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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Portfolio Update
Loan Reference 88. The Company is pleased to report that on 5th December 2025 Investment Loan Ref #88 has been successfully repaid at par, ahead of its market value as at end of September 2025. This marks the successful exit of RMII's largest loan exposure and the receipt of £15,129,009. As at 30th September 2025 this amount represents approximately 25% of the Company's NAV. As per previous shareholder communications, the majority of this capital will form part of the next scheduled tender offer which is expected to occur early Q1-2026. A further announcement in that regard will be made by the Company as and when appropriate. Loan Reference 15 The Company is pleased to report that on December 3rd, 2025, Voyage Care BondCo Plc (the "Offeror") announced an offer (the "Offer") to purchase for cash the outstanding 5.875% Sterling Denominated Senior Secured Notes (the "Notes") due in 2027 at par (100.00). The Offer is ahead of its market value as at the end of September 2025. Whilst the Offeror is not under any obligation to accept any tender of Notes for purchase pursuant to the Offer, it is anticipated that the £5m holding that the Company has held since January 2022 will be successfully tendered with a settlement date of 12th December 2025. In aggregate (Loan References 88 & 15), and assuming the total nominal outstanding of Investment Loan Reference 15 is tendered for, this represents circa 34% of the Company's September 2025 NAV. Further, this would imply that since the wind down vote in December 2023, RM Funds, the Investment Manager, will have managed to recover circa 57% of the November 2023 NAV, ahead of target. Loan Reference 76 and 76.1. The Company has an aggregate c.£11.2m of capital outstanding exposed to Empowered Brands ("EB"). As at 30th September 2025, this was marked at c.£9.7m, representing c.16% of the Company's NAV. Both investment loans are currently in technical default with interest currently paid as Pay-In-Kind "PIK". These PIK amounts have been provided for given the timing and quantum of their receipt is uncertain. The management teams at EB and RM Funds, the Investment Manager, have identified growth initiatives to both preserve and create value by conducting organic and non-organic growth initiatives. RMII is considering providing additional capital of up to £3m in the form of a loan to facilitate these initiatives. The Investment Manager and the Company believe this will both safeguard the value of EB's assets, against which the respective investment loans are secured and, provide for a quicker return of capital than the current trajectory. The Company and Investment Manager believe that remaining in a status quo position, without further support into EB, would either significantly extend the realisation period for these loans, or if immediate recovery is sought, lead to a probable near-term impairment. For the avoidance of doubt, under RMII's managed wind-down investment policy (as approved by shareholders at a general meeting held on 20 December 2023) the Company may make further investments in debt instruments to an existing borrower which is expected to preserve the value of an existing loan. Nonetheless, the Company intends to consult with RMII's largest shareholders in order to gauge investor sentiment to this strategy.
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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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Dave Taylor |
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Tel: 01481 737600
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Apex Listed Companies Services (UK) Ltd - Administrator and Company Secretary |
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Jenny Thompson |
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Tel: 07767102572 |
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Singer Capital Markers Advisory LLP - Financial Adviser and Broker |
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James Maxwell |
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Asha Chotai |
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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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