Rm Secured Direct Lending Share Discussion Threads

[cwa1] 23/7/2021 07:42

Morning

Name has changed to RM Infrastructure Income, ticker RMII...



I've set up a new thread with the new ticker if folk want to use it...



Cheers

[ramellous] 25/6/2021 17:48

Yup, Came at end of day. Usually get divis early doors

[a0002577] 25/6/2021 17:23

It is pay day today, ramellous, and mine is safeoy in my YouInvst account.

[ramellous] 25/6/2021 14:07

Is it not payday today? Nowt showing with ii

[cwa1] 16/6/2021 08:26

Dipped a toe in the water this morning for my maiden holding here. Mainly on a yield basis.

This morning's announcement seemed incrementally progressive.

Good fortune all

[a0002577] 16/9/2020 08:43

Today the company made this announcement - quite a coup.

" RMDL is therefore the only listed debt fund with access to the CBILS scheme which supports new loans into our focus areas, whilst supporting British businesses and protecting shareholders capital by reducing downside exposures. The Investment Manager sees this as a major credit enhancement for any eligible new loans which can be facilitated under the scheme.

The CBILS scheme is due to finish at the end of September and the Investment Manager is progressing on several transactions which will be eligible under the scheme."

[davebowler] 16/6/2020 10:07

Liberum;
Dividend cover on track

Mkt Cap £95m | Prem/(disc) -14.4% | Div yield 8.3%

Event

RM Secured Direct Lending's NAV per share at 31 May 2020 was 91.1p, representing a NAV total return of 2.3% for the month. The positive NAV performance was driven by net interest income of 0.5p (+0.6%) and an increase in portfolio valuations of 1.5p (+1.7%).

At 31 May the portfolio consisted of 33 debt investments with a running yield of 9.5%. The portfolio is diversified across 13 sectors and mainly comprises bilateral private loans (60% of portfolio). The remainder is in club or syndicated private loans (38%) and more liquid corporate debt (2%). During May, the manager sold the £3.5m position in Premier Foods to repay the revolving credit facility and provide additional capital for investment opportunities.

RMDL has also provided an update on the £4m asset backed corporate loan to Trent Capital. This is the second growth financing transaction, following a successful loan to ICP Nurseries (exited in 2019). These loans provide potential upside if the business executes its growth strategy and downside risk is mitigated by loan collateral.

In the case of Trent Capital, RMDL owns 46% of the new equity for providing the growth financing (currently valued at nil). Trent Capital operates three businesses - Fusion Energy (energy efficiency solutions for households), Trianco (manufacture and distribution of electric boilders) and Grizzly Ovens (manufacturer of charcoal ovens). The collateral for the loan includes a mixed property portfolio and two commercial land parcels. The manager has provided support to Trent's management team since 2019. The manager will receive options of 15% over the equity in Trent (exercisable once the loan to RMDL has been fully repaid).

Liberum view

Portfolio performance has remained robust and RMDL is on track to generate dividend cover of c.1.1x for H1 2020. Loan valuations have also continued to recover following the significant mark-to-market movement in March. There is potential for additional NAV upside as the average mark on the portfolio is 92.52. The valuation is based on fair value estimates using a combination of third-party pricing (34% of the portfolio) and an independent valuation agent (66% of portfolio). RM Secured Direct Lending should be relatively well positioned in the direct lending sector given its flexible mandate and diversified portfolio. Downside risk is mitigated by collateral, loan structuring and covenant packages.

[killing_time] 25/2/2020 18:24

Div and Special div announced.

[killing_time] 17/10/2019 18:45

Placing announced at 100p.

[a0002577] 01/5/2019 18:47

And a special dividend announced today - so still a happy holder!

[a0002577] 21/8/2018 14:18

Recent results seem to confirm that everything is going to plan - so still a happy holder

[a0002577] 19/4/2017 08:31

Two RNS updates today - seems to be on track to meet expectations.

[spectoacc] 12/4/2017 10:54

Interesting real price in the market.

6.5% yield target "in 2018" and more like 4% this year.

Not seen a NAV RNS for a month but c.97.38p makes me reluctant to pay a premium - particularly since having considered RMDL & SQN, I've ended up very overweight SMEF, & all 3 operate in similar area.

Good luck.

[a0002577] 12/4/2017 10:33

Picked up a few more of these today for my SIPP at a price of 101 - so marked as a SELL.

Looking forward to first dividend now.

Seems to be ticking on well with loans being made at attractive yields.

[fabiowelborn] 27/12/2016 18:37

Re post 3, thanks Rik. checked with TD Direct Investing and they hadn't updated their records. Now got some tucked away in the SIPP...

[moormoney] 22/12/2016 13:57

This one looks interesting and could do very well. Joanne Hart covered it for the Mail on Sunday and highlighted the dividend prospects. I have just picked up a few while it's quiet.

[rik shaw] 16/12/2016 20:08

That doesn't sound right as it was being of offered at IPO straight into SIPPS...

[fabiowelborn] 16/12/2016 10:45

Just tried buying RMDL into my SIPP and apparently its not eligible for this.

[davebowler] 15/12/2016 10:29

It has the aim of investing in a wide selection of loans (secured on assets) to small to medium sized UK businesses.

It expects to pay an annual dividend of 6%, and as the loans it invests in will tend to be at a higher rate than that so there may be a bit of capital growth too.