RDL Realisation PLC Portfolio Update (9488C)

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RNS Number : 9488C

RDL Realisation PLC

20 June 2019

20 June 2019

RDL Realisation Plc

("RDL" or the "Company")

Portfolio Update

The Company today provides the following update on its investment portfolio as of 30 April 2019. All figures are unaudited and based on management accounts.

The Company has made additional progress in winding down the portfolio since the previously published update as of 31 March 2019. The table below is an unaudited summary of the Company's investment portfolio and cash position.

 
     Platform                            Net Balance              Net Balance 
                                        as at 30 April         as at 31 March 2019 
                                              2019 
                                        (USD $ million)          (USD $ million) 
     SME/CRE Loans Platform                  34.8                     37.7 
     Vehicle Services Contract 
      Platform                               29.3                     31.0 
     Real Estate Loans Platform              20.3                     28.4 
     Princeton                               15.0                     15.0 
     International SME Lending 
      Platform                               5.0                      5.0 
     Equipment Loans Platform                0.4                      0.5 
     Invoice Factoring Platform              0.2                      0.2 
     Consumer Loans Platform                 -0.1                     0.0 
     Third SME Loans Platform                -0.1                     -0.1 
     Portfolio Total                        104.8                    117.7 
 
     Cash held by RDL                        89.0                     76.4 
 
      Grand Total                           193.8                    194.1 
 

Significant Events since 30 April 2019

In April, the Company received approximately $10 million in repayments for real estate loans, one of which was a defaulted loan of $6 million which was paid off at a slight premium to book.

We have a defaulted real estate loan for $2.8 million which is now under contract for sale for $2.5 million less certain closing costs. This will result in a write-off of approximately $0.5 million. It is expected to close within the next 30 days.

ZDP Repayment

As announced by the Company today resolutions to place its subsidiary, RDLZ Realisation PLC ("ZDP Co") into a members' voluntary winding up and to amend the amounts payable in respect of the zero dividend preference shares ("ZDP Shares") issued by ZDP Co so that ZDP Shareholders receive a Final Capital Entitlement of 121.887 pence per ZDP Share were passed at the ZDP Class Meeting and the General Meeting of ZDP Co held on 20 June 2019. The cost to the Company of repaying the ZDP Shares will amount to approximately GBP55.7 million.

Princeton Update

Recently, Microbilt Corporation recruited an informal group of minority investors to support its alternative Chapter 11 plan, which is vague in structure and content. Among other things, the Microbilt plan leaves the fund in bankruptcy for an indeterminate period of time. The Company believes that the Microbilt plan is not in the best interest of the Company or other investors. The Company will support the Plan filed by the Chapter 11 Trustee and seek its confirmation before the Bankruptcy Court.

Other Updates

As previously announced by the Company, Nick Paris was appointed as a Director of the Company with effect from 20 May 2019.

As previously announced by the Company on 22 May 2019, the Directors approved the payment of dividend on the Ordinary Shares of $21.71 cents (GBP 17.14 pence) per Ordinary Share at a total amount of $3,500,000. The dividend will be paid in July 2019 and charged from revenue reserves.

For further information, please contact:

   Link Company Matters                                                      [phone] 

Limited Secretary

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END

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June 20, 2019 11:47 ET (15:47 GMT)