UK Mortgages Ltd Net Asset Value(s)

 
TIDMUKML 
 
UK MORTGAGES LIMITED 
 (a closed-ended investment company incorporated in Guernsey with registration 
                                number 60440 ) 
 
Final Net Asset Value 
 
         FUND NAME                  NAV                ISIN             NAV DATE 
 
   UK Mortgages Limited           GBP0.8982          GG00BXDZMK63      28th February 
                                                                          2017 
 
UKML RNS: Commentary accompanying UK Mortgages Limited February NAV 
 
The UKML NAV per share was calculated for February month-end at 89.82 pence per 
share. 
 
The change in the NAV is primarily driven by the upfront costs associated with 
the acquisition of the CHL portfolio close to the end of the month. As a result 
of this acquisition, the fund's investable capital has now been fully deployed, 
with the estimated IRR of the portfolio being 8.28% at purchase. Work has 
already begun on the documentation, structuring and necessary third party 
engagements and interactions (rating agencies, legal advisors etc.) to enable 
the term out securitisation of the portfolio, as and when those items are 
completed and subject to market conditions.  Currently RMBS markets are 
performing strongly and therefore the cost of such funding is already cheaper 
than when the purchase was completed, which should further improve the leverage 
on the portfolio. 
 
Meanwhile, the fund's other investments continue to behave in line with or 
better than our expectations, as the Malt Hill No.1 (Coventry Building Society) 
portfolio continues to perform exceptionally well, whilst TML's origination 
pipeline continues to grow. 
 
Further details on the portfolio and pipeline will be available in the upcoming 
factsheet. 
 
Enquiries: 
 
Northern Trust International Fund Administration Services (Guernsey) Limited 
 
Andrew Bonham 44 (0)1481 745302 
 
Date: 13 April 2017 
 
 
 
END 
 

(END) Dow Jones Newswires

April 13, 2017 12:40 ET (16:40 GMT)