16 Mar 2021 07:00
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 28th February 2021 was 94.84 pence per Ordinary Share, which is 0.71 pence higher than on 31st 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 an 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 4th March and payment date 26th 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 28th 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 £4.5m 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 £4m (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 £10m 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: 0131 603 7060 |
International Fund Management - AIFM |
Chris Hickling |
Shaun Robert |
Tel: 01481 737600 |
Tulchan Group - Financial PR |
James Macey White |
Elizabeth Snow |
Tel: 0207 353 4200 |
PraxisIFM Fund Services (UK) Limited - Administrator and Company Secretary |
Brian Smith |
Ciara McKillop |
Tel: 020 4513 9260 |
Nplus1 Singer Advisory LLP - Financial Adviser and Broker |
James Maxwell |
Carlo Spingardi |
Tel: 020 7496 3000 |
Peel Hunt LLP - Financial Adviser and Broker |
Luke Simpson |
Liz Yong |
Tel: 020 7418 8900 |
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/ |