UK Mortgages Ltd Revised Portfolio Management Fee

 
TIDMUKML 
 
21 September 2017 
 
UK MORTGAGES LIMITED 
 
(A closed-ended investment company incorporated in Guernsey with registration 
number 60440) 
 
Revised Portfolio Management Fee 
 
The Board of UK Mortgages Limited ("UKML") announces that it has reached 
agreement with TwentyFour Asset Management LLP ("TwentyFour") for a reduced 
portfolio management fee. 
 
With effect from the financial year beginning 1 July 2017 the annual portfolio 
management fee payable by UKML to TwentyFour will reduce to 0.60% of the lower 
of the NAV and the market capitalisation. It is currently expected that, 
subject to a review by the Board and its agreement at that time, the fee will 
revert to the original level of 0.75% after four years. 
 
TwentyFour has agreed to this reduced fee basis as a contribution to reduce 
UKML's costs while it seeks to move to a position where the dividend is covered 
by current income, and in recognition of the longer time that was taken to 
invest UKML's initial capital. 
 
As an update to the presentation released on 26 June 2017, a revised yield 
projection has today been posted on the UKML webpage. This projection takes 
account of the fee reduction set out above and of TwentyFour's current 
assumptions regarding potential returns from the existing assets and the 
deployment of current and future cash resources. 
 
A copy of the presentation is available at: https://twentyfouram.com/funds/ 
uk-mortgages-fund/fund-literature (1). 
 
UKML's annual report for the year to 30 June 2017 is expected to be published 
by the end of October 2017. 
 
For further information, please contact: 
 
TwentyFour Asset Management LLP 
John Magrath 
Alistair Wilson 
Tel. [phone] 
 
Numis Securities Limited, Corporate Broker 
Hugh Jonathan 
Nathan Brown 
Tel. [phone] 
 
(1) The projection illustrated ?in the presentation is based on modelled 
scenarios and there can be no guarantee or assurance that the performance will 
be achieved. 
 
 
 
END 
 

(END) Dow Jones Newswires

September 21, 2017 02:00 ET (06:00 GMT)