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 -0.37% 66.50 78,434 16:35:20
Bid Price Offer Price High Price Low Price Open Price
65.00 68.00 66.00 65.50 66.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 48.27 6.23 2.30 28.9 154
Last Trade Time Trade Type Trade Size Trade Price Currency
14:56:06 O 23,359 65.50 GBX

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Date Time Title Posts
20/11/202022:21UKML - legacy mortgage portfolios56

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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 66.75p.
Uk Mortgages Limited has a 4 week average price of 61.50p and a 12 week average price of 60.50p.
The 1 year high share price is 73.25p 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 241,655 shares. The market capitalisation of Uk Mortgages Limited is £154,368,370.52.
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: 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: 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."
rambutan2: 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: 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..)
aib1967: I guess it depends how much cash get's 'released' post the Oat Hill 2 securitisation, and how much you believe in the stated NAV calculation. I' guessing 24AM and the Board see upside from 67p. Performance to date hasn't been great I guess. With the company effectively fully invested for now and only refinancing's to be done down the road it's kind of a run-off / return cash to investors over time situation anyway. 24AM/UKML and M&G are effectively competitors in the market for UK resi mortgage pools so from M&G's view point it would be great to get hold of the UKML stakes in these pools. From memory the shareholder list is relatively concentrated for UKML?
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"
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