Net Asset Value(s)

RNS Number : 3783C

RM Secured Direct Lending PLC

17 June 2019

 

RM Secured Direct Lending Plc and RM ZDP PLC

("RMDL" or the "Company")

LEI: 213800RBRIYICC2QC958

Net Asset Value and Investment Update

RMDL announces that its unaudited net asset value per ordinary share as at 31 May 2019, on a cum income basis, was 99.59 pence (30 April 2019: 98.95 pence).

RM ZDP PLC announces that the unaudited accrued capital entitlement per ZDP share as at 31 May 2019 was 104.09 pence (30 April 2019: 103.79 pence). The NAV total return for the month was 0.65%, bringing the cumulative year to date figure to 4.39%. The Ordinary Share NAV as at 31 May 2019 was 99.59 pence per share, which is 0.64 pence higher than at 30th April 2019, comprising interest income net of expenses of 0.71 pence and a decrease in portfolio valuations of 0.07 pence net of currency hedges. The Company announced a dividend of 2.00 pence during the month with an ex-dividend date of 6th June. This was split between 1.625 pence per share as an interim and 0.375 pence per share as a special dividend following portfolio outperformance in Q1 2019. As at the 31 May 2019, the Company's portfolio consisted of 34 debt investments with an average yield of 8.55%, spread across 13 sectors, with a split between fixed and floating rate debt of 60/40. The Investment Manager focuses on reducing interest rate risk by keeping the tenors on fixed rate investments generally shorter dated. Overall the portfolio has the following approximate breakdown; 57% represented by bilateral private loans, 38% in club or syndicated private loans and 5% in more liquid corporate debt. Consequently, private debt investments represent 95% of the portfolio. The Investment Manager continued to grow the overall size of the portfolio by £4m to £124m during the month, despite three loan repayments. The transaction highlights are as follows: ·      Three property bridging transactions repaid totalling circa: £3.5m. ·      A new hospitality and leisure transaction secured over a real estate asset primarily leased to Travelodge: three year tenor, 10% £900,000. ·      Student accommodation in Coventry: one and a half year tenor, 9%. Two further drawdowns £0.37m ·      Energy efficiency revolving receivables facility, five further drawdowns £0.37m. ·      Telecommunications equipment: three year tenor 10.5%: four further drawdowns, $0.75m ·      Telecommunications revolving receivables facility, one further drawdown, $1,3m. ·      Valeo foods, a branded food manufacturer: six year facility 9.5%:  increase in existing loan facility participation, £1.5m. ·      Food manufacturer: three year tenor 5.8% - new investment in existing bond issue £3m.

The Company's Monthly Report for the period to 31 May 2019 is now available to be viewed on the Company website:

https://rmdl.co.uk/investor-centre/monthly-factsheets/

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For further information, please contact:

RM Capital Markets Limited - Investment Manager

James Robson

Pietro Nicholls

Tel: [phone]

International Fund Management - AIFM

Chris Hickling

Shaun Robert

Tel: [phone]

Tulchan Group - Financial PR

Elizabeth Snow

Deborah Roney

Tel: [phone]

PraxisIFM Fund Services (UK) Limited - Administrator and Company Secretary

Anthony Lee

Ciara McKillop

Tel: [phone]

Nplus1 Singer Advisory LLP - Financial Adviser and Broker

James Maxwell

Lauren Kettle

Tel: [phone]

About RM Secured Direct Lending

RM Secured Direct Lending Plc ("RMDL" or the "Company") is a closed-ended investment trust established to invest in a portfolio of secured debt instruments.

The Company aims to generate attractive and regular dividends through 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.

For more information, please see

https://rmdl.co.uk/investor-centre/monthly-factsheets/

 

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