UK Mortgages Ltd Net Asset Value(s)
April 13 2017 - 12:40PM
UK Regulatory
TIDMUKML
UK MORTGAGES LIMITED
(a closed-ended investment company incorporated in Guernsey with registration
number 60440 )
Final Net Asset Value
FUND NAME NAV ISIN NAV DATE
UK Mortgages Limited GBP0.8982 GG00BXDZMK63 28th February
2017
UKML RNS: Commentary accompanying UK Mortgages Limited February NAV
The UKML NAV per share was calculated for February month-end at 89.82 pence per
share.
The change in the NAV is primarily driven by the upfront costs associated with
the acquisition of the CHL portfolio close to the end of the month. As a result
of this acquisition, the fund's investable capital has now been fully deployed,
with the estimated IRR of the portfolio being 8.28% at purchase. Work has
already begun on the documentation, structuring and necessary third party
engagements and interactions (rating agencies, legal advisors etc.) to enable
the term out securitisation of the portfolio, as and when those items are
completed and subject to market conditions. Currently RMBS markets are
performing strongly and therefore the cost of such funding is already cheaper
than when the purchase was completed, which should further improve the leverage
on the portfolio.
Meanwhile, the fund's other investments continue to behave in line with or
better than our expectations, as the Malt Hill No.1 (Coventry Building Society)
portfolio continues to perform exceptionally well, whilst TML's origination
pipeline continues to grow.
Further details on the portfolio and pipeline will be available in the upcoming
factsheet.
Enquiries:
Northern Trust International Fund Administration Services (Guernsey) Limited
Andrew Bonham 44 (0)1481 745302
Date: 13 April 2017
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