UKML.L Regulatory News (UKML)

UK Mortgages Ltd - Revised Portfolio Management Fee

PR Newswire

London, September 20

21 September 2017

UK MORTGAGES LIMITED

(A closed-ended investment company incorporated in Guernsey with registration number 60440)

Revised Portfolio Management Fee

The Board of UK Mortgages Limited (“UKML”) announces that it has reached agreement with TwentyFour Asset Management LLP (“TwentyFour”) for a reduced portfolio management fee.

With effect from the financial year beginning 1 July 2017 the annual portfolio management fee payable by UKML to TwentyFour will reduce to 0.60% of the lower of the NAV and the market capitalisation. It is currently expected that, subject to a review by the Board and its agreement at that time, the fee will revert to the original level of 0.75% after four years.

TwentyFour has agreed to this reduced fee basis as a contribution to reduce UKML's costs while it seeks to move to a position where the dividend is covered by current income, and in recognition of the longer time that was taken to invest UKML’s initial capital.

As an update to the presentation released on 26 June 2017, a revised yield projection has today been posted on the UKML webpage. This projection takes account of the fee reduction set out above and of TwentyFour's current assumptions regarding potential returns from the existing assets and the deployment of current and future cash resources.

A copy of the presentation is available at: https://twentyfouram.com/funds/uk-mortgages-fund/fund-literature (1).

UKML's annual report for the year to 30 June 2017 is expected to be published by the end of October 2017. 

For further information, please contact:

TwentyFour Asset Management LLPJohn MagrathAlistair WilsonTel. 020 7015 8900

Numis Securities Limited, Corporate BrokerHugh JonathanNathan BrownTel. 020 7260 1000

(1) The projection illustrated ?in the presentation is based on modelled scenarios and there can be no guarantee or assurance that the performance will be achieved.