Net Asset Value(s)

RM Infrastructure Income PLC

17 July 2024

 

RM Infrastructure Income Plc

("RMII" or the "Company")

LEI: 213800RBRIYICC2QC958

Net Asset Value

NAV & Share Price Performance The Company's NAV % Total Return for the month of June was -0.76%, which brings the NAV % Total Return for the quarter to 2.00%. The NAV % Total Return over the last twelve months was 3.02% and inception to date (ITD) 45.13%. The Ordinary Share NAV as at 30th June 2024 was 87.84 pence per share. This monthly NAV return of -2.314 pence per share arose primarily from (1) the ex-dividend effect of the 1.625 pence per Ordinary Share dividend for the period Q1 2024, declared in May and paid in June 2024 and (2) discount rate movements which negatively affected investment loans valuations, predominantly driven by investment loans Ref #66 and Ref #67. Summary for June 2024 (pence per share) Net interest income +0.437p Change in portfolio valuations -1.126p Payment of Dividend (Q1 2024) -1.625p Net NAV Movement -2.314p Portfolio Activity As at 30th June 2024, the Company's invested portfolio had an aggregate nominal outstanding of circa £93 million across 25 investments. The average yield was 11.72%, with a weighted average loan life remaining of circa 1.24 years. Overall, the portfolio is 95% invested in private market assets and 5% in public bonds. Q2-2024 was an active and successful quarter for the Company in terms of portfolio realisation with a total of 11 repayments / prepayments totalling circa £16m, of which 5 full exits at par as shown below: ·      Investment Loan Ref #60 - c.£4.7m ·      Investment Loan Ref #91 - c.£0.5m ·      Investment Loan Ref #87 - c.£0.8m ·      Investment Loan Ref #97a & 97b - c.£6.3m (post reporting period event) ·      Investment Loan Ref #94a & 94b - c.£2.8m (post reporting period event) In line with the realisation mandate, there was limited activity in terms of drawdowns, with only two drawdowns under existing committed facilities: ·      Investment Loan Ref #96 - c.£700k ·      Investment Loan Ref #88 - £75k At period end, the Company had no outstanding debt with cash balances standing at circa £18m of which circa £2m will be retained by the Company largely to fund undrawn committed facilities and for working capital purposes. The Company confirmed the most appropriate and effective method to return capital to shareholders would be via tender offers.  Each tender offer will be subject to shareholder approval at a general meeting, including for the initial tender offer. The Board is currently anticipating the first tender offer to occur during H2-2024.

The Company also announces that the Monthly Report for the period to 30th June 2024 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

Thomas Le Grix De La Salle

Tel: [phone]

FundRock Management Company (Guernsey) Limited - AIFM

Chris Hickling

Dave Taylor

Tel: [phone]

Apex Listed Companies Services (UK) Ltd - Administrator and Company Secretary

Jenny Thompson

Tel: [phone]

Singer Capital Markers Advisory LLP - Financial Adviser and Broker

James Maxwell

Asha Chotai

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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