RDL Realisation PLC Portfolio Update (3660X)
29 April 2019 - 4:20PM
UK Regulatory
TIDMRDL
RNS Number : 3660X
RDL Realisation PLC
29 April 2019
29 April 2019
RDL Realisation Plc (the "Company")
Portfolio Update
The Company today provides the following update on its
investment portfolio as of 31 March 2019. All figures are unaudited
and based on management accounts.
The Company has made considerable progress in winding down the
portfolio since the last published update as of 30 November 2018.
The table below is an unaudited summary of the Company's investment
portfolio and cash position as at 31 March 2019.
Net Balance
Platform (USD million)
---------------------------- ---------------
SME/CRE Loans Platform $37.7
Vehicle Services Contract
Platform $31.0
Real Estate Loans Platform $28.4
Princeton $15.0
International SME Lending
Platform $5.0
Equipment Loans Platform $0.5
Invoice Factoring Platform $0.2
Consumer Loans Platform $0.0
Third SME Loans Platform -$0.1
Total $117.7
Total Cash $76.4
---------------------------- ---------------
Notes:
The $4.5million loan extended to the Vehicle Services Contract
Platform to finance an acquisition has been moved from the SME/CRE
Loans Platform to the Vehicle Services Contract Platform balance
above.
Significant Events since 31 March 2019
The largest defaulted loan on the Real Estate Loans Platform was
repaid at a slight premium to its carrying value, resulting in net
proceeds of approx. $6 million. In addition, three sizeable loans
on the SME/CRE Loans Platform were repaid in full for approx. $4.4
million.
Princeton Update
The Company has been engaged in active negotiations with the
Trustee regarding the content of a Chapter 11 Plan of Liquidation
(the "Plan") proposed by the Trustee. The Plan was filed on 19
April 2019 and provides for the prompt and orderly liquidation of
fund assets by approved professionals and the pursuit of possible
third party litigation claims under the direction of a liquidating
trustee to be appointed under the Plan. The Plan also contemplates
the Company being treated in the same way as other Princeton
investors. However, in light of the arbitration findings that have
been previously announced by the Company, the Company has agreed
with the Trustee that it will be paid $2.5 million out of the
liquidation proceeds in priority to other investors. This amount
will cover part of the costs of the arbitration proceedings that
were incurred by the Company.
The disclosure and confirmation process in a Chapter 11 case
after the filing of a Plan typically requires a period of two to
four months. The Company understands that the Trustee will be
reaching out to investors to explain the Plan and respond to
questions regarding its content, structure and implementation. The
Company will continue to work closely with the Trustee and his
professionals to complete this process.
Future Reporting
The Company is committed to improving its reporting now that the
complex transition away from Ranger Alternative Management II, LP
is finally completed.
The person responsible for making this announcement is Link
Company Matters Limited, Company Secretary.
For further information, please contact:
Link Company Matters Limited
Secretary +44 (0)1392 477500
LEI: 549300VGZSKYQ7C2U221
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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