TIDMRMDL
RNS Number : 1801L
RM Secured Direct Lending PLC
17 July 2017
17 July 2017
RM Secured Direct Lending Plc
("RMDL" or the "Company")
Quarterly Update
RMDL, an investment trust specialising in secured debt
investments, today announces its quarterly update, having continued
to deploy funds and grow its portfolio of higher yielding secured
lending opportunities. The Factsheet for the period to 30 June 2017
is now available to be viewed on the Company website
https://rm-funds.co.uk/rmdl/investor-reports/.
As at 30 June 2017, the NAV per share was 97.57p and Total Net
Assets were GBP55.9m. A dividend of 0.2p was paid during the month
of June for the period from December 2016 to 31 March 2017.
RM Capital Markets Limited (the "Investment Manager") has
continued to make progress originating and managing robust credit
opportunities with quality businesses across a range of sectors,
having substantially deployed the GBP7.1m raised in May 2017 via a
placing of 7m new shares at 101.25p.
The Company's portfolio now comprises a total of 18 Loans across
10 sectors, with an average yield of 7.72% and a weighted-average
life of 3.89 years.
New transactions during the quarter include:
-- Healthcare: GBP4.7m, 6-year Secured Notes achieving a blended
yield of circa 8.5%, to Voyage Care, the UK's largest provider of
critical care to people who have severe learning disabilities and
related disorders
-- Energy: Three private bespoke energy transactions totalling
GBP9.2m with an average net yield of just under 8%, well secured on
assets which will be generating environmentally friendly energy
across the hydro power and biofuel sectors
-- Consumer Finance: GBP2m investment in 7-year Senior Secured
Notes paying 7.4% to NewDay, the leading UK consumer finance
provider
-- Property Bridging: There have been three drawdowns totalling
GBP3.5m across the facilities which were established and announced
in Q1. The average yield is in excess of 8% with LTV sub 65%
The Company now has GBP58m of commitments of which GBP42m has
been deployed on a cash basis. Approximately 20% are in public debt
transactions, with the remainder split between club transactions,
private bilateral loans and cash.
The portfolio has limited exposure to currency movements as 25%
is deployed in Libor or inflation Loans of the fixed rate loans
approximately 30% have a maturity of under three years.
The Investment Manager has an active pipeline of opportunities,
some of which are due to close imminently, including GBP5.5m to
fund an asset finance portfolio, ring-fenced as an asset pool of
around 500 assets. This transaction is expected to grow this part
of the portfolio, which is also expected to increase its proportion
of Property Bridging over the next quarter, due to the low
leverage, short-dated tenors and secure nature of these
transactions.
Non-material changes to the Company's investment policy
The Company's investment objective and investment policy refer
to investment in Loans to UK SMEs and mid-market corporates. The
Board, with the support of the Investment Manager, has resolved
that investments may (provided they otherwise comply with the
Company's investment policy) also be made in Loans made to
individuals and also to non-UK SMEs, provided that the assets
and/or principle operations are within the UK.
The Company's investment objective and investment policy (as
revised) is available on the Company's website at
https://rm-funds.co.uk/rmdl/.
Investment Manager's Holding
RMDL, an investment trust specialising in secured debt
investments, announces that RM Capital Markets Limited (the
"Investment Manager") acquired 32,672 ordinary shares of 1 pence
each ("Ordinary Shares") in the Company at 102.25 pence per share
on 13 July 2017. This purchase was made pursuant to the Investment
Manager's commitment to invest 50 per cent. of its management fee,
on a quarterly basis, in Ordinary Shares.
Following the purchase, the Investment Manager's total holding
of Ordinary Shares is 567,699.
James Robson, Chief Investment Officer of RM Capital Markets
Limited, said:
"In the six months since we listed, we have successfully
delivered against our strategy. This has been another positive and
active quarter during which we raised and deployed new funds, and
grew the portfolio. We also paid our maiden dividend, as part of
our objective to generate sustainable dividends. We continue to see
significant opportunity to offer funding solutions to businesses
that are below the radar of many larger institutional direct
lenders or traditional banks, but are too large or have more
complex requirements to suit P2P platforms. We continue to source
opportunities with businesses of varying sizes, that meet our
strict credit criteria, and that enable us to continue to deliver
value to shareholders."
-End-
For further information, please contact:
RM Capital Markets Limited - Investment Manager
James Robson
Pietro Nicholls
Tel: 0131 603 7060
Nplus1 Singer Advisory LLP - Financial Adviser and Broker
Gillian Martin
James Hopton
Tel: 020 7496 3000
Bell Pottinger - Financial PR
Elizabeth Snow
Tel: 020 3772 2582
International Fund Management - AIFM
Chris Hickling
Tel: 01481 737600
PraxisIFM Fund Services (UK) Limited - Administrator and Company
Secretary
Anthony Lee
Tel: 020 7653 9690
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://rm-funds.co.uk/rmdl/investor-relations/
This information is provided by RNS
The company news service from the London Stock Exchange
END
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