Net Asset Value(s)

RNS Number : 2310J

RM Secured Direct Lending PLC

16 August 2019

 

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 July 2019, on a cum income basis, was 98.69 pence (30 June 2019: 98.00 pence).

RM ZDP PLC announces that the unaudited accrued capital entitlement per ZDP share as at 31 July 2019 was 104.69 pence (30 June 2019: 104.38 pence). NAV Return The NAV total return for the month was 0.70%, bringing the cumulative year to date figure to 5.56%. The Ordinary Share NAV as at 31st July 2019 was 98 69 pence per share, which is 0.69 pence higher than at 30th June 2019, comprising interest income net of expenses of 0.58 pence and an increase in portfolio valuations of 0.11 pence net of currency hedges. Portfolio Activity As at the 31st July 2019, the Company's portfolio consisted of 36 debt investments with a weighted average yield of 8.62%, spread across 13 sectors, with a split between fixed and floating rate debt of 60/40. The Investment Manager is focused on reducing interest rate risk by keeping the tenors on fixed rate investments generally shorter dated. Overall, the portfolio has the following approximate breakdown: 56% represented by directly originated private loans; 39% in club or syndicated private loans; and 5% in more liquid corporate debt. Consequently, private debt investments represent 95% of the portfolio. Despite a Loan repayment of £4m in the month, the portfolio size remained largely unchanged at £125m. The repaid Loan was made in 2017 and scheduled for repayment in 2019; it is pleasing to see the portfolio continue to mature and for capital to be recycled into new investment opportunities.  The transaction highlights are as follows: ·      Euroports, a leading European port infrastructure operator: €2m participation in private syndicated facility maturing 2026 paying Euribor +775.  This investment follows the key theme for the Company of investing in real assets with visible cashflows. In addition, there is significant sponsor equity support sitting below the RMDL investment and the business offers substantial asset and cash flow coverage. ·      Hydro transaction repaid: £4m ·      Student accommodation in Coventry: one and a half year tenor, 9%. Two further drawdowns of £0.43m. ·      Energy efficiency revolving receivables facility, four further drawdowns of £0.21m. ·      Telecommunications equipment: three year tenor 10.5%: four further drawdowns of $0.56m ·      Partial divestment: Voyage Care 5.875% 2023, £0.25m ·      Residential property development: 7.5% maturity 2020, the ninth drawdown £0.20m ·      Manufacturing and energy efficiency: 8% three year tenor, £0.15m second drawdown.

The Company also announces that the Monthly Report for the period to 31 July 2019 is now available to be viewed on the Company website:

https://rmdl.co.uk/investor-centre/monthly-factsheets/

Recent research from Hardman & Co: https://rmdl.co.uk/2019/06/hardman-co-rmdl-research/

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For further information, please contact:

RM Capital Markets Limited - Investment Manager

James Robson

Pietro Nicholls

Tel: [phone]

International Fund Management - AIFM

Chris Hickling

Shaun Robert

Tel: [phone]

Tulchan Group - Financial PR

James Macey White

Elizabeth Snow

Tel: [phone]

PraxisIFM Fund Services (UK) Limited - Administrator and Company Secretary

Anthony Lee

Ciara McKillop

Tel: [phone]

Nplus1 Singer Advisory LLP - Financial Adviser and Broker

James Maxwell

Lauren Kettle

Tel: [phone]

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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