11 Mar 2020 07:00
11 March 2020
RDL Realisation Plc
("RDL" or the "Company")
Portfolio Update
The Company today provides the following update on its investment portfolio as of 31 January 2020. All figures are unaudited and based on management accounts.
The table below is an unaudited summary of the Company's investment portfolio and cash position as of 31 January 2020:
Platform | 31/01/2020* (USD million) | 31/12/2019* (USD million) |
|
|
|
SME/CRE Loans Platform | $5.2 | $9.1 |
Vehicle Services Contract Platform | $0.2 | $0.2 |
Real Estate Loans Platform | $11.7 | $11.7 |
Princeton | $13.5 | $13.5 |
International SME Lending Platform | $2.5 | $2.5 |
Equipment Loans Platform | $0.2 | $0.3 |
|
|
|
Portfolio Total | $33.3 | $37.2 |
|
|
|
Cash held by RDL | $15.7 | $11.7 |
|
|
|
Grand Total | $49.0 | $49.0 |
*December and January values reflect 3rd party valuation adjustments
Significant Events during January 2020:
Approximately $3.9 million cash was collected on the SME/CRE Loans Platform which is net of discounts/ write-offs.
On 9 January 2020, the Directors of the Company declared a special dividend of £0.33 per ordinary share (equivalent US$0.43 per ordinary share) (the "Special Dividend") to be paid on 10 February 2020 to shareholders on the register as of 17 January 2020. The ex-dividend date was 16 January 2020.
Significant Events since 31 January 2020:
The Special Dividend of US$7 million declared on 9 January 2020 was paid to shareholders on 10 February 2020.
Princeton Update:
On Wednesday 19 February 2020, the Court-appointed Chapter 11 Trustee in the Princeton Alternative Income Fund Chapter 11 case filed a Fifth Amended Plan of Reorganisation (the "Amended Plan") and related pleadings requesting the Bankruptcy Court to confirm the Amended Plan and approve a settlement agreement incorporated under its terms. The Amended Plan is the result of extensive negotiations between the Trustee, RDL, other investors and MicroBilt Corporation and its related entities and persons. As a result of these negotiations, the Amended Plan has the support of all key economic constituents in the Chapter 11 case. The Amended Plan provides a cash payment to RDL on the effective date of the Amended Plan in the amount of US$13,483,500. The Bankruptcy Court has set a hearing date of 13 March 2020 to rule on the confirmation of the Amended Plan. The effective date of the Amended Plan is expected to occur before the end of March 2020, at which time RDL should receive the cash distribution under the terms of the confirmed Amended Plan and a related confirmation order.
For further information, please contact:
Link Company Matters Limited
Secretary +44 (0)1392 477571