UK Mortgages Ltd Revised Portfolio Management Fee
September 21 2017 - 2:00AM
UK Regulatory
TIDMUKML
21 September 2017
UK MORTGAGES LIMITED
(A closed-ended investment company incorporated in Guernsey with registration
number 60440)
Revised Portfolio Management Fee
The Board of UK Mortgages Limited ("UKML") announces that it has reached
agreement with TwentyFour Asset Management LLP ("TwentyFour") for a reduced
portfolio management fee.
With effect from the financial year beginning 1 July 2017 the annual portfolio
management fee payable by UKML to TwentyFour will reduce to 0.60% of the lower
of the NAV and the market capitalisation. It is currently expected that,
subject to a review by the Board and its agreement at that time, the fee will
revert to the original level of 0.75% after four years.
TwentyFour has agreed to this reduced fee basis as a contribution to reduce
UKML's costs while it seeks to move to a position where the dividend is covered
by current income, and in recognition of the longer time that was taken to
invest UKML's initial capital.
As an update to the presentation released on 26 June 2017, a revised yield
projection has today been posted on the UKML webpage. This projection takes
account of the fee reduction set out above and of TwentyFour's current
assumptions regarding potential returns from the existing assets and the
deployment of current and future cash resources.
A copy of the presentation is available at: https://twentyfouram.com/funds/
uk-mortgages-fund/fund-literature (1).
UKML's annual report for the year to 30 June 2017 is expected to be published
by the end of October 2017.
For further information, please contact:
TwentyFour Asset Management LLP
John Magrath
Alistair Wilson
Tel. 020 7015 8900
Numis Securities Limited, Corporate Broker
Hugh Jonathan
Nathan Brown
Tel. 020 7260 1000
(1) The projection illustrated ?in the presentation is based on modelled
scenarios and there can be no guarantee or assurance that the performance will
be achieved.
END
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