Conversion of C Shares

RNS Number : 2976S

RM Secured Direct Lending PLC

22 June 2018

 

THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO, THE UNITED STATES, AUSTRALIA, SOUTH AFRICA, CANADA OR JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO MIGHT CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION

This announcement is not an offer to sell, or a solicitation of an offer to acquire, securities in the United States or in any other jurisdiction. Neither this announcement nor any part of it shall form the basis of or be relied on in connection with or act as an inducement to enter into any contract or commitment whatsoever.

22 June 2018

RM Secured Direct Lending Plc

("RMDL" or the "Company")

LEI: 213800RBRIYICC2QC958

Conversion of C Shares

RMDL, an investment trust specialising in secured debt investments, announces that as at 21 June 2018, it has deployed £9.81 million of the proceeds of its C Share fundraising from April 2018, including loans that are closed and those that have binding commitments. This represents approximately 87% of the net proceeds of the C share issue.

Accordingly, the Board is pleased to announce that the Company intends to convert the C Shares into Ordinary Shares (the "Conversion"). In the absence of unforeseen circumstances, the Company expects the Calculation Date, being close of business on the date on which the Conversion Ratio will be calculated, to fall on 30 June 2018. The calculation of the Conversion Ratio will be based on the net assets attributable to the Ordinary Shares and C Shares as at close of business on 30 June 2018.  The Conversion Ratio is expected to be announced on or around 16 July 2018.

The Company intends to make a further announcement in due course setting out the Conversion Ratio applying to the Conversion, the expected date when such Conversion will occur and the number of new Ordinary Shares to be issued.

Holders of C Shares, once converted, will not be entitled to receive the Q1 2018 1.625 pence interim dividend that was declared on the Ordinary Shares on 24 May 2018 which will be payable to Ordinary Shares on the register on 8 June 2018 and is due to be paid on 29 June 2018. Such holders will be entitled to the quarterly dividend to be declared in due course on the Ordinary Shares for the quarter ending 30 June 2018, being the first dividend to be declared after the Conversion.

Terms used in this announcement shall, unless the context otherwise requires, bear the meanings given to them in the prospectus published by the Company on 12 March 2018.

For further information, please contact:

RM Funds - Investment Manager

James Robson

Pietro Nicholls

Tel: [phone]

Nplus1 Singer Advisory LLP - Sponsor, Financial Adviser and Broker

James Maxwell

Lauren Kettle

Tel: [phone]

Tulchan Group - Financial PR

James Macey White

Elizabeth Snow

Tel: [phone]

International Fund Management - AIFM

Chris Hickling   

Shaun Robert                                                            

Tel: [phone]

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

Anthony Lee

Ciara McKillop

Tel: [phone]

About RM Secured Direct Lending

RM Secured Direct Lending Plc 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/

About RM Funds

RM Funds is a trading name of RM Capital Markets Limited ("RM"). RM is the Investment Manager to RM Secured Direct Lending PLC. RM specialises in alternative credit fund management, sales & trading, foreign exchange, and capital markets and advisory. Founded in 2010, with offices in Edinburgh, and London, it has transacted in excess of £50 billion of bonds and loans since its inception, and advised or originated, structured and managed the due diligence process for over £1 billion of Sterling credit transactions and approximately €700 million of Euro based transactions in each case since 2012.

 

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