RM Secured Direct Lending PLC Net Asset Value(s) (3783C)
17 June 2019 - 4:00PM
UK Regulatory
TIDMRMDL TIDMRMDZ TIDMTTM
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 30(th) 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 6(th) 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 GBP4m to GBP124m during the month, despite three
loan repayments. The transaction highlights are as follows:
* Three property bridging transactions repaid totalling
circa: GBP3.5m.
* A new hospitality and leisure transaction secured
over a real estate asset primarily leased to
Travelodge: three year tenor, 10% GBP900,000.
* Student accommodation in Coventry: one and a half
year tenor, 9%. Two further drawdowns GBP0.37m
* Energy efficiency revolving receivables facility,
five further drawdowns GBP0.37m.
* 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, GBP1.5m.
* Food manufacturer: three year tenor 5.8% - new
investment in existing bond issue GBP3m.
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/
END
For further information, please contact:
RM Capital Markets Limited - Investment Manager
James Robson
Pietro Nicholls
Tel: 0131 603 7060
International Fund Management - AIFM
Chris Hickling
Shaun Robert
Tel: 01481 737600
Tulchan Group - Financial PR
Elizabeth Snow
Deborah Roney
Tel: 0207 353 4200
PraxisIFM Fund Services (UK) Limited - Administrator and Company
Secretary
Anthony Lee
Ciara McKillop
Tel: 020 7653 9690
Nplus1 Singer Advisory LLP - Financial Adviser and Broker
James Maxwell
Lauren Kettle
Tel: 020 7496 3000
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/
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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