Rdl Realisation Share Discussion Threads

[battlebus2] 31/10/2023 14:11

14p dividend declared. Payment 30th November. Likely the final dividend then voluntary liquidation with anything left expected to be nominal.

[battlebus2] 23/12/2021 12:25

15p dividend declared. Payment in January.

[rustle2] 24/12/2020 22:52

If delisted, won't be able to hold these in sipp or isa...

[rndm355] 23/12/2020 11:12

paywalled again, more analysis after the $3.5 million announcement today:

[rustle2] 02/10/2020 11:15

Does anyone understand the CGT calculations for this company?
Obviously the share price has gone down so I have a capital loss.
Is that it or do I need to include any element of the dividend payments?

[rndm355] 25/7/2020 13:08

again behind a paywall but the RDL situation is analysed here, the writer is optimistic:

[rndm355] 06/6/2020 16:08

covered here in some detail (behind a paywall):

[davebowler] 04/6/2020 09:01

Liberum;
Event

RDL Realisation's annual report for the period to 31 December 2019 demonstrates the progress with realisations over the year, enabling the repayment of the ZDP shares and distributions to shareholders of 327p per share. A further 139p has been returned to shareholders post period end bringing total distributions to 730p since the realisation strategy was approved in June 2018.

NAV per share at the year end was $3.01 (227p) compared to $7.49 (588p) at December 2018.

The portfolio was valued at $37.5m at the year end and approximately 60% of this has been realised post-period end. This includes the final $13.5m settlement regarding the Princeton loan. We estimate the remaining portfolio has a value of $15m, of which 90% relates to loans from the real estate platform and the SME/CRE platform. In relation to Covid-19, many of the SME borrowers (c.9% of portfolio) are businesses that are reliant on consumer spending on food and retail. The Canadian SME portfolio mainly comprises venture loans to tech companies which are relaint on capital raises and new equity investment. The company will seek to delist once the remaining assets have been substantively returned.

Liberum view

The realisation process has made considerable progress over the past 12 months, particularly considering the potential for delays in bankruptcy processes. In the June 2019 interim report, the board set out the aim of selling off the majority of the performing assets by mid-2020 and this has been achieved.

Approximately 90% of the remaining loan exposure is to two platforms which have produced steady realisations and are expected to run off within 12 months. Repayments of some of the remaining amounts are likely to be delayed, such as in the case of the Canadian SME loans. These make up c.7% of the remaining portfolio and the loans do not have scheduled payments. Repayment is reliant on Canadian Government tax rebates and over 90% of these loans are non-performing. Repayments on SME loans are also likely to suffer as a result of the crisis given the exposure to food and retail. We estimate the pro-forma NAV is $1.27 per share (44.7% discount to NAV).

[glawsiain] 04/5/2020 12:13

Anyone able to share part of the article mentioned above?

[rndm355] 17/4/2020 16:32

article here now (behind a paywall):

[rndm355] 16/4/2020 17:53

Roger, I think we are very close. I get $16.1 assets and cash $4.4

I thought you had estimated 20 million plus cash but I now realise you hadn't done that.

[rogerrail] 16/4/2020 17:28

I think you did not include cash held in your total assets.

[rogerrail] 16/4/2020 17:24

My calcs as follows:Assets update for end of Feb were $41.9m. Princeton basically came in at around par value and went into cash pot totalling $25.8m including the other two you mentioned. Less distribution of £1.06 per share to be paid next month reduces cash to $4.44m.Outstanding loans end March totalled $15.9m, ( =5.1+0.9+9.5+0.2+0.2), plus cash gives $20.34m = $1.26 per share.Where have I gone wrong?

[rndm355] 16/4/2020 14:48

I am worried that the management bonuses could be pretty huge. See the circular voted on in November 2018.

[rndm355] 16/4/2020 14:46

Roger, your calculation - how do you get it?

$33.2 million assets at end of February

minus $13.5m Princeton

minus $1.4m collected from SME lending platform (being restructured)
minus $2.2 collected from Real Estate platform

leaves only $16.1 million

it depends on how much of the collected amounts are principal or interest...?

[robizm] 16/4/2020 14:37

Some of those assets in this environment I would personally want an even bigger discount for the risk.

[rndm355] 16/4/2020 14:04

how do we work out the bonuses that managers will get?

[rogerrail] 16/4/2020 13:51

By my calcs, after todays xd RDL has $20.34m in assets equivalent to $1.28/£1.01 per share. They have approx $4.44m in cash which is about 22p per share. Hence they only have to realise 36p per share of the remaining 78p to justify the current share price valuation.

[davebowler] 16/3/2020 09:21

Liberum-
RDL Realisation

$13.5m to be received from Princeton resolution

Mkt Cap £23m | Prem/(disc) -31.4% | Div yield n/a

Event

RDL Realisation has confirmed that it will received a $13.5m cash distribution from the Princeton Alternative Income Fund Chapter 11 bankruptcy case. The cash will be released on or before 30 March, at which point all outstanding litigation related to the Princeton Fund will be resolved and the bankruptcy case will be closed.

Liberum view

This ruling brings to an end the Princeton saga for RDL. The $13.5m sum is in line with the previous amount announced in February and amounts to c.36% of the company's remaining NAV. The resolution will allow the company to return c.$0.84 per share to shareholders once the cash has been received at the end of the month.

[davebowler] 06/3/2020 22:30

Funds and trusts that rose as stock markets fell on coronavirus fears hTTps://www.thisismoney.co.uk/money/investing/article-8069401/Funds-trusts-rose-stock-markets-fell-coronavirus-fears.html?ito=native_share_article-masthead

[dindledo] 05/12/2019 10:51

!FOLLOWFEED
Hi Everyone

I'm new to this forum and I've been watching this share for a while & wonder if it will ever produce any real profits for it's poor investors?

Any views on this.

[davebowler] 01/10/2019 14:53

Liberum;
Majority of performing assets expected to be redeemed by mid-2020

Mkt Cap £38m | Prem/(disc) -20.3% | Div yield n/a

Event

NAV per share at 30 June 2019 was $6.80 per share, representing a NAV total return of -6.4% in the half-year in US Dollar terms.

Steady realisations in the period and an agreement with the ZDP shareholders enabled the $70.7m repayment of the ZDP shares. The company has consequently been able to resume dividend payments from realisations. $50m was returned to shareholders in August following the $27.9m paydown of a loan following a refinancing with a new lender.

Ranger's capital distributions over the past 12 months have been driven by a number of portfolio disposals and the refinancing of loans where Ranger was the sole platform capital provider. The majority of the remaining assets in the portfolio comprise loans that the board believes are best run-off and this could occur by mid-2020. A number of residual positions (e.g. Princeton) are expected to take longer due to bankruptcy proceedings.

The remaining portfolio was valued at $62m excluding the vehicle services contract platform. This mainly comprises loan investments across three platforms:

SME/CRE loan platform (44% of NAV) - Regular run-off of performing investments. The balance has reduced from $40.5m to $26.4m over the six months.
Real Estate platform (27% of NAV) - The balance outstanding continues to reduce through loan sales and run-off. The exposure to this platform has reduced from $36.8m to $16.2m since December 2018.
Princeton (25% of NAV) - the Chapter 11 Trustee filed an adversary complaint against MicroBilt Corporation, alleging several actions of wrongdoing by MicroBilt and other defendants. A settlement conference was held in August with a group of investors, MicroBilt and the Chapter 11 Trustee but it did not result in a settlement of any claims. The Bankruptcy Court set a schedule to decide a motion that the Trustee plans to file to set the relative value of the partners' capital accounts and the estate's investments. An evidentiary hearing is set for 10 October. The Chapter 11 trustee's plan is based on the net equity method (capital invested less distributions). MicroBilt's proposal is based on the use of NAV as calculated by the management of Princeton in February 2018.
Liberum view

Total dividends paid since the wind-down strategy was approved at the end of June 2018 are 536p (55% of NAV at June 2018). The repayment of the loan to the vehicle services contract platform ahead of book value was a significant positive given LTV concerns on the portfolio. The main concern in the remaining assets is the possibility of Princeton's bankruptcy proceedings dragging on into 2020 and the potential for ongoing legal costs. Assuming the liquidation plan for Princeton is approved, the Princeton position will be reduced by $2.5m and the plan put forward by the Chapter 11 trustee suggests that $15m is a reasonable estimate of potential liquidation proceeds.

[rndm355] 15/8/2019 17:19

no - it is ex-dividend.

[beginner3] 15/8/2019 11:50

Guys, i am new to this, is it worth buying shares here.
is it slowly winding down and if i were to buy shares here today, will i get the special dividends.
thank you in advance.