Share Name Share Symbol Market Type Share ISIN Share Description
Uk Mortgages Limited LSE:UKML London Ordinary Share GG00BXDZMK63 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  0.25 0.35% 72.50 69,669 16:35:04
Bid Price Offer Price High Price Low Price Open Price
72.00 73.00 73.00 72.00 73.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 48.27 6.23 2.30 31.5 168
Last Trade Time Trade Type Trade Size Trade Price Currency
15:25:13 O 4,500 72.17 GBX

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Date Time Title Posts
01/3/202120:45UKML - legacy mortgage portfolios73

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Uk Mortgages (UKML) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2021-03-03 15:25:1472.174,5003,247.65O
2021-03-03 15:14:1372.008,7016,264.72AT
2021-03-03 14:24:0772.174,9963,605.61O
2021-03-03 09:30:5873.503,2122,360.82AT
2021-03-03 09:30:5873.5020,00014,700.00AT
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Uk Mortgages (UKML) Top Chat Posts

Uk Mortgages Daily Update: Uk Mortgages Limited is listed in the General Financial sector of the London Stock Exchange with ticker UKML. The last closing price for Uk Mortgages was 72.25p.
Uk Mortgages Limited has a 4 week average price of 68.75p and a 12 week average price of 65p.
The 1 year high share price is 74.50p while the 1 year low share price is currently 39.80p.
There are currently 232,132,888 shares in issue and the average daily traded volume is 84,701 shares. The market capitalisation of Uk Mortgages Limited is £168,296,343.80.
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: 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: And a few hours later... Rejection of Final Possible Offer The Board of UK Mortgages Limited (the "Company" or "UKML") notes the announcement earlier today by M&G Investment Management Ltd ("MAGIM"), regarding an increased and final possible offer for all of the issued and to be issued share capital of the Company of 70 pence per UKML share (the "Final Possible Offer"). The making of a firm offer by MAGIM remains subject to certain pre-conditions and reservations (see Appendix 1). Specifically, the Board draws to the attention of Shareholders the statement by MAGIM that this represents its final possible offer which can be increased only in the event that a third party announces a firm offer. The Board confirms that it is not in discussions with any third party at this time, nor has it been previously. The Board confirms receipt of the Final Possible Offer earlier this morning, following contact between respective financial advisers over the weekend. The Board continues to believe in the quality of the assets in the Company's portfolio, the robustness of the Company's Net Asset Value methodology, as well as the quality of the investment management services provided by TwentyFour Asset Management LLP. The Board believes that the terms of the Final Possible Offer continue to undervalue the Company and its prospects. The Board does not believe this valuation is recommendable to Shareholders and therefore sees no basis for engagement on this Final Possible Offer. The Board refers Shareholders to the Company's announcement on 7 August 2020, reiterating the material undervaluation of the previous proposals and announcing a review of future strategy. The Board confirms that the review would commence once the Company is no longer in an Offer Period under the Takeover Code. The review would be with the aim of maximising the value created for and delivered to Shareholders from the high quality assets that are within the Company's portfolio and would seek to provide Shareholders with a strategy that delivered an understood pathway to enhanced liquidity as well as a narrowing and removal of the discount at which the shares trade versus the NAV. The Chairman, Chris Waldron comments: "The Board considers that the final possible offer continues to be an undervaluation of the Company and does not believe this valuation is recommendable. In addition, the Board reiterates its intention to launch a review of future strategy with the aim of maximising value delivered to shareholders."
yieldsearch: MnG up their bid to 70p . appparently final unlikely to go through, M&G is providing the explanation in their RNS: MAGIM would need the support of UKML's largest shareholders in order to effect the proposed transaction. MAGIM notes that TwentyFour Asset Management LLP ("TwentyFour") the portfolio manager for UKML, is also the Company's largest shareholder, owning or controlling approximately 17% of UKML's voting share capital. Twentyfour, being the largest shareholder unlikely to approve this, their asset management fee on ukml would be gone. let's assume that that twentyfour is solely acting for the benefits of the shareholders of the 17%..
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.
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..)
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