16 Sep 2020 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 31 August 2020, on a cum income basis, was 91.97 pence (31 July 2020: 91.56 pence). | |||||||||||||||
RM ZDP PLC announces that the unaudited accrued capital entitlement per ZDP share as at 31 August 2020 was 108.62pence (31 July 2020: 108.30 pence). NAV The NAV total return for the month was 0.45%. The Ordinary Share NAV as at 31st August 2020 was 91.97 pence per share, which is 0.41 pence higher than at 31st July 2020, comprising interest income net of expenses of 0.53 pence per share and losses in portfolio valuations of 0.12 pence per share which includes all credit and currency movements and gains from share buy-backs. The Company repurchased a total of 1.175m shares during the month at an average price of 77.51 pence being an average discount of 15.7% to the latest August NAV. The Board and the Investment Manager continue to monitor this share price discount to NAV. Portfolio Activity There were no significant investments during August. As at 31st August, the Company's portfolio consisted of 33 debt investments with a running yield of 8.89%, diversified across 13 sectors, with the percentage split between fixed and floating rate of 66% to 34%. The portfolio structure is 63% in bilateral private loans; 35% in syndicated private loans; and 2% in corporate bonds. August was a busy month for portfolio investments with hotels and gyms being in their first full month of re-opening and the new Hotel Management Agreement (as referred to in our July factsheet) being signed as expected for the one development asset within the portfolio. A detailed portfolio update will be given on the interim results call for investors on 16th September at 2pm and a full transcript will be available afterwards on the company website https://rmdl.co.uk/investor-centre/investor-relations. CBILS The Coronavirus Business Interruption Loan Scheme (CBILS) provides financial support to smaller businesses (SMEs) across the UK that are losing revenue, and seeing their cashflow disrupted, as a result of the COVID-19 outbreak. The scheme enables lenders to provide loans of up to £5m, and the government provides a Business Interruption Payment "BIP" option, whereby the first 12 months of interest on the loan and some upfront fees are paid by the Government. The scheme provides the lender with a Government backed, partial guarantee (80%) against the balance of the finance whilst the borrower remains liable for the debt. RM Funds was accredited as a CBILS lender on 19th August and RMDL was recognised as the funding partner. RMDL is therefore the only listed debt fund with access to the CBILS scheme which supports new loans into our focus areas, whilst supporting British businesses and protecting shareholders capital by reducing downside exposures. The Investment Manager sees this as a major credit enhancement for any eligible new loans which can be facilitated under the scheme. https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils-2/ Pipeline The CBILS scheme is due to finish at the end of September and the Investment Manager is progressing on several transactions which will be eligible under the scheme.
Fund performance
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The Company also announces that the Monthly Report for the period to 31 August 2020 is now available to be viewed on the Company website: | |||||||||||||||
https://rmdl.co.uk/investor-centre/monthly-factsheets/ | |||||||||||||||
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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 | |||||||||||||||
Peel Hunt LLP - Financial Adviser and Broker | |||||||||||||||
Luke Simpson | |||||||||||||||
Liz Yong | |||||||||||||||
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/ |