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RM Infrastructure Income PLC

(the ''Company'' or "RMII")

LEI: 213800RBRIYICC2QC958

Shareholder Update

On 23 May 2023, RMII announced that as part of its review of the Company's strategy it would undertake a shareholder consultation. Since that announcement the Board, the Investment Adviser and the Company's joint brokers have consulted widely with RMII's major shareholders.

The shareholder consultation set out to cover the following topics: a continuation of the Company's existing investment policy and strategy, a full or partial exit opportunity, a combination of the Company's assets with another suitable investment company or fund and a managed wind-down.

In general, consulted shareholders were overwhelmingly supportive of the Company's management and performance, as well as its investment focus and strategy. Shareholders did however highlight the Company's small scale which has created challenges in generating improved liquidity in the Company's shares and restricted the Company's ability to grow. To that end, it was determined that reducing the size of the Company through a partial exit opportunity would only exacerbate these challenges.

Progress concerning a potential combination of the Company's assets with another suitable investment company or fund remains limited. As announced on 23 May 2023, the Company had received a non-binding indicative proposal which would involve a combination of all the Company's assets with another investment company under Section 110 of the Insolvency Act 1986. However, the Board has still not received more detailed proposals from this counterparty. The Board and their advisers received two other initial proposals, one of which is under consideration but remains at a very early stage and there is no certainty that it will develop into a recommendable transaction. For the avoidance of doubt, none of these approaches anticipate any offer for the Company, recommended or otherwise, under the City Code on Takeovers and Mergers.

The Board remains conscious of the size of the Company, the discount to which its shares trade at and the need to maximise shareholder value and the Board expects to put forward proposals regarding the future of the Company as soon as possible.

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About RM Infrastructure Income PLC 

The Company aims to generate attractive and regular dividends and positive social impact by lending to assets at the forefront of providing essential services to society.

Its diversified portfolio of loans sourced or originated by the Investment Manager with a degree of inflation protection through index-linked returns where appropriate. Loans in which the Company invests are predominantly secured against assets such as real estate or plant and machinery and/or income streams such as account receivables.

About RM Funds

RM Funds is an alternative asset manager. Founded in 2010, with offices in Edinburgh, and London, the firm manages capital on behalf of institutional investors, multi-asset allocators, wealth managers and retail investors. RM Funds focuses on real asset investing across liquid alternatives and private markets.

RM Funds is a delivery partner to the British Business Bank in connection with the Coronavirus Business Interruption Loan Scheme. RM Funds is a trading name of RM Capital Markets Limited.

RM Funds is a signatory to the Principles of Responsible Investment.