UKML Uk Mortgages Limited

 
TIDMUKML 
 
UK MORTGAGES LIMITED 
 (a closed-ended investment company incorporated in Guernsey with registration 
                                 number 60440) 
 
                           LEI 549300388LT7VTHCIT59 
 
Final Net Asset Value 
 
         FUND NAME                  NAV                ISIN             NAV DATE 
 
   UK Mortgages Limited           £0.7835          GG00BXDZMK63     31 October 2021 
 
UKML RNS: Commentary accompanying UK Mortgages Limited October 2021 NAV 
 
The UKML NAV per share was calculated for October 2021 month end at 78.35 pence 
per share, a decrease of 0.45 pence per share. 
 
The main driver of NAV performance was the quarterly dividend payment for the 
first interim period of the Company's financial year of 1.125 pence per share 
which was declared in October. 
 
Excluding the dividend payment, the primary driver of the monthly NAV came as a 
result of the positive running income being generated by the Company's 
underlying investments, which contributed approximately 0.68 pence per share - 
continuing the established pattern of income significantly outweighing both the 
0.375 pence per share required to cover the monthly equivalent of this period's 
dividend payment as well as the 0.42 pence per share that will be required to 
cover the monthly equivalent of the recently announced increased dividend going 
forward. 
 
A number of smaller items, including a minor adjustment to the prepayment 
assumptions in the Barley Hill portfolio reflecting more recent borrower 
behaviour, an update to the amortised cost valuations for the Keystone 
portfolios to more accurately model early repayment charges, and a small loan 
write-off in the Oat Hill portfolio, were also included in the calculation, 
although the combined impact of these items was insignificant and had no 
material impact on the NAV. 
 
As has been the case in recent months, the October NAV, once again, also saw 
some benefit from further rises in swap rates which increased the pull-to-par 
effect of the assets purchased at a discount whilst suppressing the effect on 
those bought at a premium, adding between 0.06 and 0.10 pence per share in each 
month. This benefit is expected to recede somewhat in subsequent months as 
November saw interest rate curves flatten, however the subsequent net monthly 
income would still be comfortably in excess of the monthly equivalent of the 
dividend requirement. 
 
The Company's investments continue to perform in line with expectations, and 
further details will be available in the Company's next factsheet. 
 
Enquiries: 
 
Northern Trust International Fund Administration Services (Guernsey) Limited 
Andrew Bonham               44 (0)1481 745302 
Date: 17 December 2021 
 
 
 
END 
 
 

(END) Dow Jones Newswires

December 17, 2021 06:12 ET (11:12 GMT)

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