RM Secured Direct Lending PLC Net Asset Value(s) (3267S)
16 March 2021 - 6:10PM
UK Regulatory
TIDMRMDL TIDMRMDZ TIDMTTM
RNS Number : 3267S
RM Secured Direct Lending PLC
16 March 2021
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 28 February 2021, on a cum income basis, was 94.84
pence (31 January 2021: 94.13 pence).
RM ZDP PLC announces that the unaudited accrued capital entitlement
per ZDP share as at 28 February 2021 was 110.47 pence (31 January
2021: 110.18 pence).
NAV
The NAV % total return for the month was +0.76% which takes the
NAV % Total return to +6.77% over the past 6 months. The Ordinary
Share NAV as at 28(th) February 2021 was 94.84 pence per Ordinary
Share, which is 0.71 pence higher than on 31(st) January 2021.
This overall gain comprises interest income net of expenses of
0.56 pence per Ordinary Share and increases in portfolio valuations
of 0.15 pence per Ordinary Share (which includes all credit and
currency movements and gains from share buy-backs).
During the month the Company declared a n interim dividend of
1.625 pence per ordinary share in respect of the period from
1 October 2020 to 31 December 2020. This provides dividend cover
of 1.21x and an earnings surplus of 1.096 pence per ordinary
share in relation to 31 December 2020, which is transferred to
revenue reserves. The ex-dividend date is 4(th) March and payment
date 26(th) March.
The Company repurchased a total of 160,000 Ordinary Shares during
the month at an average price of 87.81 pence per Ordinary Share,
being an average discount of 7.41% to the latest February 2021
NAV. The Board and the Investment Manager continue to monitor
the share price discount to NAV. This brings the total number
of shares held in treasury to 4,279,799.
Portfolio Activity
As of 28(th) February, the Company's portfolio consisted of 36
debt investments with a yield of 8.30%, diversified across 15
sectors and split 77% fixed rate and 23% floating rate. The portfolio
structure is 75% in bilateral private loans, 23% in syndicated
private loans, and, 2% in corporate bonds.
The full portfolio is set out on the page 5 of this factsheet.
There were two new investments during February totalling GBP4.5m
which were eligible for CBILS, bringing the total portfolio exposure
to CBILS eligible loans to 15%. The Investment Manager is targeting
in the near-term a portfolio allocation of 22.5% under the CBILS
scheme. The first transaction was GBP4m (loan reference 84) to
a developer and operator of student accommodation assets with
a c. 60% LTV ratio; and the second investment (loan reference
81) was to a growing wealth management business with a Debt/EBITDA
metric of c. 2.8x. Both loans are senior and secured over the
businesses' assets and cash-flows.
Post month end, the Chancellor announced the Recovery Loan Scheme
as the follow on to the CBILS. This expands on the CBIL scheme
and allows for loans of up to GBP10m to benefit from the same
80% UK Government Guarantee.
The ZDP shares come to the end of their 3-year life on 6 April
2021, with a final capital entitlement payable of 110.91p per
ZDP share. The ZDP shares are not expected to be rolled over
and a separate announcement will shortly be made regarding their
repayment, cancellation and refinancing.
The Company also announces that the Monthly Report for the period
to 28 February 2021 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
Tel: 020 7496 3000
Peel Hunt LLP - Financial Adviser and Broker
Luke Simpson
Liz Yong
Tel: 020 7418 8900
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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