REG - UIL Limited UIL Finance Ltd Utilico Limited 2014 UIL Finance - UTLG Utilico Finance (D) - Publication of monthly factsheet

UILAnnouncement

14/06/2023 11:30

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230614:nRSN7206Ca&default-theme=true

RNS Number : 7206C  UIL Limited  14 June 2023

14 June 2023

 

UIL LIMITED

(LEI Number: 213800CTZ7TEIE7YM468)

 

Publication of monthly factsheet

 

The latest monthly factsheet for UIL Limited ("UIL" or the "Company") will
shortly be available through the Company's website at:

https://www.uil.limited/investor-relations/factsheet-archive
(https://www.uil.limited/investor-relations/factsheet-archive)

 

Monthly commentary

 

PERFORMANCE

UIL's NAV total return declined by 6.5% in May, underperforming the FTSE All
Share total return Index which was down by 4.6% over the same period.

 

Equity markets were mixed in May, with concerns over the debt ceiling and the
prospect of default dominating US headlines, though this was ultimately
averted by legislation just after month end. The Federal Bank approved its
tenth consecutive interest rate increase, with the European Central Bank also
raising rates in the month. The S&P 500 Index was up just 0.2% over the
month, while in Europe the Eurostoxx fell 3.2%. Despite weaker inflation
readings, the Reserve Bank of Australia surprised economists by increasing its
rate as well, with the S&P ASX 200 Index declining 3.0% over the month.

 

In Emerging Markets, the reopening in China looks to have stalled, with
residential sales dropping and factory activity unexpectedly contracting. Hong
Kong's Hang Seng Index fell 8.3% whilst the Shanghai Composite was down 3.6%
in May. Brazil continued to be a highlight, posting 4.0% GDP growth in Q1 and
inflation at just 3.9%, bolstering the Bovespa Index, up 3.7%. Inflation in
India also fell to an 18-month low with CPI at 4.7% for April, with the India
Sensex firming 2.5% in May.

 

In the currency markets, the US Dollar rallied, with the DXY Dollar Index
strengthening by 2.6% and USD up 1.4% against Sterling over the month. The
Australian Dollar weakened by 0.7% versus Sterling. In EM the Brazilian Real
and the Chinese Renminbi declined 0.9% and 1.1% respectively against GBP.

 

Commodities weakened in May, with gold and silver prices falling by 1.4% and
6.5% respectively. Industrial metals were notably weak, with copper and nickel
prices down 6.0% and 15.5% respectively, driven by concerns over anaemic
global growth. This also impacted the oil markets, with the Brent crude oil
price falling 8.6% over the month to levels some 30% lower than the peak a
year ago.

 

PORTFOLIO

There was one change to the top ten constituents of the UIL portfolio in May,
with Carebook Technologies replacing Panoramic Resources on relative
performance. Carebook is listed on the Toronto Stock Venture Exchange and
provides a customer-centric digital health platform. Carebook reported revenue
growth of 5.0% and a narrowing adjusted EBITDA loss at CAD 0.5m in Q1, and
annual recurring revenue growth of 37.0% as at 31 March 2023.

 

Somers' valuation declined by 4.5% in May, predominantly reflecting the
Resimac share price which fell by 5.3% due to ongoing concerns over net
interest margins, compounded by weakness in the Australian Dollar. Resimac is
also a top ten direct shareholding for UIL. In the month Waverton, an investee
company in Somers, published robust results in its 2022 annual report,
maintaining strong inflows with AUM at £9.1bn as at 31 December 2022.

 

Zeta Resources' share price fell 6.7% over the month, in line with its
reduction in net tangible assets, as its investee companies saw widespread
declines in share prices reflecting the wider commodity markets. Copper
Mountain Mining's share price fell 14.1%, Panoramic Resources dropped 30.0%
and Alliance Nickel declined by 3.0%. In the period Zeta's unlisted
shareholding in Alliance Mining Commodities ("AMC") was exchanged for an
initial AUD 2.6m cash payment and a future revenue stream from AMC's Koumbia
bauxite project in Guinea.

 

The Market Herald's share price increased by 25.0% following the announcement
that The Market Herald had successfully refinanced a vendor loan note with
Adevinta Oak Holdings to Commonwealth Bank of Australia for its acquisition of
Gumtree Australia. UEM's NAV total return increased by 1.9% in May though its
share price declined by 0.5% as its discount widened. Allectus Capital's
carrying valuation was reduced by 9.1% over the month.

 

DEBT

Bank borrowings were unchanged over the month at £37.5m drawn in Sterling.
There were no foreign exchange hedges in place during the month and as at the
end of May 2023.

 

ZDP SHARES

The share price of the 2024 ZDP shares was unchanged over the month at
123.50p, the 2026 ZDP shares appreciated by 0.4% to 114.50p, while the 2028
ZDP shares declined by 3.6% to 94.00p.

 

OTHER

UIL's ordinary share price increased by 2.1% to 143.50p in May whilst the
discount to NAV narrowed to 26.6% from 32.8%.

 

On 22 May 2023, UIL declared a third quarterly interim dividend of 2.00p per
ordinary share in respect of the year ending 30 June 2023, which will be paid
on 26 June 2023 to shareholders on the register on 2 June 2023.

 

 

Name of contact and telephone number for enquiries:

 

Charles Jillings

ICM Investment Management
Limited
+44(0)1372 271486

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  DOCFLFLIRDISLIV