1 November 2018
UIL FINANCE LIMITED
(LEI Number: 213800JPJWZ5P3QJX538)
(LEI Number: 213800CTZ7TEIE7YM468)
2018 and 2026 ZDP Shares Update
2018 ZDP Shares
UIL Finance Limited ("UIL Finance" or the "Company") is pleased to announce that, further to the announcement on 3 October 2018, redemption proceeds have been paid to holders of the Company's zero dividend preference shares which were due for redemption on 31 October 2018 ("2018 ZDP Shares").
2026 ZDP Shares
UIL currently holds 13,420,535 zero dividend preference shares due for redemption on 31 October 2026 ("2026 ZDP Shares"). UIL intends to continue to sell these shares in the market, subject to demand and market conditions.
Based on the net asset value per share of 297.04p as at 31 October 2018, which takes into account the redemption of the 2018 ZDP Shares and the cancellation of the 20 million 2024 ZDP Shares announced recently, the 2026 ZDP Cover has increased to 1.82x. In addition, based on the closing share price of 103.75p as at 31 October 2018, the yield to redemption of the 2026 ZDP Shares is 4.85%.
As a result of the redemption of the 2018 ZDP Shares, UIL and UIL Finance's share capital comprises 89,493,389 Ordinary Shares, 39,000,000 2020 ZDP Shares, 50,000,000 2022 ZDP Shares, 30,000,000 2024 ZDP Shares and 25,000,000 2026 ZDP Shares.
Name of contact and telephone number for enquiries:
ICM Investment Management Limited 01372 271486
Charles Jillings / Alastair Moreton
Stockdale Securities Limited 020 7601 6115
Robert Finlay / Rose Ramsden