RM Secured Direct Lending PLC Net Asset Value(s) (3783C)

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RNS Number : 3783C

RM Secured Direct Lending PLC

17 June 2019

 
                RM Secured Direct Lending Plc and RM ZDP PLC 
 
                          ("RMDL" or the "Company") 
 
                          LEI: 213800RBRIYICC2QC958 
 
                    Net Asset Value and Investment Update 
 
 RMDL announces that its unaudited net asset value per ordinary 
  share as at 31 May 2019, on a cum income basis, was 99.59 pence 
  (30 April 2019: 98.95 pence). 
 
      RM ZDP PLC announces that the unaudited accrued capital entitlement 
       per ZDP share as at 31 May 2019 was 104.09 pence (30 April 2019: 
       103.79 pence). 
 
       The NAV total return for the month was 0.65%, bringing the cumulative 
       year to date figure to 4.39%. 
       The Ordinary Share NAV as at 31 May 2019 was 99.59 pence per 
       share, which is 0.64 pence higher than at 30(th) April 2019, 
       comprising interest income net of expenses of 0.71 pence and 
       a decrease in portfolio valuations of 0.07 pence net of currency 
       hedges. 
       The Company announced a dividend of 2.00 pence during the month 
       with an ex-dividend date of 6(th) June. This was split between 
       1.625 pence per share as an interim and 0.375 pence per share 
       as a special dividend following portfolio outperformance in Q1 
       2019. 
       As at the 31 May 2019, the Company's portfolio consisted of 34 
       debt investments with an average yield of 8.55%, spread across 
       13 sectors, with a split between fixed and floating rate debt 
       of 60/40. The Investment Manager focuses on reducing interest 
       rate risk by keeping the tenors on fixed rate investments generally 
       shorter dated. Overall the portfolio has the following approximate 
       breakdown; 57% represented by bilateral private loans, 38% in 
       club or syndicated private loans and 5% in more liquid corporate 
       debt. Consequently, private debt investments represent 95% of 
       the portfolio. 
       The Investment Manager continued to grow the overall size of 
       the portfolio by GBP4m to GBP124m during the month, despite three 
       loan repayments. The transaction highlights are as follows: 
        *    Three property bridging transactions repaid totalling 
             circa: GBP3.5m. 
 
 
        *    A new hospitality and leisure transaction secured 
             over a real estate asset primarily leased to 
             Travelodge: three year tenor, 10% GBP900,000. 
 
 
        *    Student accommodation in Coventry: one and a half 
             year tenor, 9%. Two further drawdowns GBP0.37m 
 
 
        *    Energy efficiency revolving receivables facility, 
             five further drawdowns GBP0.37m. 
 
 
        *    Telecommunications equipment: three year tenor 10.5%: 
             four further drawdowns, $0.75m 
 
 
        *    Telecommunications revolving receivables facility, 
             one further drawdown, $1,3m. 
 
 
        *    Valeo foods, a branded food manufacturer: six year 
             facility 9.5%: increase in existing loan facility 
             participation, GBP1.5m. 
 
 
        *    Food manufacturer: three year tenor 5.8% - new 
             investment in existing bond issue GBP3m. 
 
 The Company's Monthly Report for the period to 31 May 2019 is 
  now available to be viewed on the Company website: 
 https://rmdl.co.uk/investor-centre/monthly-factsheets/ 
 
                                     END 
 
  For further information, please contact: 
 RM Capital Markets Limited - Investment Manager 
 James Robson 
 Pietro Nicholls 
 Tel: [phone] 
 
 International Fund Management - AIFM 
 Chris Hickling 
 Shaun Robert 
 Tel: [phone] 
 
 Tulchan Group - Financial PR 
 Elizabeth Snow 
 Deborah Roney 
 Tel: [phone] 
 
 PraxisIFM Fund Services (UK) Limited - Administrator and Company 
  Secretary 
 Anthony Lee 
 Ciara McKillop 
 Tel: [phone] 
 
 Nplus1 Singer Advisory LLP - Financial Adviser and Broker 
 James Maxwell 
 Lauren Kettle 
 Tel: [phone] 
 
 About RM Secured Direct Lending 
 
 RM Secured Direct Lending Plc ("RMDL" or the "Company") 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/monthly-factsheets/ 
 

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June 17, 2019 02:00 ET (06:00 GMT)