UK Mortgages Ltd Update on redemption of Oat Hill No.1

 
TIDMUKML 
 
UK Mortgages Ltd: Update on the redemption of Oat Hill No.1 
 
 
THE INFORMATION IN THIS ANNOUNCEMENT IS RESTRICTED AND IS NOT FOR PUBLICATION, 
RELEASE OR DISTRIBUTION DIRECTLY OR INDIRECTLY IN OR INTO OR FROM THE UNITED 
STATES, CANADA, AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA, THE REPUBLIC OF 
IRELAND OR JAPAN. 
 
 
27th May 2020 
 
                             UK MORTGAGES LIMITED 
 (a closed-ended investment company incorporated in Guernsey with registration 
                                 number 60440) 
 
                           LEI 549300388LT7VTHCIT59 
 
 
Refinancing of Oat Hill No.1 
 
The Board of UK Mortgages Limited ("UKML") and the Portfolio Manager, 
TwentyFour Asset Management LLP ("TwentyFour") would like to notify 
shareholders of an RNS issued to Oat Hill No.1 bondholders today. The purpose 
of the RNS was to inform bondholders that the securitisation will not be 
redeemed on its first refinancing call date of 27th May 2020. 
 
The transaction was not called at the first opportunity as due to the Covid-19 
situation, financing markets were only available at relatively expensive levels 
which did not reflect the quality of the underlying portfolio, and despite a 
general improvement since April, the Portfolio Manager and the Board believe 
that better opportunities are likely in the months ahead. Oat Hill No.1 is 
callable every quarter so it was deemed prudent to wait with the existing 
financing remaining in place. However, conversations regarding the refinancing 
of the transaction are continuing and both bondholders and UKML shareholders 
will be updated on progress on the matter as soon as appropriate, given the 
improving market backdrop. 
 
The Company can confirm that the existing funding of the deal remains secure, 
as the current Oat Hill securitisation can remain outstanding, albeit at an 
increased cost. This will allow the Company to revisit the securitisation 
refinancing or other funding options in the future, as the deal is able to be 
refinanced on any future quarterly interest payment date. 
 
TwentyFour Asset Management LLP 
Rob Ford 
Silvia Piva 
020 7015 8900 
 
Numis Securities Limited, Corporate Broker 
Nathan Brown 
Hugh Jonathan 
020 7260 1000 
 
 
Important notice 
This announcement has been prepared for information purposes only, it is not a 
prospectus. 
 
The distribution of this announcement in certain jurisdictions may be 
restricted by law. Persons into whose possession this announcement comes are 
required by the UKML, TwentyFour and Numis to inform themselves about, and to 
observe, such restrictions. 
 
Recipients of this announcement who are considering acquiring New Shares in 
UKML are reminded that any such acquisition must be made only on the basis of 
the information contained in the Prospectus and any supplementary prospectus 
(es) thereto which may be different from the information contained in this 
announcement.  This announcement does not constitute or form part of and may 
not be construed as an offer to sell, or an invitation to purchase, investments 
of any description, nor as a recommendation regarding the possible offering or 
the provision of investment advice by any party.  No information in this 
announcement should be construed as providing financial, investment or other 
professional advice and each prospective investor should consult its own legal, 
business, tax and other advisers in evaluating any investment opportunity.  In 
particular, an investment in UKML involves a high degree of risk and 
prospective investors should read the section in the Prospectus entitled "Risk 
Factors" for further information. 
 
 
 
END 
 

(END) Dow Jones Newswires

May 27, 2020 09:41 ET (13:41 GMT)