UK Mortgages Ltd - Net Asset Value(s)
London, September 14
UK MORTGAGES LIMITED
(a closed-ended investment company incorporated in Guernsey with registration number 60440 )
Final Net Asset Value
|FUND NAME||NAV||ISIN||NAV DATE|
|UK Mortgages Limited||£0.8423||GG00BXDZMK63||31st July 2018|
UKML RNS: Commentary accompanying UK Mortgages Limited July 2018 NAV
The UKML NAV per share was calculated for July 2018 month end at 84.23 pence per share.
The 1.46 pence decrease in the NAV is driven by the introduction of IFRS 9 loss provisioning for the company from this month, plus the dividend payment of 1.50 pence during the period. These are partially offset by the income from the fund's underlying investments.
The impact of the IFRS 9 expected credit loss provisioning is 0.20 pence on the NAV (unaudited), significantly lower than the "less than 0.50 pence" impact on NAV that had been estimated in the fund's previous factsheets. The impact of expected credit losses is already modelled in the IRR calculations for the fund's portfolios.
The fund's investments continue to perform exceptionally well, in line with expectations and more details will be available in the fund's next factsheet to be published shortly.
Northern Trust International Fund Administration Services (Guernsey) Limited
Andrew Bonham 44 (0)1481 745302
Date:14 September 2018