The Board of UK Mortgages and TwentyFour Asset Management say that the TwentyFour portfolio management team remain fully engaged on a number of prospective opportunities with the aim of fully investing the Company’s capital in as timely a manner as possible. The Board is confident that current opportunities under discussion will lead to the remaining cash being committed in short order.
However, the Board and TwentyFour recognise that fully investing the portfolio has taken longer than anticipated, which has been the result of a number of factors, including poor market conditions in early 2016, uncertainty around the Brexit vote and the protracted nature of targeted deals, more of which has been covered in the recent roadshow and webinar (available at http:// www.twentyfouram.com/funds-and-services/uk-mortgages-ltd/documents).
In order to provide comfort regarding deployment risk concerns, and in light of the Continuation Vote to be held at the forthcoming AGM on 7 December 2016, the Board have decided that if substantially all of the cash currently held has not been deployed within six months of the AGM, a further Continuation Vote will be held. More details will follow in due course.
UKML : UK Mortgages concerned about rate of deployment