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24 Jun 2019 07:00
UK Mortgages Ltd - Company Update & WebinarUK Mortgages Ltd - Company Update & Webinar
PR Newswire
London, June 24
UK Mortgages Limited: Company Update & Webinar
THE INFORMATION IN THIS ANNOUNCEMENT IS RESTRICTED AND IS NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION DIRECTLY OR INDIRECTLY IN OR INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA, THE REPUBLIC OF IRELAND OR JAPAN.
24 June 2019
UK MORTGAGES LIMITED(a closed-ended investment company incorporated in Guernsey with registration number 60440)LEI 549300388LT7VTHCIT59
The Board of UK Mortgages Limited (“UKML” or the “Company”) hereby announces that with immediate effect the Company’s dividend policy is amended to target a minimum of 1.125p per share per quarter, which would represent a dividend yield of 5.6 percent based on the closing share price of 80 pence on 21 June 2019.
This policy change forms a component of broader proposals that the Board intend to publish as soon as possible, and as necessary put forward for shareholder approval at an extraordinary general meeting, aimed principally at delivering a sustainable level of dividends and rebuilding the Company’s net asset value over time.
The proposals are expected to include a change of investment policy to provide greater flexibility with regards to the leverage strategy (recognising the high quality of the asset portfolio that has been compiled since the Company’s IPO) and also to enable more efficient cash management (through the acquisition of highly liquid senior asset-backed securities in addition to the current ability to hold cash and near cash instruments).
Rob Ford, Partner of TwentyFour Asset Management and Portfolio Manager of UK Mortgages Limited will be hosting a webinar on Monday 24 June 2019 at 2.30pm GMT. Rob will provide an update on the market background and the Company. In addition, a series of investor meetings will be held through the course of June 2019.
If you wish to access the webinar, please use the link below.
Click here to view the webinar
| Further information: TwentyFour Asset Management LLP Rob Ford Silvia Piva 020 7015 8900 Numis Securities Limited, Corporate Broker Hugh Jonathan Nathan Brown 020 7260 1000 Important noticeThis announcement has been prepared for information purposes only, it is not a prospectus.The distribution of this announcement in certain jurisdictions may be restricted by law. Persons into whose possession this announcement comes are required by the UKML, TwentyFour and Numis to inform themselves about, and to observe, such restrictions.Certain statements in this announcement are forward-looking statements which are based on UKML’s expectations, intentions and projections regarding its future performance, anticipated events or trends and other matters that are not historical facts. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. TwentyFour's estimate of the potential gross IRR for this investment is calculated based on certain scenarios and subject to certain assumptions. This and any other references herein to potential future returns or distributions are targets and not forecasts and there can be no guarantee or assurance that they will be achieved. Given these risks and uncertainties, prospective investors are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of such statements and, except as required by applicable law, UKML undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.The information contained in this announcement is subject to change without notice and neither the UKML, TwentyFour nor Numis assume any responsibility or obligation to update publicly or review any of the forward-looking statements contained herein.Recipients of this announcement who are considering acquiring New Shares in UKML are reminded that any such acquisition must be made only on the basis of the information contained in the Prospectus and any supplementary prospectus(es) thereto which may be different from the information contained in this announcement. This announcement does not constitute or form part of and may not be construed as an offer to sell, or an invitation to purchase, investments of any description, nor as a recommendation regarding the possible offering or the provision of investment advice by any party. No information in this announcement should be construed as providing financial, investment or other professional advice and each prospective investor should consult its own legal, business, tax and other advisers in evaluating any investment opportunity. In particular, an investment in UKML involves a high degree of risk and prospective investors should read the section in the Prospectus entitled "Risk Factors" for further information. |
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