UK Mortgages Ltd Update on redemption of Oat Hill No.1
May 27 2020 - 9:41AM
UK Regulatory
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THE INFORMATION IN THIS ANNOUNCEMENT IS RESTRICTED AND IS NOT FOR PUBLICATION,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
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