8 Jan 2018 07:00
RM Secured Direct Lending Plc
("RMDL" or the "Company")
LEI: 213800RBRIYICC2QC958
Portfolio Update
RMDL, an investment trust specialising in secured debt investments, is pleased to announce an update on its progress as it continues to invest the proceeds of its £30 million (gross) C share issue of October 2017. In accordance with its investment policy, the Company has now closed or entered into binding commitments for investments by the C share portfolio with a total value of £22 million, of which £15 million has been cash funded with the remainder expected to be drawn down by the end of January.
The Company is also in the advanced due diligence and documentation phase on a number of other prospective investments and therefore the Investment Manager expects to have the proceeds from the C share issue to be substantially deployed on a cash basis by the end of February.
The C shares of £0.10 each (the "C Shares") will convert into ordinary shares of £0.01 each (the "Ordinary Shares") ranking pari passu with the existing Ordinary Shares on the basis of the NAV to NAV Conversion Ratio which is expected to be calculated, inter alia, on the earlier of (i) the close of business on the date to be determined by the Directors occurring not more than 10 Business Days after the day on which the Investment Manager shall have given notice to the Directors that at least 85 per cent. of the Net Proceeds (or such other percentage as the Directors and Investment Manager shall agree) shall have been invested; or (ii) six months after the C Shares were admitted. The Company will provide a further announcement in due course notifying when Conversion will occur.
Any income earned on C Shares prior to the Calculation Date will be attributable in full to holders of C Shares. Ordinary Shares arising on Conversion will rank pari passu with the Ordinary Shares in issue at the time of Conversion but will not be entitled to participate in any dividends or other distributions declared or payable in respect of the Ordinary Shares prior to Conversion.
Terms used and not defined in this announcement shall have the meaning given to them in the Company's prospectus issued on 24 November 2016.
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
PraxisIFM Fund Services (UK) Limited - Administrator and Company Secretary
Anthony Lee
Trish Standaloft
Ciara McKillop
Tel: 020 7653 9690
Nplus1 Singer Advisory LLP - Financial Adviser and Broker
James Maxwell
James Hopton
Tel: 020 7496 3000
Tulchan Group - Financial PR
James Macey White
Elizabeth Snow
Tel: 0207 353 4200
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/