UK Mortgages Ltd Net Asset Value(s)
May 12 2017 - 12:13PM
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 GBP0.9016 GG00BXDZMK63 31st March 2017
UKML RNS: Commentary accompanying UK Mortgages Limited March 2017 NAV
The UKML NAV per share was calculated for March month-end at 90.16 pence per
share.
The positive change in the NAV was driven by a number of factors:
With the fund's investable capital now fully deployed following the acquisition
of the CHL portfolio in February, the cash-drag effect of holding those
un-invested funds has now been significantly reduced, and the acquired assets
are levered via the initial warehouse financing and generating income for the
fund.
In addition, as was reported in the acquisition announcement, the loans in the
CHL portfolio were originated a number of years ago and as such some of those
mortgages will prepay from time to time (for example as borrowers sell their
properties or refinance their loans). As the portfolio was purchased at a
discount, these prepayments therefore generate a profit for the fund. A small
amount of prepayments were experienced this month, contributing to the NAV
performance.
Furthermore, the amortised cost valuation of the portfolio benefited from the
discounted purchase price and added to the performance.
Further details on the portfolio and pipeline will be available in the fund's
factsheet to be published shortly.
Enquiries:
Northern Trust International Fund Administration Services (Guernsey) Limited
Andrew Bonham 44 (0)1481 745302
Date: 12 May 2017
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