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18/07/2023 10:45

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RNS Number : 3823G  UIL Limited  18 July 2023

18 July 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 was 2.9% in June, outperforming the FTSE All Share
total return Index which rose by 1.0% over the same period.

 

Equity markets were mostly positive in June. The Federal Reserve didn't raise
interest rates at its June meeting, although indicated that it was likely that
additional increases in the benchmark interest rate would be appropriate in
the coming months. The European Central Bank did raise interest rates by 25bps
to 4.0% in June and the Bank of England surprised markets with its 50bps rise
to the benchmark rate of 5.0%. The 25bps rise in Australian interest rates in
June was also largely unexpected.

 

The S&P 500 Index was up 6.5% over the month, while in Europe the
Eurostoxx rose by 4.3%. In Australia, the ASX-200 advanced by 1.6%.

 

China continues to experience a cooling of export demand and consumer
confidence remains fragile, particularly driven by concerns about the real
estate market.

 

In the currency markets, the Australian Dollar, Sterling and the Euro
strengthened in response to interest rate rises. The US Dollar weakened with
the DXY (US Dollar) Index falling by 1.4% in the month and the US Dollar down
2.5% against Sterling. Sterling declined 0.3% against the Australian Dollar
and gained 0.2% against the Euro. The Chinese Renminbi was noticeably weaker,
declining by 4.7% against Sterling.

 

Commodities were mixed in June, with gold and silver prices falling by 2.2%
and 3.3% respectively. Copper recovered some of May's weakness, rising by 2.9%
in June, but Nickel remained weaker, ending the month 0.4% cheaper than at the
end of May. Oil prices also recovered some of May's declines with the Brent
crude oil price gaining 3.1% in June.

 

PORTFOLIO

There was one change to the top ten constituents of the UIL portfolio in June,
with Arria NLG replacing Carebook Technologies on relative performance.

 

Somers' valuation declined by 3.9% in June, reflecting the Resimac share price
which fell by 2.2% due to ongoing concerns over net interest margins and the
competitive nature of the Australian mortgage market. Resimac is also a top
ten direct shareholding for UIL.

 

Zeta Resources' NAV rose by 1.3% in June and the discount narrowed, with the
share price rising by 8.9%. Hudbay Minerals completed the share-based
acquisition of Copper Mountain, creating the third largest copper producer in
Canada and becoming Zeta's second largest holding. Hudbay's share price rose
9.1% in June.

 

The valuation of Allectus Quantum was increased by 214.1% due to continued
progress against the business strategy by Diraq, its principal holding.
However, Allectus Capital's carrying value was reduced by 19.9% over the
month.

 

DEBT

Bank and other debt increased over the month to £42.7m drawn in Sterling and
US Dollars. There were no foreign exchange hedges as at the end of June 2023.

 

ZDP SHARES

The share prices of the 2024 and 2026 ZDP shares was unchanged over the month
at 123.50p and 114.50p respectively, while the price of the 2028 ZDP shares
appreciated by 2.7% to 96.50p.

 

OTHER

UIL's ordinary share price increased by 1.0% to 145.00p in June and the
discount to NAV widened slightly to 27.2% from 26.6%.

 

UIL's third quarterly interim dividend of 2.00p per ordinary share in respect
of the year ending 30 June 2023, was 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

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