Net Asset Value(s)

RNS Number : 6162T

RM Secured Direct Lending PLC

18 November 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 October 2019, on a cum income basis, was 98.24 pence (30 September 2019: 98.05 pence).

RM ZDP PLC announces that the unaudited accrued capital entitlement per ZDP share as at 31 October 2019 was 105.59 pence (30 September 2019: 105.30 pence). NAV The NAV total return for the month was 0.19%, bringing the cumulative year to date figure to 6.82%. The Ordinary Share NAV as at 31st October 2019 was 98.24 pence per share, which is 0.19 pence higher than at 30th September 2019, comprising interest income net of expenses of 0.69 pence per share and a decrease in portfolio valuations of 0.50 pence per share which includes all credit and currency movements. Portfolio Activity As at the 31st October 2019, the Company's portfolio consisted of 34 debt investments with a weighted average yield of 8.88%, spread across 13 sectors, with a percentage split between fixed and floating rate debt of 59% to 41%. The Investment Manager is focused on reducing interest rate risk by keeping the tenors on fixed rate investments generally shorter dated. The portfolio has the following breakdown: 61% in directly originated private loans; 35% in club or syndicated private loans; and 4% in more liquid corporate debt. Consequently, private debt investments represent 96% of the portfolio. The transactions highlights for the month are as follows: ·      9 further drawdowns to Loans previously documented with four borrowers. These loans relate to Student Accommodation, Receivables Finance and Asset Finance. ·      A full repayment of a residential development loan of £4.14m at a value above par due to a redemption penalty. The Company currently has no further exposure to residential development and the loan book exposure relating to construction and refurbishment has reduced to 8.5%, across two assets. Pipeline & Outlook The Investment Manager met with a number of investors as the Company looked to raise £10m by way of a placing. This was successfully closed reaching the target amount post month end, with admission of the new ordinary shares to the LSE on 15th November. This will increase the market capitalisation of RMDL to in excess of £120m. In addition, the Revolving Credit Facility "RCF" was renewed with OakNorth Bank on broadly similar terms to the previous RCF, including continued no non-utilisation fees. RM is confident in its ability to expediently deploy its new capital into its attractive pipeline of opportunities within real asset backing investments.

The Company also announces that the Monthly Report for the period to 31 October 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: [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/

 

END

 

 

NAVGGGWPGUPBGAA