UKML.L Regulatory News (UKML)

UK Mortgages Ltd - Net Asset Value

PR Newswire

London, February 24

UK MORTGAGES LIMITED(a closed-ended investment company incorporated in Guernsey with registration number 60440 )LEI 549300388LT7VTHCIT59 

Final Net Asset Value 

UKML RNS: Commentary accompanying UK Mortgages Limited December 2019 NAV

The UKML NAV per share was calculated for December 2019 month end at 81.06 pence per share, an increase of 0.44 pence.

Under current accounting policy, the effectiveness of the Fund’s hedges are re-calculated each half year. Re-calculation of this effectiveness has led to a one-off adjustment which has positively contributed to NAV performance this month. This was partially offset by a slight increase in the IFRS 9 loss provision, which can generally be attributed to the growth in the asset size of the forward flow transactions. The net effect of these two semi-annual components made up approximately 0.06 pence of the increase in the NAV.

Otherwise the growth in the NAV reflects the ongoing growth in income from the Fund’s investments along with the pull-to-par effect from the Oat Hill No.1 transaction which was slightly ahead of the monthly average in this period.

Meanwhile, the Fund’s investments continue to perform exceptionally well, in line with expectations, and new originations continue at encouraging levels on both the forward flow arrangements with TML and Keystone.

More details will be available in the Fund’s next factsheet to be published shortly. 

Enquiries:Northern Trust International Fund Administration Services (Guernsey) LimitedAndrew Bonham 44 (0)1481 745302Date: 24 February 2020