Rm Infrastructure Income Share Discussion Threads

[2wild] 30/9/2024 18:51

Great I'm with Interactive and RMII is my largest holding in both my SIPP & ISA accounts. As interactive do commission free regular monthly investing on 1st Wednesday, looks Like I'll be doing several sizable fee free trades this Wednesday.

[contrarian joe] 30/9/2024 16:19

Tendered all my shares.Spoke to ii who seem to think all will be met in full,because they haven't stipulated a %,(hope so),not taking it as gospel though.
They also said money will be in account tomorrow.

[2wild] 30/9/2024 13:05

I'm expecting to see % allocation anytime between now and tomorrow afternoon.

[cwa1] 30/9/2024 12:15

Thanks, wasn't expecting it as quickly as this anyway-but wondered if anyone had seen it yet. iDealing haven't delivered either FWIW

[skyship] 30/9/2024 12:08

No sign from AJBell...

[frazboy] 30/9/2024 12:02

No. I'm with II.

[cwa1] 30/9/2024 12:00

Anyone seen a sign of the cash, or received a cheque, yet?

[frazboy] 29/9/2024 10:37

The main NAV uncertainty seems to me to be the Glasgow hotel. They loaned Lloyds investments LLP about £15.5m (the loan totals only actually sum to £15.1m in the accounts but they provide that figure elsewhere). In the last set of accounts the loans were valued at £11.5m so they've written off ~25% thus far. The administrator's report says the secured creditors are not expected to get all their money back (the secured creditors are owed £19.5m in total). So the question is what is it worth? Savills were marketing it but I don't see any sign (from the web) that it is currently being marketed - I had originally thought that this implied that it was sold STC but I'm not sure that's true.

I've penciled in a 50% haircut on the original loan sizes to give myself a good margin of safety. That implies a further 4p off the current NAV. I can't see it going beyond that because the Mercure hotel (as we AIRE shareholders know) sold for £7.5m with substantially less rooms that this hotel (91). But perhaps part of the issue was that the Virgin hotel was never actually completed - it was operational though.

All the above information above is public for those who wish to dig around.

[fordtin] 26/9/2024 13:26

FWIW
IG have closed my position for "RM Infrastructure Income Plc"
and opened an equivalent position in "RM Infrastructure Income Plc Assented"

[papy02] 26/9/2024 12:44

Yes, the fact that the tender was nearly 100% completed with Base Entitlements shows that virtually everyone tendered.

So my hope that as a platform-client I would get a lot more than the 16.8% average, if other clients of the same platform didn't tender, looks to be unrealistic.

Whatever, we should know soon.

(this replaces an earlier post arguing the opposite! - I realised the flaw after posting it)

[frazboy] 26/9/2024 12:43

I’m a little confused too. What I’m surprised at is that only 300,000 excess shares (beyond the basic entitlement) have been tendered.

Could it be that the likes of II (or other holders of the nominee accounts) have only tendered up to their basic entitlement and then will resolve the allocations internally? That would make the process simpler/quicker for them since they could do the allocating without worrying about the precise details of the pro rata distribution being made on the excess shares. This only works if their account holders have, when taken collectively, asked for more than the basic entitlement.

I’m looking forward to finding out the answer!

[fordtin] 26/9/2024 11:49

“19,438,134 Ordinary Shares were tendered in applications that will be met under the Basic Entitlement of Shareholders “

“a further 300,204 Ordinary Shares were tendered by Shareholders wishing to share in the Basic Entitlements which were not taken up by others (the Excess Applications).”;

19,438,134 + 300,204 = 19,738,338

“the Company will purchase a total of 19,738,338 Ordinary Shares at the Tender Price of 88.59 pence per share (equivalent to the Company's NAV as at 30 August 2024).”


That looks to me as though anyone who tendered 100% of their shareholding have had 100% of their holding accepted for purchase at 88.59 pence per share.

[skyship] 26/9/2024 11:46

Yes, posted as ZERO in my AJBell SIPP...waiting for Tender result.

[mark5man] 26/9/2024 09:19

My holding in HL is showing greyed out and not currently showing in my portfolio total. Yesterday it was marked as a corporate action holding line (no actions possible) but with the total included in the P/F. so proceeding to plan it would seem

[2wild] 26/9/2024 08:52

Received a limit price alert at 8:30 as 19.7 million shares traded at88.59p. Tendered. Presumably brokers will be receiving contract notes with 30 September settlement date and can start calculations for individual accounts.

[2wild] 25/9/2024 19:34

Bramcych. Yes, will now need to be an existing shareholder. Although it's an annual event. Can always set up a small regular monthly investment.

Papy02. Almost certainly will be much higher on the retail platforms. Earlier this year PCA announced around 3.8% over allocation, I ended up getting 65%, 42% above the basic entitlement.

[frazboy] 25/9/2024 18:48

Papy02 - interesting thought. I must admit I was stunned that only 300k shares hadn't been tendered. I had to read the announcement a couple of times to check that was true. I still think your suggestion is wishful thinking but here's hoping!

[mark5man] 25/9/2024 18:33

That's a complexity I missed - although I imagine most people swimming in the RMII pool might be alert to this offer and will respond by tendering all. However happy to hope for the most but plan for the least

[papy02] 25/9/2024 17:43

Looking at the Excess%, does that just reflect the net Excess to be allocated to the likes of AJBell, II, HL etc for their overall nominee holdings?

If so, some of the Base Entitlement these platforms applied for may have been Excess requests from some clients, reflecting that other clients did not take up their entitlement?

So the Excess % experienced by those PI’s who applied through a platform could be considerably higher?

I’m hoping so anyway :-)

[bramcych] 25/9/2024 17:31

Is it not now too late to buy BBH as the record date was 2nd Sept?

[2wild] 25/9/2024 16:42

Stock
BELLEVUE HEALTHCAR REDEEMABLE ORD GBP0.01
Event Type
Redemption
Description
Voluntary Redemption

Record date: 2nd September 2024
Redemption price: To be determined by the company
Redemption point: 22nd November 2024
Expected pay date: On or around 6th December 2024

Bellevue Healthcare Trust plc has announced that shareholders have the opportunity to redeem any or all of the Ordinary shares currently in issue. Your options are:

OPTION 1: Do nothing (Default). You will keep your current holding if you take no action.

OPTION 2: Redeem your shares. You will be issued with cash in GBP at a rate to be determined by the company, in exchange for each share.

The Directors of the company may elect, at their discretion, to calculate the redemption price on either of the following bases:

- The redemption price shall be equal to the dealing value per ordinary share calculated as at the appropriate valuation point on the appropriate redemption point on 22nd November 2024; or
- The Directors may elect to calculate the redemption price by reference to the amount generated upon realisation of a redemption pool created for the purpose of funding the redemption.

The payment date is expected to be on or around 6th December 2024.

Further information can be found in the company's notice on the London Stock Exchange website, which can be read here:

Entitlement
3000.00
Latest Response Date
23:59 08/10/2024
Option
Allocation
Do nothing (Default)0
Redeem your shares
3000

[skyship] 25/9/2024 15:56

"BBH which is tendering an INCREDIBLE 100% near NAV."

Did you mean BBH, as no tender there!

[2wild] 25/9/2024 15:07

Not too long to wait. If past experience is anything to go by, will have available funds to reinfest between Monday afternoon and Tuesday close of play.

I will be Loading up on JSGI, Which is merging with larger brother and tendering 25% in cash at 2% below NAV. And BBH which is tendering an INCREDIBLE 100% near NAV.

[mark5man] 25/9/2024 14:04

Thank you - I'm interpreting that as basic entitlement plus a (very)small fraction of excess - only 300000 left over for division. Will wait until the dust settles before deciding

[cwa1] 25/9/2024 13:37

Result of General Meeting & Tender Offer

Result of General Meeting

RMII announces that, at its general meeting held earlier today, convened with the purpose of approving the Tender Offer, the resolution put to shareholders was duly passed. The text of the resolution is contained in the Notice of General Meeting dated 3 September 2024.

The proxy votes received are as follows:

Resolution

Votes For and Discretionary

Percentage of total votes cast

Votes Against

Percentage of total votes cast

1 - Tender Offer

38,269,100

99.83%

66,157

0.17%

There were no votes withheld. As at the date of the above meeting, the Company's issued share capital was 117,586,359 Ordinary Shares, of which 179,569 Ordinary shares are held in treasury. Therefore, the total number of voting rights of the Company was 117,406,790 as at the date of the General Meeting.

Tender Offer



Further, the Company announces the result of its Tender Offer, which was announced on 3 September 2024. The Tender Offer was taken up in full and as such, the Company will purchase a total of 19,738,338 Ordinary Shares at the Tender Price of 88.59 pence per share (equivalent to the Company's NAV as at 30 August 2024).



19,438,134 Ordinary Shares were tendered in applications that will be met under the Basic Entitlement of Shareholders and a further 300,204 Ordinary Shares were tendered by Shareholders wishing to share in the Basic Entitlements which were not taken up by others (the Excess Applications).



Eligible Shareholders who validly tendered a percentage of their Ordinary Shares equal to or less than their Basic Entitlement shall have all tendered Ordinary Shares purchased in full under the Tender Offer. Eligible Shareholders who validly tendered Excess Applications shall have their Basic Entitlement and a pro rata proportion of their Excess Applications purchased pursuant to the Tender Offer.



Subject to the remaining conditions under the Repurchase Agreement having been met, Singer Capital Markets will purchase 19,738,338 Ordinary Shares by means of an on-market purchase from tendering Shareholders. Subject to Singer Capital Markets requiring the Company to repurchase such Ordinary Shares in accordance with the terms of the Repurchase Agreement, Singer Capital Markets will then sell the tendered Ordinary Shares acquired by it on to the Company pursuant to the terms of the Repurchase Agreement. All Ordinary Shares acquired by the Company from Singer Capital Markets under the Repurchase Agreement will be cancelled.



As previously announced, it is anticipated that the proceeds payable to Shareholders whose tendered Ordinary Shares are held through CREST accounts are expected to be made on 30 September 2024 and that cheques and balance share certificates for the certificated Ordinary Shares purchased under the Tender Offer will be despatched on 30 September 2024.