UK MORTGAGES LIMITED
(a closed-ended investment company incorporated in Guernsey with
registration number 60440)
EI
549300388LT7VTHCIT59
Final Net Asset Value
| FUND NAME |
NAV |
ISIN |
NAV DATE |
| UK
Mortgages Limited |
£0.7779 |
GG00BXDZMK63 |
30 June
2021 |
UKML RNS: Commentary accompanying UK
Mortgages Limited June 2021 NAV
The UKML NAV per share was calculated for June 2021 month end at 77.79 pence per share, an increase of
1.15 pence per share.
As highlighted in last month’s NAV release commentary, this
includes the final two elements from the sales of the two Coventry
portfolios; the share tender discount realisation and the Expected
Credit Loss (ECL) provision release, both of which made a positive
contribution to the NAV.
The uplift from the most recent share tender, contributed
0.20 pence per share to the NAV, as
referred to in last month’s NAV commentary.
Furthermore, with the June NAV coinciding with Company’s
year-end, this also included a recalculation of the ECL provision,
which occurs semi-annually under IFRS 9 accounting standards. This
led to a 0.55 pence per share
improvement in the NAV, driven by a combination of the existing
provision for the Coventry portfolios being discharged following
the portfolio sales plus the release of a portion of the previous
provision, subject to final audit, following a recalibration of the
modelled scenarios and weightings to reflect the improving economic
conditions.
The remainder of the positive monthly NAV movement came as a
result of the running income generated by the Company’s underlying
investments, net of a minor adjustment from the semi-annual hedge
effectiveness calibration.
The Company’s remaining investments continue to perform in line
with expectations. More details will be available in the Company’s
next factsheet to be published shortly.
Enquiries:
Northern Trust International Fund
Administration Services (Guernsey) Limited
Andrew
Bonham
44 (0)1481 745302
Date: 20 August
2021