RM Secured Direct Lending PLC Net Asset Value(s) (3267S)

TIDMRMDL TIDMRMDZ TIDMTTM

RNS Number : 3267S

RM Secured Direct Lending PLC

16 March 2021

 
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 28 February 2021, on a cum income basis, was 94.84 
 pence (31 January 2021: 94.13 pence). 
 
RM ZDP PLC announces that the unaudited accrued capital entitlement 
 per ZDP share as at 28 February 2021 was 110.47 pence (31 January 
 2021: 110.18 pence). 
 
 NAV 
 The NAV % total return for the month was +0.76% which takes the 
 NAV % Total return to +6.77% over the past 6 months. The Ordinary 
 Share NAV as at 28(th) February 2021 was 94.84 pence per Ordinary 
 Share, which is 0.71 pence higher than on 31(st) January 2021. 
 This overall gain comprises interest income net of expenses of 
 0.56 pence per Ordinary Share and increases in portfolio valuations 
 of 0.15 pence per Ordinary Share (which includes all credit and 
 currency movements and gains from share buy-backs). 
 During the month the Company declared a n interim dividend of 
 1.625 pence per ordinary share in respect of the period from 
 1 October 2020 to 31 December 2020. This provides dividend cover 
 of 1.21x and an earnings surplus of 1.096 pence per ordinary 
 share in relation to 31 December 2020, which is transferred to 
 revenue reserves. The ex-dividend date is 4(th) March and payment 
 date 26(th) March. 
 The Company repurchased a total of 160,000 Ordinary Shares during 
 the month at an average price of 87.81 pence per Ordinary Share, 
 being an average discount of 7.41% to the latest February 2021 
 NAV. The Board and the Investment Manager continue to monitor 
 the share price discount to NAV. This brings the total number 
 of shares held in treasury to 4,279,799. 
 Portfolio Activity 
 As of 28(th) February, the Company's portfolio consisted of 36 
 debt investments with a yield of 8.30%, diversified across 15 
 sectors and split 77% fixed rate and 23% floating rate. The portfolio 
 structure is 75% in bilateral private loans, 23% in syndicated 
 private loans, and, 2% in corporate bonds. 
 The full portfolio is set out on the page 5 of this factsheet. 
 There were two new investments during February totalling GBP4.5m 
 which were eligible for CBILS, bringing the total portfolio exposure 
 to CBILS eligible loans to 15%. The Investment Manager is targeting 
 in the near-term a portfolio allocation of 22.5% under the CBILS 
 scheme. The first transaction was GBP4m (loan reference 84) to 
 a developer and operator of student accommodation assets with 
 a c. 60% LTV ratio; and the second investment (loan reference 
 81) was to a growing wealth management business with a Debt/EBITDA 
 metric of c. 2.8x. Both loans are senior and secured over the 
 businesses' assets and cash-flows. 
 Post month end, the Chancellor announced the Recovery Loan Scheme 
 as the follow on to the CBILS. This expands on the CBIL scheme 
 and allows for loans of up to GBP10m to benefit from the same 
 80% UK Government Guarantee. 
 The ZDP shares come to the end of their 3-year life on 6 April 
 2021, with a final capital entitlement payable of 110.91p per 
 ZDP share. The ZDP shares are not expected to be rolled over 
 and a separate announcement will shortly be made regarding their 
 repayment, cancellation and refinancing. 
 
The Company also announces that the Monthly Report for the period 
 to 28 February 2021 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 
Tel: [phone] 
 
Peel Hunt LLP - Financial Adviser and Broker 
Luke Simpson 
Liz Yong 
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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March 16, 2021 03:10 ET (07:10 GMT)