| Date | Subject |
|---|
22/7/2020
20:27 | 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.
https://uk.advfn.com/stock-market/london/uk-mortgages-UKML/share-news/UK-Mortgages-Ltd-Strategic-Update/82899836
|
20/7/2020
20:32 | yieldsearch: Shareholder list, I have the following
Premier Fund Management 10.22%
Quilter Investors Ltd 5.63%
Seneca IM 5.07%
BMO AM 4.99%
Morningstar IM 4.69%
Fidelity 4.46%
Brooks Macdonald AM 2.49%
Seems that all of those are institutional/passive investors, similar to MAGIM or 24AM.
Under rule 8.3 of the takeover code, I believe any shareholder above 1% will have to disclose its holding, so expect a number of regulatory notices going forward.
Bid price: Thank you MAGIM for explaining to shareholder that you bid is at a premium to the vwap or the recent closing price (duhhh..), 67p is also 15.6% discount to the reported NAV disclosed in the factsheet dated 29th may (with apparently based Nav from 30.04?). I would expect the actual NAV to be higher as credit markets improved since April/may. eg they were able to launch oat hill 2.
The actual realisation price is likely higher than the NAV, as the asset manager is most likely "massaging" the NAV overtime to reduce volatility. All the underlying rmbs deals cash flow (oat hill etc) can be easily priced with sophisticated models (eg INTEX calc for instance) and would expect MAGIM do have done so, and get their own estimate of realisation price.
Why on earth the board is not posting an updated NAV today for the shareholders is just something i cannot understand.
Finally, this notice is also cleansing any existing shareholders being already privy to the discussion. MAGIM most likely already approached some large investors during their multiple bids process. So it can also be viewed as a way to get the confidential information received by those investors to make it to the public. and allow them to trade.
So all in all, good news to see the share price movement,and probably focus the attention of 24am becos they may loose some asset management fee paying a relatively poor job, however i am not sure the 67p is the best price that can be achieved. Lets hope that MAGIM created some interest from private equity bidders. Any other bids would comfort the board action but would kill M&G bid. And the put up or shut up timeframe is relatively short (17th Aug, barely a month, during covid summer..)
|
08/7/2020
11:03 | yieldsearch: Oat Hill 1 to be refinanced:
"Once completed this transaction will allow the company to return to its strategy as previously stated in February including using excess capital to enable share buybacks whilst the Company’s share price continues to trade at a discount to the NAV"
|
26/2/2020
20:09 | rambutan2: One of my diversifiers:
UKML Portfolio Update
UKML's deals continue to perform very well. The latest factsheet details
underlying asset performance, but as mentioned above market spreads have been
tightening and all UKML's deals have performed well in the secondary market
too. Oat Hill is getting closer to its call date and is trading at a small
premium to par, but even given the short dated nature, its spread has tightened
by over 20bps in the last few months. Malt Hill 2, our second Coventry
securitisation, is now trading inside 3m L+70bps, and Barley Hill 1, our first
securitisation from TML, is bid at around 3m L+75bps. Both these levels are
tighter than where the deals originally priced, and are about 25bps tighter
than where they were about 3 months ago, boding well for future securitisation
plans later this year, when we expect the new TML pool to be ready for a second
deal.
Both our warehouses continue to grow well, with the TML portfolio over GBP180m
and the Keystone pool over GBP170m of completions. Both have been consistently
adding >GBP20m and >GBP15m of loans per month respectively since Q4 of last year
and their pipelines continue to grow. Every month, these volumes are currently
increasing our net income by an equivalent of around GBP600k per annum, helping
to reduce the gap to outgoings and ultimately helping us to move closer to a
covered dividend position.
Details of further growth will be available in future monthly factsheets and we
will update investors on any securitisation timing and details as soon as we
are able to.
https://uk.advfn.com/stock-market/london/uk-mortgages-UKML/share-news/UK-Mortgages-Ltd-RMBS-Market-and-New-Issuance-Upda/81846995
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