RDL Realisation PLC Portfolio Update (7585E)

TIDMRDL

RNS Number : 7585E

RDL Realisation PLC

08 July 2019

8 July 2019

RDL Realisation Plc

("RDL" or the "Company")

Portfolio Update

The Company today provides the following update on its investment portfolio as of 31 May 2019. All figures are unaudited and based on management accounts.

The table below is an unaudited summary of the Company's investment portfolio and cash position as of 31 May 2019.

                                                                                   Net Balance               Net Balance 
 
                                               31/ 5/ 2019              30/4/2019 (USD 
                                                                         million) 
   Platform                                    (USD million) 
   SME/CRE Loans Platform                                  $34.5                     $34.8 
   Vehicle Services Contract Platform                      $27.8                     $29.3 
   Real Estate Loans Platform                              $15.7                     $20.3 
   Princeton                                               $15.0                     $15.0 
   International SME Lending Platform                       $5.0                           $5.0 
   Equipment Loans Platform                                $0.3                           $0.4 
   Invoice Factoring Platform                              $0.2                           $0.2 
   Consumer Loans Platform                                -$0.1                          -$0.1 
   Third SME Loans Platform                                 -$0.1                         -$0.1 
   Portfolio Total                                          $98.3                   $104.8 
    Cash held by RDL                                     $92.4                        $88.3 
    Grand Total                                           $190.7                        $193.1 
 

Note that the above figures do not include any accruals of payables at the fund level.

Significant events during May

We received one large loan payoff from our Real Estate Loan Platform in May in the amount of USD $4.5 million. For simplicity we included the proceeds in the cash balance above, even though these funds did not reach our account until 1 June. In May there was a decrease in the grand total balance of approximately USD $2.4 million. This decrease was primarily translational due to negative exchange rate movements. In addition, cash balances were further reduced by settling approximately USD $1.0 million in accounts payables.

Significant Events since 31 May 2019:

ZDP Repayment

As announced by the Company on 20 June 2019 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 would 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 on 21 June 2019 amounted to approximately USD $70.7 million. Note that this figure does not include associated transaction expenses, which had not yet been paid as of 31 May.

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.

Director appointment

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

Dividend payment

As previously announced by the Company on 23 May 2019, the Directors approved the payment of a dividend on the Ordinary Shares of 21.71 cents USD (17.14 pence) per Ordinary Share at a total cost of USD $3,500,000. The dividend will be paid on 12 July 2019 and charged to revenue reserves.

Other

Both the Consumer Loans Platform and the Third SME Loans Platform have negative net balances due to pay offs and the buildup of reserves that now exceed the gross value of these platforms. We will stop accruing any additional reserves for those platforms going forward.

For further information, please contact:

Link Company Matters Limited Secretary

[phone]

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

END

PFUQVLBBKDFZBBL

(END) Dow Jones Newswires

July 08, 2019 03:00 ET (07:00 GMT)