RMII Rm Infrastructure Income Plc

TIDMRMDL TIDMRMDZ TIDMTTM

RNS Number : 9386Z

RM Secured Direct Lending PLC

16 January 2020

 
               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 December 2019, on a cum income basis, was 97.79 
  pence (30 November 2019: 98.45 pence). 
 
 RM ZDP PLC announces that the unaudited accrued capital entitlement 
  per ZDP share as at 31 December 2019 was 106.18 pence (30 November 
  2019: 105.88 pence). 
 
  NAV 
  NAV % Total Return for the month was 1.06% and brings the NAV 
  % Total Return for the year to 8.18%. 
  The Ordinary Share NAV as at 31(st) December 2019 was 97.79 pence. 
  This monthly return of 1.06 % arises from positive net interest 
  income net of expenses of 1.03 pence and an increase in portfolio 
  valuations and currency hedging costs of 0.02 pence to give a 
  monthly return of 1.05 pence per share. The overall reduction 
  of the NAV from November of c.65p is caused by the combined ex-dividend 
  effect of the 1.70 pence total ordinary and special dividend 
  declared and paid in December. 
  Company & Portfolio Update 
  Over the quarter the portfolio has increased from GBP125m to 
  GBP134m of invested capital with the average yield increasing 
  by 2 bps to 8.84%. The portfolio consists of 34 investments split 
  across 13 sectors. YTD there have been Loan repayments and divestments 
  equating to GBP52m, 116 follow-on investments/drawdowns equating 
  to GBP28m and 13 new transactions equating to capital deployed 
  of GBP52m. 
  An interim dividend was declared for Q3 2019 and paid in December 
  2019 of 1.625 pence and an additional special dividend of 0.075pence 
  was declared and paid on these dates following portfolio outperformance 
  year to date. This gave a Q3 2019 total distribution of 1.7 pence 
  per ordinary share and a calendar 2019 year to date distribution 
  received for shareholders of 6.95 pence. 
  As noted to investors on 16(th) December via a portfolio update, 
  Satcom Global repaid their credit facilities. This borrower was 
  part of the initial portfolio at listing in 2016. RMDL had provided 
  flexible financing, which culminated in 54 drawdowns over 3 years 
  secured against physical assets and contracted cashflows. These 
  Loans totalled $10.4m and led to prepayment penalties which equated 
  to 0.51 pence over the month of December being paid by Satcom 
  to the Company. 
  The weighted average life of the Loans within the portfolio is 
  3.43 years (at end of Q3 it was 3.5 years) with a duration of 
  just under 1.50 years. The low duration is important as it signifies 
  that the portfolio does not have significant exposure to shifts 
  in interest rate sentiment. The YTD NAV return is 8.08%, ahead 
  the target 6.5 pence per share distribution target and is particularly 
  pleasing. 
  The final piece of positive news from the Company's perspective 
  is that an additional capital raise of GBP10m was secured in 
  November. This brings the issued share capital to over GBP122m 
  and was funded largely by new investors. This will allow the 
  Company to continue to diversify the portfolio and in addition 
  allows for the expense ratio to continue to be lowered by spreading 
  the Company's fixed costs across a larger capital base. 
  New Investments in the Quarter 
  Hotel Transaction - A new GBP4m bilateral private Loan, secured 
  over real estate and benefiting from a 30-year Full Repairing 
  & Insuring "FRI" Lease with a listed hospitality group. Maturing 
  in 5 years, coupon 9%. 
  Childcare - GBP5m participation to a private syndicated Loan 
  to Busy Bees nurseries, a leading childcare provider operating 
  374 nurseries across the UK and Ireland. Maturing in 2.5 years, 
  coupon Libor +475. 
  Student Accommodation - A new c.GBP6m bilateral private Loan 
  to Uninn Group. This is a social infrastructure investment to 
  fund four operating Student Accommodation assets located across 
  key university cities, Newcastle, Sheffield, Leicester, and Coventry. 
  Maturing in 5 years, coupon 9%. 
  Forecourt operators - An additional GBP2m participation in a 
  private syndicated Loan to MFG, a leading independent forecourt 
  operator within the UK, operating in excess of 900 sites and 
  a further GBP2m participation in a private syndicated Loan to 
  EG Group, the global independent forecourt operator and convenience 
  retailer operating in excess of 5,000 sites. Maturing in circa 
  5 years, coupon L+450 and L+475 respectively. 
  Food & Beverage - An additional GBP2m investment in the debt 
  instrument issued by Premier Food with a maturity in July 2022, 
  coupon Libor+500. 
  Outlook & Pipeline 
  The Investment Manager remains confident in its ability to originate 
  and close high-quality investments. It is focused on deploying 
  and recycling capital into non-cyclical sectors, with real asset 
  security and limited correlation to wider equity markets. The 
  monitoring of the existing loans remains a priority, with all 
  loans marked-to-market on a monthly basis reflecting perceived 
  or actual risks to underlying Loan performance. 
  The Investment Manager will continue to use part of their management 
  fee to purchase shares and will be notifying the market on or 
  shortly after 16(th) January that the purchase for Q4 2019 has 
  been completed, increasing their total direct holding to in excess 
  of 1,096,089 shares. 
 
 The Company also announces that the Monthly Report for the period 
  to 31 December 2019 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 7653 9690 
 
 Nplus1 Singer Advisory LLP - Financial Adviser and Broker 
 James Maxwell 
 Lauren Kettle 
 Tel: 020 7496 3000 
 
 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/ 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

NAVGPUPCGUPUGQA

(END) Dow Jones Newswires

January 16, 2020 02:00 ET (07:00 GMT)

Grafico Azioni Rm Infrastructure Income (LSE:RMII)
Storico
Da Mar 2024 a Apr 2024

Grafico Azioni Rm Infrastructure Income (LSE:RMII)
Storico
Da Apr 2023 a Apr 2024