Net Asset Value(s)

RNS Number : 5510Y

RM Infrastructure Income PLC

17 January 2022

 

RM Infrastructure Income Plc

("RMII" or the "Company")

LEI: 213800RBRIYICC2QC958

Net Asset Value

NAV The Company's NAV % Total Return for the month of December was +0.33%, which brings the NAV % Total Return for the quarter to +0.82%. The NAV % Total Return for the full year was +9.24%, and since January 2020 pre-pandemic the NAV % Total Return has been +12.68%. The Ordinary Share NAV as at 31st December 2021 was 95.85 pence per share. This monthly NAV return of -1.306 pence per share arose primarily from the ex-dividend effect of the 1.625 pence per share total ordinary dividend for the period Q3 2021, declared in November and paid in December 2021. Otherwise, there was positive interest income, net of expenses, of 0.486 pence per share and a decrease in portfolio valuations of 0.166 pence per share. Summary for December 2021 (pence per share) Net interest income +0.486p Change in portfolio valuations -0.166p Payment of Dividend (Q3 2021) -1.625p Net NAV Movement -1.305p Company Activity The Company declared a dividend of 1.625 pence per share in respect of Q3 2021 in November. This was paid in December, marking the 19th distribution for the Company at or above the Company's stated annual targets, which currently is 6.5 pence per share. Since inception, the Company has distributed a total of 34.355 pence per share to investors. During December, the Company purchased a total of 103,794 ordinary shares in two transactions at an average price of 93.96 pence per share representing a 3.28% discount to the latest published NAV at the time of trade execution. The closing mid share price at the year-end was 95 pence which is 8 pence per share higher than the opening mid share price at the start of the year and represents a total share return12 of 17.27% for the year.  The Investment Manager was accredited as a lender by the British Business Bank through the Recovery Loan Scheme "RLS" in October. RMII is the funding partner under the RLS programme, and this offers further opportunities to make secured loans within the Company's core sectors, increasing the proportion of the portfolio that benefits from contractual government guarantees. The proportion of the portfolio benefitting from partial UK government guarantees increased over the quarter from circa 24% to circa 27%. Portfolio Update Overall, the fourth quarter of 2021 was a stable quarter for the portfolio with a NAV % Total Return of +0.82%. Investments and repayments for the quarter are shown below: · Loan ref 15. Healthcare - £4.5m invested in Voyage Care 1st Lien bonds maturing in 2023. · Loan ref 92. Hotel & Leisure - £2.5m under the RLS to complete the funding required for the Glasgow Virgin hotel scheme. · Loan ref 88. & 83. Healthcare - further drawdowns under the Company's committed facilities totalling circa £3m largely driven by drawdowns under these two construction facilities provided to a leading UK healthcare operator in the purpose-built modern care home market. One of the properties reached practical completion during the quarter. · Loan ref 74. Student accommodation - repayment totalling circa £4.25m. · Loan ref 58. Hotel & Leisure - repayment totalling £1.74m. Finally, considering inflation is high and is expected to remain elevated with the further interest rate hikes by global central banks likely, the Investment Manager remains confident in regard to the low interest rate sensitivity of the portfolio. This is largely due to the short duration nature of the portfolio with a weighted average loan life of 2.2 years. Thus, in a relatively high inflationary environment loans are repaid relatively quicky and can be reinvested at higher yields.

The Company also announces that the Monthly Report for the period to 31 Dec 2021 is now available to be viewed on the Company website:

https://rm-funds.co.uk/rm-infrastructure-income/rm-funds-investor-monthly-fact-sheets-2/

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For further information, please contact:

RM Capital Markets Limited - Investment Manager

James Robson

Pietro Nicholls Thomas Le Grix De La Salle

Tel: [phone]

International Fund Management - AIFM

Chris Hickling

Shaun Robert

Tel: [phone]

Tulchan Group - Financial PR

Elizabeth Snow

Oliver Norgate

Tel: [phone]

PraxisIFM Fund Services (UK) Limited - Administrator and Company Secretary

Brian Smith

Ciara McKillop

Tel: [phone]

Singer Capital Markers Advisory LLP - Financial Adviser and Broker

James Maxwell

Asha Chotai

Tel: [phone]

Peel Hunt LLP - Financial Adviser and Broker

Luke Simpson

Liz Yong

Tel: [phone]

About RM Infrastructure Income

RM Infrastructure Income Plc ("RMII" or the "Company") is a closed-ended investment trust established to invest in a portfolio of secured debt instruments.

The Company aims to generate attractive and regular dividends through loans sourced or originated by the Investment Manager with a degree of inflation protection through index-linked returns where appropriate. Loans in which the Company invests are predominantly secured against assets such as real estate or plant and machinery and/or income streams such as account receivables.

For more information, please see

https://rm-funds.co.uk/rm-infrastructure-income/

 

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