly extend
 the realisation period for these loans, or if immediate recovery is sought,
 lead to a probable near-term impairment.

 For the avoidance of doubt, under RMII's managed wind-down investment policy
 (as approved by shareholders at a general meeting held on 20 December 2023)
 the Company may make further investments in debt instruments to an existing
 borrower which is expected to preserve the value of an existing loan.
 Nonetheless, the Company intends to consult with RMII's largest shareholders
 in order to gauge investor sentiment to this strategy.

 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.

 On 20 December 2023, shareholders approved the implementation of the Managed
 Wind-down of the Company. Accordingly, the Company's investment objective was
 restated as follows: "The Company aims to conduct an orderly realisation of
 the assets of the Company, to be effected in a manner that seeks to achieve a
 balance between returning cash to Shareholders promptly and maximising value."

 For more information, please see
 https://rm-funds.co.uk/rm-infrastructure-income/

 

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