RDL.L Regulatory News (RDL)

7 August 2019

RDL Realisation PLC 

(the "Company" or "RDL")

Portfolio Update

As previously announced by the Company and pursuant to the Company's ultimate objective of effecting a managed wind down of its portfolio with a view to realising all of its investments, the Board continues to work with the management teams of each of the platforms through which it has invested.

In connection with these efforts, the Company has entered into an agreement that has refinanced the entire balance of the loans, secured by vehicle service contracts ("VSC").

As of 6 August 2019, the effective date of the refinancing, the Company received a payoff of all of the outstanding obligations secured by VSCs, including principal, interest and reimbursable expenses totalling USD 27.9 million. With the repayment at par, the Company will recognise income, reversing the amount reserved on the loan in the 31 December 2018 financial statements.

The Company still has a USD 4.5 million enterprise value loan outstanding to a related entity of the VSC platform. This loan was due in May 2019; the Company continues to receive monthly interest. RDL is in active discussions with the management of the VSC platform to restructure the loan owed in a mutually agreed upon and timely manner.

The Company intends to announce a further special dividend following the refinancing of the loan. The amount and timing of the special dividend will be determined with regard to the obligations of the Company and the maintenance of sufficient reserves. The Company will also look to structure its dividend payments to maintain investment trust status for so long as it remains listed. Further announcements regarding dividend payments will be made in due course.

This announcement contains inside information.

For further information, please contact:

LEI: 549300VGZSKYQ7C2U221