RM Secured Direct Lending PLC Net Asset Value(s) (0898Z)
16 September 2020 - 4:00PM
UK Regulatory
TIDMRMDL TIDMRMDZ TIDMTTM
RNS Number : 0898Z
RM Secured Direct Lending PLC
16 September 2020
RM Secured Direct Lending Plc and RM ZDP PLC
("RMDL" or the "Company")
LEI: 213800RBRIYICC2QC958
Net Asset Value
RMDL announces that its unaudited net asset value per ordinary share as at 31 August 2020,
on a cum income basis, was 91.97 pence (31 July 2020: 91.56 pence).
RM ZDP PLC announces that the unaudited accrued capital entitlement per ZDP share as at 31
August 2020 was 108.62pence (31 July 2020: 108.30 pence).
NAV
The NAV total return for the month was 0.45%. The Ordinary Share NAV as at 31(st) August 2020
was 91.97 pence per share, which is 0.41 pence higher than at 31(st) July 2020, comprising
interest income net of expenses of 0.53 pence per share and losses in portfolio valuations
of 0.12 pence per share which includes all credit and currency movements and gains from share
buy-backs.
The Company repurchased a total of 1.175m shares during the month at an average price of 77.51
pence being an average discount of 15.7% to the latest August NAV. The Board and the Investment
Manager continue to monitor this share price discount to NAV.
Portfolio Activity
There were no significant investments during August. As at 31(st) August, the Company's portfolio
consisted of 33 debt investments with a running yield of 8.89%, diversified across 13 sectors,
with the percentage split between fixed and floating rate of 66% to 34%. The portfolio structure
is 63% in bilateral private loans; 35% in syndicated private loans; and 2% in corporate bonds.
August was a busy month for portfolio investments with hotels and gyms being in their first
full month of re-opening and the new Hotel Management Agreement (as referred to in our July
factsheet) being signed as expected for the one development asset within the portfolio. A
detailed portfolio update will be given on the interim results call for investors on 16(th)
September at 2pm and a full transcript will be available afterwards on the company website
https://rmdl.co.uk/investor-centre/investor-relations .
CBILS
The Coronavirus Business Interruption Loan Scheme (CBILS) provides financial support to smaller
businesses (SMEs) across the UK that are losing revenue, and seeing their cashflow disrupted,
as a result of the COVID-19 outbreak. The scheme enables lenders to provide loans of up to
GBP5m, and the government provides a Business Interruption Payment "BIP" option, whereby the
first 12 months of interest on the loan and some upfront fees are paid by the Government.
The scheme provides the lender with a Government backed, partial guarantee (80%) against the
balance of the finance whilst the borrower remains liable for the debt.
RM Funds was accredited as a CBILS lender on 19(th) August and RMDL was recognised as the
funding partner. RMDL is therefore the only listed debt fund with access to the CBILS scheme
which supports new loans into our focus areas, whilst supporting British businesses and protecting
shareholders capital by reducing downside exposures. The Investment Manager sees this as a
major credit enhancement for any eligible new loans which can be facilitated under the scheme.
https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils-2/
Pipeline
The CBILS scheme is due to finish at the end of September and the Investment Manager is progressing
on several transactions which will be eligible under the scheme.
Fund performance 1 month 3 months 6 months 1 year 2 years ITD
-------------------- -------- --------- --------- -------- -------- ------
NAV Total Return % 0.45% (2.71%) (3.34%) (0.29%) 7.32% 14.9%
==================== ======== ========= ========= ======== ======== ======
The Company will be hosting an investor call at 14:00 BST 16(th) September
2020. To register, please click the following link: https://www.speakservecloud.com/register-for-call/286f13fd-85e4-4ec0-a27a-ddb92b273b9f
The Company also announces that the Monthly Report for the period
to 31 August 2020 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
James Macey White
Elizabeth Snow
Tel: 0207 353 4200
PraxisIFM Fund Services (UK) Limited - Administrator and Company
Secretary
Brian Smith
Ciara McKillop
Tel: 020 4513 9260
Nplus1 Singer Advisory LLP - Financial Adviser and Broker
James Maxwell
Carlo Spingardi
Peel Hunt LLP - Financial Adviser and Broker
Luke Simpson
Liz Yong
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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END
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