RM Secured Direct Lending PLC Net Asset Value(s) (2310J)

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RNS Number : 2310J

RM Secured Direct Lending PLC

16 August 2019

 
                   RM Secured Direct Lending Plc and RM ZDP PLC 
 
                             ("RMDL" or the "Company") 
 
                             LEI: 213800RBRIYICC2QC958 
 
                                  Net Asset Value 
 
 RMDL announces that its unaudited net asset value per ordinary 
  share as at 31 July 2019, on a cum income basis, was 98.69 pence 
  (30 June 2019: 98.00 pence). 
 
            RM ZDP PLC announces that the unaudited accrued capital entitlement 
             per ZDP share as at 31 July 2019 was 104.69 pence (30 June 2019: 
             104.38 pence). 
 
             NAV Return 
             The NAV total return for the month was 0.70%, bringing the cumulative 
             year to date figure to 5.56%. 
             The Ordinary Share NAV as at 31(st) July 2019 was 98 69 pence 
             per share, which is 0.69 pence higher than at 30(th) June 2019, 
             comprising interest income net of expenses of 0.58 pence and 
             an increase in portfolio valuations of 0.11 pence net of currency 
             hedges. 
             Portfolio Activity 
             As at the 31(st) July 2019, the Company's portfolio consisted 
             of 36 debt investments with a weighted average yield of 8.62%, 
             spread across 13 sectors, with a split between fixed and floating 
             rate debt of 60/40. The Investment Manager is focused on reducing 
             interest rate risk by keeping the tenors on fixed rate investments 
             generally shorter dated. Overall, the portfolio has the following 
             approximate breakdown: 56% represented by directly originated 
             private loans; 39% in club or syndicated private loans; and 5% 
             in more liquid corporate debt. Consequently, private debt investments 
             represent 95% of the portfolio. 
             Despite a Loan repayment of GBP4m in the month, the portfolio 
             size remained largely unchanged at GBP125m. The repaid Loan was 
             made in 2017 and scheduled for repayment in 2019; it is pleasing 
             to see the portfolio continue to mature and for capital to be 
             recycled into new investment opportunities. 
             The transaction highlights are as follows: 
              *    Euroports, a leading European port infrastructure 
                   operator: EUR2m participation in private syndicated 
                   facility maturing 2026 paying Euribor +775. This 
                   investment follows the key theme for the Company of 
                   investing in real assets with visible cashflows. In 
                   addition, there is significant sponsor equity support 
                   sitting below the RMDL investment and the business 
                   offers substantial asset and cash flow coverage. 
 
 
              *    Hydro transaction repaid: GBP4m 
 
 
              *    Student accommodation in Coventry: one and a half 
                   year tenor, 9%. Two further drawdowns of GBP0.43m. 
 
 
              *    Energy efficiency revolving receivables facility, 
                   four further drawdowns of GBP0.21m. 
 
 
              *    Telecommunications equipment: three year tenor 10.5%: 
                   four further drawdowns of $0.56m 
 
 
              *    Partial divestment: Voyage Care 5.875% 2023, GBP0.25m 
 
 
              *    Residential property development: 7.5% maturity 2020, 
                   the ninth drawdown GBP0.20m 
 
 
              *    Manufacturing and energy efficiency: 8% three year 
                   tenor, GBP0.15m second drawdown. 
 
 The Company also announces that the Monthly Report for the period 
  to 31 July 2019 is now available to be viewed on the Company 
  website: 
 https://rmdl.co.uk/investor-centre/monthly-factsheets/ 
 Recent research from Hardman & Co: 
  https://rmdl.co.uk/2019/06/hardman-co-rmdl-research/ 
                                        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 
 James Macey White 
 Elizabeth Snow 
 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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August 16, 2019 02:00 ET (06:00 GMT)