RM INFRASTRUCTURE INCOME PLC

Net Asset Value • Nov 16, 2020

National Storage Mechanism | Additional information

RNS Number : 3204F

RM Secured Direct Lending PLC

16 November 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 October 2020, on a cum income basis, was 91.91 pence (30 September 2020: 91.58 pence).
RM ZDP PLC announces that the unaudited accrued capital entitlement per ZDP share as at 31 October 2020 was 109.24 pence (30 September 2020: 108.92 pence). # NAV The NAV total return for the month was 0.36%. The Ordinary Share NAV as at 31st October 2020 was 91.91 pence per Ordinary Share, which is 0.33 pence higher than at 30th September 2020. This overall gain comprises interest income net of expenses of 0.45 pence per Ordinary Share and reductions in portfolio valuations of 0.12 pence per Ordinary Share (which includes all credit and currency movements and gains from share buy-backs). The Company repurchased a total of 103,027 Ordinary Shares during the month at an average price of 79.00 pence, being an average discount of 14.0% to the latest October NAV. The Board and the Investment Manager continue to monitor this 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 2,592,027. # Portfolio Activity As at 31st October, the Company's portfolio consisted of 33 debt investments with a running yield of 8.90%, 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 October. Regarding the loan identified as Ref 68, the borrower of a newly built and vacant purpose-built student accommodation asset in Coventry is agreeing final terms with an operator so marketing can begin to source tenants for the Spring 2021 term. The loan was marked lower from 93% to 90% of face value during the month to reflect the fact of i) second lockdown concerns and ii) that the value is being impacted by the vacant nature of the building. For Energie Fitness gym franchise business (Loan Ref: 76), October was a strong period ahead of the second lock-down. Under the new leadership team, Energie Fitness has sold five new franchises and has an excellent pipeline of multi-site operators looking to launch under the Energie Fitness brand in 2021. In addition to signing two new international agreements covering Iberia and India, it has launched a new multi-channel service catering to customers' evolving fitness requirements. The business had positive trading EBITDA going into the second lock-down and a robust contingency plan to deal with restricted operations. Due to the increased business risk arising from the second lockdown, as their gym network has been closed, the loan was marked from 90% to 87.5% of face value during the month. Corona Virus Business Interruption Loan Scheme ("CBILS") The CBILS scheme has been extended by the Government to the end of January and the main focus for new business remains supporting eligible companies and repositioning the portfolio exposure to CBILS counterparties / HM Government.
The Company also announces that the Monthly Report for the period to 31 October 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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