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
-0.60 -0.81% 73.20 16:35:01
Open Price Low Price High Price Close Price Previous Close
73.00 73.00 73.00 73.20 73.80
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Industry Sector

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

stun12: Quick question for you please. I hold UKML across several accounts (SIPP, wife's SIPP, ISA) but decided to just tender from the account which holds the most as 11.5% of the smaller holdings wasn't really worthwhile. So I had 40,000 in one account and tendered 10,000. These were 'locked' in the account and have now duly disappeared and the cash balance is £7.5k higher. However, 11.5% of 40,000 would have been substantially fewer shares and the tender was oversubscribed, which should mean I would be scaled back to the 'basic entitlement'. Any ideas? Do they send back the excess and then debit the account? TIA.
future financier: I am sure there will be some of those who were in favour of M&G who will be happy to exit - and the increase from 70p to 75p is broadly in line FTSE over the period. Added to which as a UKML shareholder they received a special dividend of 1.5p in October. So nothing too exciting but they are still ahead of the game with this outcome. I guess that if the tender fails then they will have to pay a special dividend to get rid of the surplus capital.
stun12: UKML is warehousing loans from The Mortgage Lender in a different warehouse, Cornhill No.5. These were securitised in Barley Hill in Apr-19, but the balance is building again with £235m of completed originations paying an average 3.88% as at the Dec-20 fund update. The tender for UKML shares is interesting, not least because of SteMiS's observation above that it would improve NAV due to purchasing at a discount. I don't know about anybody else, but I'm not really inclined to tender shares with such a small difference between the current price and 75p (and bear in mind that the final M&G offer of 70p represented a much higher premium in difficult times) when UKML's future direction requires the discount to NAV to be eliminated altogether over time. I wonder what happens if insufficient shares are tendered?
rambutan2: More welcome news: Agreement to Dispose of Two Portfolios Under Revised Strategy The Board of UK Mortgages Limited ("UKML", or the "Company") and TwentyFour Asset Management LLP ("TwentyFour") are pleased to announce that on Friday 5th February 2021, UK Mortgages Corporate Funding Designated Activity Company ("UK DAC") signed agreements under which, Godiva Mortgages Limited ("Godiva"), a subsidiary of Coventry Building Society ("Coventry") has made a commitment to purchase two buy-to-let mortgage portfolios originated by Godiva and currently financed within the Cornhill No.6 and Malt Hill No.2 vehicles. Subject to successful completion, the timing of these sales is expected to coincide with the payment dates in February and May 2021 respectively. Strong market conditions have enabled these portfolios to be disposed of at economics that improve on those indicated to investors in late 2020 and also ahead of anticipated timing for the Cornhill No.6 portfolio...
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: 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: 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: 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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