RM INFRASTRUCTURE INCOME PLC

Net Asset Value • Dec 17, 2020

National Storage Mechanism | Additional information

RNS Number : 9095I

RM Secured Direct Lending PLC

17 December 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 30 November 2020, on a cum income basis, was 93.66 pence (31 October 2020: 91.91 pence).
RM ZDP PLC announces that the unaudited accrued capital entitlement per ZDP share as at 30 November 2020 was 109.55 pence (31 October 2020: 109.24 pence). # NAV The NAV total return for the month was +1.91%. The Ordinary Share NAV as at 30th November 2020 was 93.66 pence per Ordinary Share, which is 1.75 pence higher than at 31st October 2020. This overall gain comprises interest income, net of expenses, of 0.41 pence per Ordinary Share and increases in portfolio valuations totalling 1.34 pence per Ordinary Share (which includes all credit and currency movements and gains from share buy-backs). The Company repurchased a total of 119,114 Ordinary Shares during the month at an average price of 78.76 pence per Ordinary Share, being an average discount of 15.9% to the latest November NAV. The Board and the Investment Manager continue to monitor the share price discount to NAV. This brings the year-to-date purchases of shares by the Company, and, the total number held in treasury, to 2,711,141. # Portfolio Activity As at 30th November 2020, the Company's portfolio consisted of 33 debt investments with a running yield of 8.74%, diversified across 13 sectors, and, with the percentage split between fixed and floating rate of 67% to 33%. The portfolio structure is 65% in bilateral private loans; 33% in syndicated private loans; and 2% in corporate bonds. The full portfolio is displayed on the last page of this factsheet. There were no new investments during November. There were a number of positive portfolio valuations changes during the period, with two main contributors.  The first was the loan to the German auto parts manufacturer, Beinbauer (Loan Ref. 39), which has seen continued good operational performance since the Spring lockdown thus meriting the mark moving from 77.5% to 85% of nominal value; it is expected that this trajectory back to 100% of nominal value will continue over early 2021; the second contributor was the payroll and HR software provider, Zellis (Loan Ref. 37) which received an injection of capital by their sponsor Bain Capital during the month. This caused the value to appreciate from 70% to 78% of nominal value and again we expect the trajectory of this loan to reprice significantly higher than its current valuations given its robust operational performance, combined with the borrower agreeing to move from annual to monthly reporting from January 2021. RM Funds is happy with Zellis's business performance and its operational resilience throughout the Covid period, supporting RM Funds' key investment highlights, including its sector stability and long term contracts. It was noted in the July 2020 factsheet that Elysium, Voyage Care and Valeo Foods have had robust trading updates and that their marks/valuations had lagged the wider peer group. This remains the case and we expect these names, along with Zellis, to continue to make positive contributions to NAV performance over the coming months.
The Company also announces that the Monthly Report for the period to 30 November 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
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/

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