RDL Realisation PLC Portfolio Update (7572I)
12 August 2019 - 11:30PM
UK Regulatory
TIDMRDL
RNS Number : 7572I
RDL Realisation PLC
12 August 2019
12 August 2019
RDL Realisation Plc
("RDL" or the "Company")
Portfolio Update
The Company today provides the following update on its
investment portfolio as of 30 June 2019. All figures are unaudited
and based on management accounts.
The table below is an unaudited summary of the Company's
investment portfolio and cash position as of 30 June 2019:
Net Balance Net Balance
30/ 6/ 2019 31/5/2019 (USD
million)
Platform (USD million)
SME/CRE Loans Platform $31.5 $34.5
Vehicle Services Contract Platform $24.1 $27.8
Real Estate Loans Platform $17.7 $15.7
Princeton $15.0 $15.0
International SME Lending Platform $3.9 $5.0
Equipment Loans Platform $0.3 $0.3
Invoice Factoring Platform $0.0 $0.2
Consumer Loans Platform $0.0 -$0.1
Third SME Loans Platform $0.0 -$0.1
Portfolio Total $92.5 $98.3
Cash held by RDL $20.2 $92.4
Grand Total $112.7 $190.7
Note that the above figures do not include any accruals of
payables at the fund level.
(1) The increase in the Real Estate Loans Platform and a
corresponding decrease in the SME/CRE Loans Platform of USD $2
million represents a re-classification of one specific real estate
loan which was booked in one platform but managed in another. This
particular real estate loan was settled with a significant payment
from the proceeds of an underlying property sale in July.
(2) The decrease in the International SME Lending Platform
without a corresponding increase in cash represents the final
reconciliation and posting of unapplied cash received in a prior
period.
Significant events during June
The Vehicle Service Contract Platform made substantial principal
payments of USD $3.7 million.
Significant Events since 30 June 2019:
A significant cash paydown of USD $27.9 million was received in
August for the sale of 100% of the Vehicle Services Contract
Platform as a result of a refinancing with a new lender. A separate
USD $4.5 million loan remains outstanding to the manager of the
platform and is the subject of re-financing negotiations.
In July, a defaulted real estate loan was collected and settled
in the amount of USD $2 million.
ZDP Repayment
As announced by the Company on 20 June 2019, resolutionsto place
its subsidiary, RDLZ Realisation PLC ("ZDP Co") into a members'
voluntary winding up and to amend the amounts payable in respect of
the zero dividend preference shares ("ZDP Shares") issued by ZDP Co
so that ZDP Shareholders would receive a Final Capital Entitlement
of 121.887 pence per ZDP Share were passed at the ZDP Class Meeting
and the General Meeting of ZDP Co held on 20 June 2019. The cost to
the Company of repaying the ZDP Shares on 21 June 2019 amounted to
approximately USD $70.7 million. Note that this figure does not
include associated transaction expenses totalling USD $860k.
Princeton update
On 29 July 2019, the Trustee for Princeton filed an adversary
complaint in the Bankruptcy Court against MicroBilt Corporation
("MicroBilt") and various related entities and individuals. The
Complaint alleges fifteen separate causes of action on behalf of
the bankruptcy estate for alleged wrongdoing by MicroBilt and other
defendants. On 5 and 8 August, representatives of both Ranger
entities participated in a court ordered settlement conference with
a group of ad hoc investors, MicroBilt and the Chapter 11 Trustee.
The settlement conference did not result in a settlement of any
claims in the bankruptcy proceeding. At the conclusion of the
settlement conference, the Bankruptcy Court set a schedule to
decide a motion that the Trustee plans to file to set the relative
value of the partners' capital accounts and the estate's
investments. There will be an evidentiary hearing on the motion on
7 October 2019. The MicroBilt chapter 11 plan is based upon the use
of Net Asset Values ("NAV") as determined by Princeton's management
as of February 2018, which was the last statement prior to the
bankruptcy. The motion to be filed by the Trustee will not utilise
Princeton's NAV values, since they are deemed unreliable. Under the
Trustee's chapter 11 plan all investors' ownership percentages will
be determined through a "net equity method" which will determine
investors' ownership percentage based upon the amount invested
minus the amounts paid to the investor for distribution or
income.
Chairman appointment
Brendan Hawthorne was elected as Chairman of the Board of
Directors as of 12 July 2019.
Dividend payment
As previously announced by the Company on 22 May 2019, the
Directors approved the payment of a dividend on the Ordinary Shares
of USD 21.71 cents (17.14 GBP pence) per Ordinary Share at a total
cost of USD $3.5 million. The dividend was paid on 12 July 2019 and
charged to revenue reserves.
Dividend declaration
A further dividend was declared by the Directors on 8 August
2019 of USD 309.32 cents (255 GBP pence) at a total cost of USD
$49,871,450. The dividend will be paid on 30 August 2019 and 13%
will be charged to revenue reserves and 87% to capital
reserves.
Other
Both the Consumer Loans Platform and the Third SME Loans
Platform have negative net balances due to pay offs and the buildup
of reserves that now exceed the gross value of these platforms. We
will stop accruing any additional reserves for those platforms
going forward.
For further information, please contact:
Link Company Matters +44 (0)1392 477571
Limited Secretary
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
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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