16 Feb 2021 07:00
RM Secured Direct Lending Plc and RM ZDP PLC
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("RMDL" or the "Company") |
LEI: 213800RBRIYICC2QC958 |
Net Asset Value |
RMDL announces that its unaudited net asset value per ordinary share as at 31 January 2021, on a cum income basis, was 94.13 pence (31 December 2020: 93.88 pence). |
RM ZDP PLC announces that the unaudited accrued capital entitlement per ZDP share as at 31 January 2021 was 110.18 pence (31 December 2020: 109.87 pence).
NAV The NAV total return for the month was 0.26%. The Ordinary Share NAV as at 31st January 2021 was 94.13 pence per Ordinary Share, which is 0.25 pence higher than at 31st December 2020. This overall gain comprises interest income net of expenses of 0.21 pence per Ordinary Share and increases in portfolio valuations of 0.04 pence per Ordinary Share (which includes all credit and currency movements and gains from share buy-backs). The net-interest income was a little lower than normal due to the accounting effect of the buy-back of 581,000 shares on the last day of December 2020 which meant that the December 2020 NAV was accounted using the reduced number of shares in circulation yet the cash outflow was accounted as being paid in January 2021. After adjusting for these movements, the net-interest income in January was 0.57 pence per share (and the corresponding pro forma net interest income in December 2020 would be reduced by 0.36 pence per share). The Company repurchased a total of 259,500 Ordinary Shares during the month at an average price of 87.02 pence, being an average discount of 7.55% to the latest January 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 4,119,799. The Investment Manager also purchased 12,500 shares during the month at 87.10 pence to bring their total holding to 1,249,825 shares. Portfolio Activity As at 31st January, the Company's portfolio consisted of 35 debt investments with a running yield of 8.26%, diversified across 14 sectors with the percentage split between fixed and floating rate of 74% to 26%. The portfolio structure is 72% in bilateral private loans; 26% in syndicated private loans; and 2% in corporate bonds. The full portfolio is set out on the last page of this factsheet. There were no new investments during January. The focus remains on allocating to Social Infrastructure transactions and the pipeline of opportunities within the Accommodation, Childcare and Healthcare sectors is strong with a number of potential borrowers going through due diligence and documentation. These transactions will likely be funded where loans meet the scheme eligibility criteria by RMDL's increased CBILS allocation which was approved by the British Business Bank during the month. The Investment Manager is targeting investment of up to £25m under this scheme which would represent 22.5% of Company net assets.
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The Company also announces that the Monthly Report for the period to 31 January 2021 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 |
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/ |