RM Secured Direct Lending PLC Net Asset Value(s) (0898Z)

TIDMRMDL TIDMRMDZ TIDMTTM

RNS Number : 0898Z

RM Secured Direct Lending PLC

16 September 2020

 
                                                 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 August 2020, 
 on a cum income basis, was 91.97 pence (31 July 2020: 91.56 pence). 
 
RM ZDP PLC announces that the unaudited accrued capital entitlement per ZDP share as at 31 
 August 2020 was 108.62pence (31 July 2020: 108.30 pence). 
 NAV 
 The NAV total return for the month was 0.45%. The Ordinary Share NAV as at 31(st) August 2020 
 was 91.97 pence per share, which is 0.41 pence higher than at 31(st) July 2020, comprising 
 interest income net of expenses of 0.53 pence per share and losses in portfolio valuations 
 of 0.12 pence per share which includes all credit and currency movements and gains from share 
 buy-backs. 
 The Company repurchased a total of 1.175m shares during the month at an average price of 77.51 
 pence being an average discount of 15.7% to the latest August NAV. The Board and the Investment 
 Manager continue to monitor this share price discount to NAV. 
 Portfolio Activity 
 There were no significant investments during August. As at 31(st) August, the Company's portfolio 
 consisted of 33 debt investments with a running yield of 8.89%, diversified across 13 sectors, 
 with the percentage split between fixed and floating rate of 66% to 34%. The portfolio structure 
 is 63% in bilateral private loans; 35% in syndicated private loans; and 2% in corporate bonds. 
 August was a busy month for portfolio investments with hotels and gyms being in their first 
 full month of re-opening and the new Hotel Management Agreement (as referred to in our July 
 factsheet) being signed as expected for the one development asset within the portfolio. A 
 detailed portfolio update will be given on the interim results call for investors on 16(th) 
 September at 2pm and a full transcript will be available afterwards on the company website 
 https://rmdl.co.uk/investor-centre/investor-relations . 
 CBILS 
 The Coronavirus Business Interruption Loan Scheme (CBILS) provides financial support to smaller 
 businesses (SMEs) across the UK that are losing revenue, and seeing their cashflow disrupted, 
 as a result of the COVID-19 outbreak. The scheme enables lenders to provide loans of up to 
 GBP5m, and the government provides a Business Interruption Payment "BIP" option, whereby the 
 first 12 months of interest on the loan and some upfront fees are paid by the Government. 
 The scheme provides the lender with a Government backed, partial guarantee (80%) against the 
 balance of the finance whilst the borrower remains liable for the debt. 
 RM Funds was accredited as a CBILS lender on 19(th) August and RMDL was recognised as the 
 funding partner. 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. 
 https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils-2/ 
 Pipeline 
 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. 
 
 Fund performance                        1 month   3 months   6 months   1 year    2 years    ITD 
   --------------------  --------  ---------  ---------  --------  --------  ------ 
    NAV Total Return %     0.45%    (2.71%)    (3.34%)    (0.29%)    7.32%    14.9% 
   ====================  ========  =========  =========  ========  ========  ====== 
 
   The Company will be hosting an investor call at 14:00 BST 16(th) September 
   2020. To register, please click the following link: https://www.speakservecloud.com/register-for-call/286f13fd-85e4-4ec0-a27a-ddb92b273b9f 
 
   The Company also announces that the Monthly Report for the period 
   to 31 August 2020 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 
 James Macey White 
 Elizabeth Snow 
 Tel: [phone] 
 
 PraxisIFM Fund Services (UK) Limited - Administrator and Company 
  Secretary 
 Brian Smith 
 Ciara McKillop 
 Tel: [phone] 
 
 Nplus1 Singer Advisory LLP - Financial Adviser and Broker 
 James Maxwell 
 Carlo Spingardi 
 
 Peel Hunt LLP - Financial Adviser and Broker 
 Luke Simpson 
 Liz Yong 
 
 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/ 
 

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.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

NAVGPUGCBUPUGQA

(END) Dow Jones Newswires

September 16, 2020 02:00 ET (06:00 GMT)