Date | Subject | Author | Discuss |
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01/3/2021 20:45 | Latest factsheet:
httPs://mma.prnewswire.com/media/1443999/UKML___Factsheet___Jan_2021.pdf |  rambutan2 | |
09/2/2021 16:15 | 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. |  future financier | |
09/2/2021 14:36 | 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? |  stun12 | |
09/2/2021 10:41 | Looking at their presentation from last week they will soon be almost totally reliant upon the newcomer, Keystone, to generate the assets that they manage. Wonder what thy plan to do with them - sounds like they are quality mortgages and steadily increasing the volumes and margin. Plans to get closer still? |  future financier | |
09/2/2021 00:11 | Interesting. £40m at 75p a share would add a couple of pence to NAV/share. |  stemis | |
08/2/2021 21:52 | 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...
https://uk.advfn.com/stock-market/london/uk-mortgages-UKML/share-news/UK-Mortgages-Ltd-Portfolio-Disposal-Announcement/84270549 |  rambutan2 | |
05/2/2021 12:49 | Thanks Rambutan2. Must have missed it when I looked there before. Not a fan of this new(ish) website redesign. |  scburbs | |
05/2/2021 09:50 | No trades at all so far today, after a couple of 1m+ days. I guess people are happy to hold. I know I am. Divi arrived this morning too. |  stun12 | |
04/2/2021 22:08 | Mkt finally waking up to what UKML offers.
Presentation available on this pg:
htTps://www.twentyfouram.com/view/GG00BXDZMK63/uk-mortgages-limited#documents |  rambutan2 | |
04/2/2021 20:06 | Looks like a good webinar! Has anyone got a link to the presentation slides? |  scburbs | |
04/2/2021 19:21 | Nice tick up today following webinar |  future financier | |
03/2/2021 22:32 | From Dec factsheet:
...The price of the entire deal (Hops Hill No.1) improved by almost 20bps, and with leverage on the transaction in the high teens, that’s an incremental return for the fund of between 3.5% and 4%, compared to the level signalled to investors in last year’s presentations and gives a resulting IRR likely to be in excess of 15% once the pre-funding is completed in May – an notable achievement given the high quality of the loans, and most importantly a significant boost for delivering returns to fund investors going forward...
hTtps://www.twentyfouram.com/view/GG00BXDZMK63/uk-mortgages-limited#documents |  rambutan2 | |
18/1/2021 14:51 | "overall improvement of 20bps"
"on a portfolio of £400m"
so i guess that is implying that the cost of the funding is £800k cheaper per year?
with 213m shares, that £0.0037 per share per annum |  yieldsearch | |
18/1/2021 14:35 | 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 | |
17/12/2020 20:36 | 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 | |
04/12/2020 21:35 | 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."
https://uk.advfn.com/stock-market/london/uk-mortgages-UKML/share-news/UK-Mortgages-Ltd-Result-of-Extraordinary-General-M/83833634 |  rambutan2 | |
02/12/2020 21:04 | 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://mma.prnewswire.com/media/1358620/%20%20UKML___Factsheet___102020.pdf |  rambutan2 | |
20/11/2020 22:21 | 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."
https://uk.advfn.com/stock-market/london/uk-mortgages-UKML/share-news/UK-Mortgages-Ltd-Notice-of-EGM/83687241
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://www.twentyfouram.com/view/GG00BXDZMK63/uk-mortgages-limited#documents |  rambutan2 | |
13/11/2020 22:10 | 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 | |
29/10/2020 21:58 | in August they had the same 2 options (liquidate or continue)?
so basically made very limited progress??? |  yieldsearch | |
29/10/2020 21:03 | The Chairman, Chris Waldron comments:
"Having taken stock of the feedback we received from Shareholders in August,
the Board has been working intensively with the Manager and with our advisory
team to evaluate the various options for improving liquidity and narrowing the
discount to NAV. Having narrowed the choices down to two viable options, we
will now go back to Shareholders in order to present those options in detail
and hear their views on how they wish to proceed."
https://uk.advfn.com/stock-market/london/uk-mortgages-UKML/share-news/UK-Mortgages-Ltd-Strategic-Review/83539452 |  rambutan2 | |
12/10/2020 21:49 | Re buyback. On a quick check, they were allowed to buy back up to 14.99% of shares (approx 40m), which they did at an average of just under 68p. So on a nav of 80p, that's a £4.8m profit on the £27m spent and translating into a 2% uplift on the 30 sept nav. Although, I'm sure much to the board's frustration, the discount remains rather wide at 20%. |  rambutan2 | |
12/10/2020 21:19 | Latest update:
htTps://mma.prnewswire.com/media/1311025/%20%20UKML_Factsheet___August_2020.pdf |  rambutan2 | |
09/10/2020 01:54 | 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 | |
25/9/2020 08:29 | Not sure, I'll have to reread the original announcement to check. Target was 15% so prob done for now. There is the catch up dividend coming soon too |  irishmatt | |