NAV and Portfolio Update
Summary by AI BETAClose X
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RM Infrastructure Income Plc |
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("RMII" or the "Company") |
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LEI: 213800RBRIYICC2QC958 |
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NAV and Portfolio UpdateThe Company's NAV % Total Return for the quarter was -1.87%. The NAV % Total Return over the last twelve months was -8.56% and inception to date (ITD) 25.28%. The NAV as at 30th September 2026 was 71.96 pence per Ordinary Share. A breakdown of the -1.37 pence per Ordinary Share in the third quarter of 2026 is provided below:
The negative net interest income for the period of -0.02 pence per Ordinary Share primarily reflects the fact that the Company continues to apply a revenue recognition policy whereby several of the payment-in-kind loans, against which the portfolio is now biased towards, the income is provisioned due to the uncertainty around quantum and timing of payment. As at 30th September 2026, the Company's invested portfolio had an aggregate market value of circa £34 million. This is invested across and / or secured over 3 properties and 3 trading businesses. During the period, investment loan Ref #52 was repaid in full at par. Also the Company revised downwards its valuation assessment for Property #1 (as detailed in the Portfolio Statistics section), a 77-bed purpose-built student accommodation asset located in Glasgow city centre. The asset has continued to experience weaker occupancy than historic periods, reflecting broader headwinds affecting the local student accommodation market. In light of these conditions, the Company has reassessed the underlying property valuation, adopting a more conservative valuation informed by the implied valuations of comparable UK-listed, PBSA-focused property companies. This reassessment resulted in a negative NAV impact of -0.84 pence per Ordinary Share during the period. Post period end, the refinancing of the hotel property securing investments Ref #99 and Ref #66 was successfully completed, resulting in aggregate recoveries of £4 million for RMII, representing a 19% uplift (approximately £650k or 1.1 pence per Ordinary Share) relative to the respective carrying values as at 30 September 2026. This will be reflected in the Company's December 2026 NAV. The successful completion of this refinancing represents a favourable outcome for the Company, delivering recoveries materially above the previously reported valuations whilst further enhancing liquidity for any future tender offer. Other adjustments during the period resulted in a reduction in NAV of 0.52 pence per Ordinary Share, principally attributable to the reversal of previously recognised accrual balances that are no longer considered appropriate, together with foreign exchange mark to market moves. |
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END |
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For further information, please contact: |
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RM Capital Markets Limited - Investment Manager |
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James Robson |
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Thomas Le Grix De La Salle |
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Tel: 0131 603 7060 |
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FundRock Management Company (Guernsey) Limited - AIFM |
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Chris Hickling |
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Ben Snook |
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Tel: 01481 737600
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NCM Fund Services Limited - Administrator and Company Secretary |
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Shona Darling |
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Tel: 0333 188 9168 |
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Singer Capital Markers Advisory LLP - Financial Adviser and Broker |
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James Maxwell |
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James Fischer |
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Tel: 020 7496 3000 |
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About RM Infrastructure Income |
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RM Infrastructure Income Plc ("RMII" or the "Company") is a closed-ended investment trust established to invest in a portfolio of secured debt instruments. |
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On 20 December 2023, shareholders approved the implementation of the Managed Wind-down of the Company. Accordingly, the Company's investment objective was restated as follows: "The Company aims to conduct an orderly realisation of the assets of the Company, to be effected in a manner that seeks to achieve a balance between returning cash to Shareholders promptly and maximising value."
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For more information, please see |
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https://rm-funds.co.uk/rm-infrastructure-income/ |
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