Uk Mortgages Dividends - UKML

Uk Mortgages Dividends - UKML

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Stock Name Stock Symbol Market Stock Type Stock ISIN Stock Description
Uk Mortgages Limited UKML London Ordinary Share GG00BXDZMK63 ORD 1P
  Price Change Price Change % Stock Price Last Trade
0.00 0.0% 67.25 15:36:27
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Uk Mortgages UKML Dividends History

Announcement Date Type Currency Dividend Amount Period Start Period End Ex Date Record Date Payment Date Total Dividend Amount

Top Dividend Posts

rambutan2: Excellent: UK Mortgages Ltd: Highly Successful Securitisation Completed for Keystone Portfolio 18 January 2021 The Board of UK Mortgages Limited ("UKML") and TwentyFour Asset Management LLP ("TwentyFour") are pleased to announce that the launch and pricing of Hops Hill No.1 PLC, the debut securitisation of a portfolio of first ranking, Buy-to-Let mortgage loans originated by Keystone Property Finance ("Keystone"), was completed on Friday afternoon following two and a half days of roadshow meetings and a further two days of book building. The transaction, the first UK RMBS deal to be launched in 2021, was a major success. Practically, the deal has been ready for launch since early November last year, but as the year-end approached and the resolution of a number of broader uncertainties became apparent, such as the approval and roll-out of vaccines, it became strategically beneficial to hold off until the new year. This also allowed the portfolio to grow further as ongoing origination flowed into the pool of loans, thus also allowing for a larger transaction. Rather than the £350m originally envisaged last year, we were able to come to market with a transaction totalling £400m. This includes £63m of pre-funding loans - essentially allowing the deal to incorporate loans currently in the pipeline but not yet completed - the first deal to contain this feature since the start of the pandemic. The deal saw strong demand from a broad range of investors, and notably many more than have typically been seen in recent transactions, with the book building to over 3.4x oversubscription for the senior notes and more than twice that for the mezzanine classes. This allowed pricing to be tightened by an impressive 15bp from initial guidance on the senior notes, which were priced at a spread of Sonia+95bp, while the mezzanine notes were also tightened by 25bp or more during the process. Much of this demand was driven by the exceptional quality of the loan portfolio that Keystone has originated - loans not previously seen as an entire transaction by securitisation investors - as highlighted by the exceptional performance of the pool during the payment holiday period last year. Moreover the overall improvement of nearly 20bp achieved by the transaction compared to the level anticipated when the board and manager met with investors last year, will significantly improve the expected returns for the fund, once the pre-funding is completed at the first Interest Payment Date in May. Further details on these returns and the securitisation will be presented to investors in early February. Chris Waldron, UKML's chairman said: "This is an excellent deal for UKML and will make an important contribution to meeting the revised goals we set during our strategic review late last year." Rob Ford, portfolio manager at TwentyFour, said: "We are delighted with the outcome of this transaction, which saw unprecedented investor demand highlighting the high quality of the loan pool and securitisation structure. Additionally, the outstanding pricing performance combined with the larger deal size will further increase returns for UKML shareholders. We will now move on immediately to the task of finalising the follow-on warehouse to enable the company to build the next portfolio that will ultimately form Hops Hill No. 2."
rambutan2: Latest: The UKML NAV per share was calculated for October 2020 month end at 81.14 pence per share. The decrease of 2.41 pence per share was primarily driven by the regular and additional dividend payments made during the month which amounted to 2.625 pence per share. The income generated by the Company's underlying investments, as well as the pull to par from the Oat Hill transaction, contributed to what would have been a 0.25 pence per share increase in NAV without the dividend payments, but some one-off costs incurred during October suppressed this to 0.22 pence per share. Meanwhile, the Company's investments continue to perform in line with expectations and more details will be available in the Company's next factsheet to be published shortly.
rambutan2: Onward and upward! At the Extraordinary General Meeting of the Company held today, the Ordinary Resolution set out in the Extraordinary General Meeting Notice sent to Shareholders dated 13 November 2020 was duly passed. Chris Waldron, Chairman, said today: "I am delighted that shareholders have today approved the revised mandate for the fund, with its focus on increasing dividend cover and enhancing liquidity and returns. We look forward to working with our Portfolio Manager, TwentyFour Asset Management, to deliver on those objectives."
rambutan2: From mon: Commentary accompanying UK Mortgages Limited September 2020 NAV The UKML NAV per share was calculated for September 2020 month end at 83.55 pence per share, an increase of 2.53 pence per share. As indicated in the commentary accompanying the August NAV, the Company repurchased c. 41m shares in September following the Oat Hill refinancing as planned. The repurchase of shares at a discount contributed 2.24 pence per share to the uplift in this month's NAV. This repurchase of shares will also reduce the dividend funding requirement going forward furthering the path towards a fully covered dividend. The remaining increase was driven by the income earned from the Company's underlying investments. Meanwhile, the Company's investments continue to perform in line with expectations and more details will be available in the Company's next factsheet to be published shortly. (link below) htTps://
rambutan2: I'm happy with that: Christopher Waldron, Chairman of UKML, said: "Following the launch of the review of strategy, the Board has consulted with the Company's Shareholders over the appropriate future direction for the business. I am pleased to say they have strongly supported our proposals to take the Company forward with a revised mandate for increased dividend cover and enhanced liquidity and returns." Benefits of the Proposal The Board considers the Proposal to offer a compelling proposition and has the potential to deliver better value to Shareholders than the alternative of winding down the Company. The UK mortgage market is going through a period where margins have materially improved, enabling generation of significant returns. UKML offers exposure to a hard-to-compile, high performing portfolio which is difficult to replicate. Continuing to fund Keystone, including funding a second pool as described above, and is expected to generate significant income and become central to UKML’s marketing proposition. The Proposal will generate income that means the 4.5p per annum dividend is covered and dividend cover is expected to increase progressively thereafter. The Portfolio Manager expects an IRR in the region of 11.5-13.5% over the next three years as compared to an IRR for managed winding down of the Company of 6-10%. To the extent that the share price does not respond and trade at or above NAV by the second anniversary of the Extraordinary General Meeting, the Proposal includes provisions for further liquidity to be generated provided through the sale of assets or a managed wind down. hTtps://
rambutan2: A rare rise in nav, and more to come in Sept: The UKML NAV per share was calculated for August 2020 month end at 81.02 pence per share, an increase of 0.61 pence per share. As part of the year-end reporting and audit process, the Company's IFRS 9 Expected Credit Loss (ECL) provisioning methodology was significantly revised, moving from a series of portfolio level assumptions to a far more granular loan-by-loan level analysis and stress testing process, along with newly developed additional stresses to incorporate the introduction of mortgage payment holidays in the UK following the Covid-19 outbreak. This resulted in an increased provision of approximately GBP1m which was incorporated into the NAV for June 2020. Subsequently it was identified that the change in methodology, also captured an element of loss assumption that had previously been included in the amortised cost valuation, essentially creating duplication and this is now being corrected. As a result of this and model adjustments identified in our audit a further ECL provision of approximately GBP0.5m has been made, but this has been more than offset by a GBP1.8m increase from the removal of the duplication. Additionally, the increase in NAV was driven by the income earned from the Company's underlying investments. Following the refinancing of the Oat Hill No.1 transaction at the end of August, the Company completed the repurchase of c. 41m shares during September using capital released from the refinancing as planned. As these shares were purchased at a discount, this will result in uplift in NAV, estimated at approximately 2.24 pence per share which will be reflected in next month's NAV for September. Meanwhile, the Company's investments continue to perform in line with expectations. More details will be available in the Company's next factsheet to be published shortly.
rambutan2: The Directors of UK Mortgages Limited have declared that a dividend of 1.125p per share will be payable in respect of the first interim period. The Directors have also declared an additional interim dividend in respect of the Company's year ended 30 June 2020 of 1.5p per share to compensate for the two previous quarters when the quarterly dividend was temporarily reduced to 0.375p per share, to be paid as follows: Ex Dividend Date 15 October 2020 Record Date 16 October 2020 Payment Date 30 October 2020 Dividend per Share 2.625 pence (Sterling)
rambutan2: And a few hours later... Rejection of Final Possible Offer The Board of UK Mortgages Limited (the "Company" or "UKML") notes the announcement earlier today by M&G Investment Management Ltd ("MAGIM"), regarding an increased and final possible offer for all of the issued and to be issued share capital of the Company of 70 pence per UKML share (the "Final Possible Offer"). The making of a firm offer by MAGIM remains subject to certain pre-conditions and reservations (see Appendix 1). Specifically, the Board draws to the attention of Shareholders the statement by MAGIM that this represents its final possible offer which can be increased only in the event that a third party announces a firm offer. The Board confirms that it is not in discussions with any third party at this time, nor has it been previously. The Board confirms receipt of the Final Possible Offer earlier this morning, following contact between respective financial advisers over the weekend. The Board continues to believe in the quality of the assets in the Company's portfolio, the robustness of the Company's Net Asset Value methodology, as well as the quality of the investment management services provided by TwentyFour Asset Management LLP. The Board believes that the terms of the Final Possible Offer continue to undervalue the Company and its prospects. The Board does not believe this valuation is recommendable to Shareholders and therefore sees no basis for engagement on this Final Possible Offer. The Board refers Shareholders to the Company's announcement on 7 August 2020, reiterating the material undervaluation of the previous proposals and announcing a review of future strategy. The Board confirms that the review would commence once the Company is no longer in an Offer Period under the Takeover Code. The review would be with the aim of maximising the value created for and delivered to Shareholders from the high quality assets that are within the Company's portfolio and would seek to provide Shareholders with a strategy that delivered an understood pathway to enhanced liquidity as well as a narrowing and removal of the discount at which the shares trade versus the NAV. The Chairman, Chris Waldron comments: "The Board considers that the final possible offer continues to be an undervaluation of the Company and does not believe this valuation is recommendable. In addition, the Board reiterates its intention to launch a review of future strategy with the aim of maximising value delivered to shareholders."
yieldsearch: MnG up their bid to 70p . appparently final unlikely to go through, M&G is providing the explanation in their RNS: MAGIM would need the support of UKML's largest shareholders in order to effect the proposed transaction. MAGIM notes that TwentyFour Asset Management LLP ("TwentyFour") the portfolio manager for UKML, is also the Company's largest shareholder, owning or controlling approximately 17% of UKML's voting share capital. Twentyfour, being the largest shareholder unlikely to approve this, their asset management fee on ukml would be gone. let's assume that that twentyfour is solely acting for the benefits of the shareholders of the 17%..
rambutan2: A catalyst indeed: Share Buyback Programme The Securitisation was issued on terms which will release a significant amount of capital, allowing the Company to be able to commence buying back shares once the transaction settles at the end of August 2020 (the "Settlement Date"). The Company announces that with effect from the Settlement Date it expects to initiate a share buyback programme to purchase up to the maximum of 14.99% of the Company's issued shares, being the maximum number of shares currently authorised by Shareholders, if a discount of greater than 5% persists to the Company's then prevailing NAV per share. Dividend Policy In light of the portfolio performance observed as the UK lockdown begins to ease and the successful Securitisation, the Board announces that it intends to restore the Company's dividend to its target level of 4.5p annually per share, which represents a dividend yield of 7.0% based on the closing share price on 20 July 2020. The Board therefore currently intends to declare: * an additional interim dividend in respect of the Company's year ended 30 June 2020 of 1.5p per share; and * four quarterly dividends of 1.125p per share in respect of the Company's current financial year to 30 June 2021.
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