Share Name Share Symbol Market Type Share ISIN Share Description
Rm Infrastructure Income Plc LSE:RMII London Ordinary Share GB00BYMTBG55 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.50 0.55% 91.50 90.00 93.00 91.50 91.50 91.50 143,033 08:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 11.2 7.8 6.6 13.9 108

RM Infrastructure Income PLC Net Asset Value(s)

18/10/2021 7:00am

UK Regulatory (RNS & others)


RNS Number : 2923P

RM Infrastructure Income PLC

18 October 2021

                               RM Infrastructure Income Plc 
                                ("RMII" or the "Company") 
                                LEI: 213800RBRIYICC2QC958 
                                     Net Asset Value 
             The Company's NAV % Total Return for the month of September was 
             +0.63%, which brings the NAV % Total Return for the quarter to 
             The Ordinary Share NAV as at 30(th) September 2021 was 96.68 
             pence per share. This monthly NAV return of -1.008 pence per 
             share arose primarily from the ex-dividend effect of the 1.625 
             pence per share total ordinary dividend for the period Q2 2021, 
             declared in August and paid in September 2021. Otherwise, there 
             was positive interest income, net of expenses, of 0.683 pence 
             per share and a decrease in portfolio valuations of 0.066 pence 
             per share. 
                Summary for September 2021 
                     (pence per share) 
              Net interest income    +0.683p 
              Change in portfolio 
               valuations            -0.066p 
              Payment of Dividend    -1.625p 
              Net NAV Movement       -1.008p 
             ---------------------  -------- 
             Company Activity 
             During the period the Company declared and paid a 1.625 pence 
             per share dividend in respect of Q2 2021. This marks the 18(th) 
             distribution for the Company all being at or above the Company's 
             stated target and 29.1 pence returned as income distributions 
             to investors since IPO. 
             In May 2021, the Investment Manager announced the refining of 
             the Company's focus to social & environmental infrastructure 
             and it is pleasing to see the journey of the portfolio's rotation 
             into these core sectors. Currently the core sectors represent 
             nearly 50%, a circa 15% increase from the 35% as of May 2021 
             and this is expected to continue at pace with a target of 55% 
             by Year End 21 and 75 % by Year end 2022. 
             Finally, there will be an update release on Monday 18(th) October 
             at 8am with regards to the progress of RM Funds as a Recovery 
             Loan Scheme "RLS" lender and RMII as a funding partner to this. 
             Portfolio Update 
             Overall, Q3 was a very strong quarter for the portfolio with 
             a NAV % total return of +3.20%. This above target return was 
             largely driven by the revaluation of some of the loans that had 
             been conservatively marked down during the COVID pandemic. This 
             positive revaluation momentum is expected to continue over the 
             remainder of 2021 / early 2022 with some remaining reserves taken 
             in March 2020 yet to be released. 
             Valuation movements for the quarter are shown below: 
              *    76. Energie Fitness - business has returned to circa 
                   94% of pre-COVID trading levels and moved back to 
                   cash pay starting 1(st) September 2021. Moved from 
                   82.5% to 92.5% of nominal value. 
              *    66 & 67. Hotel exposure - the two largest hotel loans 
                   have had an uninterrupted debt service throughout the 
                   pandemic and have a material liquidity reserve 
                   controlled by the lender. Moved from 97.5% to 100% of 
                   nominal value. 
              *    39. Beinbauer - the loan reverted to its original 
                   cash / PIK interest payment mechanism and has credit 
                   metrics which are improved from the initial 
                   underwriting stage. Moved from 95% to 100% of nominal 
              *    64. Invoice Finance - business has shown exceptional 
                   resilience throughout COVID and significantly 
                   improved its interest cover ratio and leverage 
                   metrics vs. pre-COVID levels. Moved from 98% to 100% 
                   of nominal value. 
              *    68. Student Accommodation - the property is now fully 
                   occupied (100%) for the 2021/22 academic cycle. Moved 
                   from 96% to 100% of nominal value. 
              *    12. Student Accommodation - the portfolio is well 
                   positioned to achieve near full occupancy for the 
                   2021/22 academic cycle, with current occupancy at 
                   nearly 85%. Moved from 97.5% to 100% of nominal 
              *    79 & 86. Hotel Glasgow - Although the refurbishment 
                   works are progressing well with practical completion 
                   expected late Q1/22, due to minor delays and some 
                   inflationary pressures which are being closely 
                   monitored, CBILS loans were marked from 100% to 97% 
                   of nominal value. 
             The reporting quarter was relatively quiet in terms of new investments. 
             There were 7 scheduled drawdowns under the two healthcare construction 
             loans totalling circa GBP3.9m. With regards to repayments, one 
             of the portfolio's non-core loans, Valeo (Loan ref: 34), an Irish 
             food-based business, repaid the full GBP4.5m nominal outstanding. 
             Post the reporting period, this was reinvested within one of 
             the Company's core sector, healthcare, with an investment in 
             Voyage Care 1(st) Lien. 
             Finally, in light of the current inflationary concerns, the Investment 
             Manager remains confident in regard to the low interest rate 
             sensitivity of the portfolio. This is mainly due to the short 
             duration of the portfolio with a weighted average loan life of 
             circa 2.5 years and the manager will continue investing in short 
             duration high coupon loans. The investments ultimately allow 
             the Investment Manager to minimise any duration risk. 
 The Company also announces that the Monthly Report for the period 
  to 30 September 2021 is now available to be viewed on the Company 
  For further information, please contact: 
 RM Capital Markets Limited - Investment Manager 
 James Robson 
 Pietro Nicholls 
  Thomas Le Grix De La Salle 
 Tel: 0131 603 7060 
 International Fund Management - AIFM 
 Chris Hickling 
 Shaun Robert 
 Tel: 01481 737600 
 Tulchan Group - Financial PR 
 James Macey White 
 Elizabeth Snow 
 Tel: 0207 353 4200 
 PraxisIFM Fund Services (UK) Limited - Administrator and Company 
 Brian Smith 
 Ciara McKillop 
 Tel: 020 4513 9260 
 Singer Capital Markers Advisory LLP - Financial Adviser and 
 James Maxwell 
 Asha Chotai 
 Tel: 020 7496 3000 
 Peel Hunt LLP - Financial Adviser and Broker 
 Luke Simpson 
 Liz Yong 
 Tel: 020 7418 8900 
 About RM Infrastructure Income 
 RM Infrastructure Income Plc ("RMII" or the "Company") is a closed-ended 
  investment trust established to invest in a portfolio of secured 
  debt instruments. 
 The Company aims to generate attractive and regular dividends 
  through loans sourced or originated by the Investment Manager 
  with a degree of inflation protection through index-linked returns 
  where appropriate. Loans in which the Company invests are predominantly 
  secured against assets such as real estate or plant and machinery 
  and/or income streams such as account receivables. 
 For more information, please see 

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October 18, 2021 02:00 ET (06:00 GMT)

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