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RNS Number : 9434I
RM Secured Direct Lending PLC
14 August 2019
 

RM SECURED DIRECT LENDING PLC

 

(the ''Company'' or "RMDL")

 

INTERIM RESULTS

 

CONTINUED PORTFOLIO GROWTH AND DIVERSIFICATION

 

RMDL, an investment trust specialising in secured debt investments, announces its results for the six months ended 30 June 2019 (the "Period").

 

HIGHLIGHTS

·    Exceeded dividend target with 3.625p Ordinary Share paid during the Period, making a total target in excess of 6.5p for the year ending 31 December 2019

·    Loan investments totalled £122m with an increased average yield of 8.61%

-      Diversified portfolio with 35 debt investments (H1 2018: 30 investments) across 13 sectors (H1 2018: 15 sectors)

-      54% of portfolio is senior secured supported by high quality junior secured investment in defensive sectors

-      Weighted average life: 3.46 years (H1 2018: 3.86 years)

·    Focus on secured investments operating in non-cyclical sectors with tangible asset backing or visible cash-flows

·    Successful capital raise of 13.5m new Ordinary Shares at a price of 100p per share in March 2019 

 


Six months ended

30 June 2019

Six months ended

30 June 2018

Gross asset value (£'000)

£124,300

£107,600

Net Asset Value ("NAV") per Ordinary Share

98.00

97.73

Ordinary Share price

101.50p

101.50p

Ordinary Share premium to NAV

3.6%

3.7%

Total return - Ordinary Share NAV and dividends

+4.9%

+3.0%

 

 

Norman Crighton, Chairman of the Company, said:

 

"The Board is pleased to report another strong performance by RMDL for the first half of the year, supported by the breadth and diversity of its portfolio. During the Period, the portfolio grew 18% to £122m through selective investments in secured and tailored debt solutions across 13 sectors in 35 investments. We remain confident in the Company's long-term outlook, having delivered an aggregate dividend of 3.625p, exceeding the half yearly target."

"Once again, we have been able to deliver attractive returns to our Investors with a NAV total return in  the Period of 4.9%. Over the longer term, RMDL is well placed to take advantage of the strong pipeline of opportunities and continued investor appetite for yield. In the year ahead, we are confident in RMDL's ability to continue providing its Investors with long-term, attractive dividends as does the investment strategy that is proficiently executed by our Investment Managers."

 

 https://rmdl.co.uk/investor-centre/investor-relations/

 

LEI: 213800RBRIYICC2QC958

 

For further information, please contact:

 

RM Funds - Investment Manager

James Robson

Pietro Nicholls

 

0131 603 7060

N+1 Singer Advisory LLP - Financial Adviser and Broker

James Maxwell

Lauren Kettle

 

020 7496 3000

Tulchan Communications LLP - Financial PR

Elizabeth Snow

Deborah Roney

 

0207 353 4200

[email protected]

Praxis Fund Services Limited - Administrator and Company Secretary

Anthony Lee

Ciara McKillop

020 7653 9690

 

About RM Secured Direct Lending

RM Secured Direct Lending Plc 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.

 

About RM Funds

RM Funds is a trading name of RM Capital Markets Limited, the Investment Manager to RM Secured Direct Lending PLC and VT RM Alternative Income Fund. RM Capital is a specialist in alternative fund management, sales & trading, foreign exchange, and capital markets and advisory. Founded in 2010, with offices in Edinburgh, and London, it has transacted in excess of £50 billion of bonds and loans since its inception, and advised or originated, structured and managed the due diligence process for over £1 billion of Sterling credit transactions and approximately €700 million of Euro based transactions in each case since 2012.

 

HALF-YEARLY FINANCIAL REPORT 

For the six months ended 30 June 2019

INVESTMENT OBJECTIVE, FINANCIAL INFORMATION AND PERFORMANCE SUMMARY

Investment objective

RM Secured Direct Lending plc (the 'Company' or 'RMDL') aims to generate attractive and regular dividends through investment in secured debt instruments of UK Small and Medium sized Enterprises ('SMEs'), and mid-market corporates and/or individuals including any loan, promissory notes, lease, bond, or preference share (such debt instruments, as further described in the prospectus, being 'Loans') sourced or originated by RM Capital Markets Limited (the 'Investment Manager') with a degree of inflation protection through index-linked returns where appropriate.

Financial information




Six months ended
30 June 2019

Six months ended
30 June 2018

Gross asset value (£'000) 1

£124,300

£107,600

Net asset value ("NAV) (£'000) per Ordinary Share-IFRS calculation (pence)

98.00

97.73

Ordinary Share price (pence)

101.50

101.50

Ordinary Share price premium to NAV1

3.6%

3.7%

Accrued Entitlement per Zero Dividend Preference ('ZDP') Share (pence)2

104.38

100.86

Dividend (pence) in respect of the Period

3.625

3.25

 

Performance summary




% change3,5

% change4,5

Total return (%) - Ordinary Share NAV and dividends1

4.9

3.0

Total return (%) - Ordinary Share price and dividends1

3.6

3.6

 

1 These are Alternative Performance Measures ('APMs').

 

2 Based on the net assets attributable to the ZDP Shares as at 30 June 2019.

 

3 Total returns for the period to 30 June 2019, including dividend reinvestment.

 

4 Total returns for the period to 30 June 2018, including dividend reinvestment.

 

5 Source: Bloomberg.

 

 

Alternative Performance Measures ('APMs')

The financial information and performance summary data highlighted in the footnote to the above tables are considered to represent APMs of the Group and the Company. In addition to these APMs measures have been used by the Group to assess its performance.

 

CHAIRMAN'S STATEMENT

On behalf of the Board, I am pleased to report continued positive momentum for RM Secured Direct Lending plc (the "Company") and have the opportunity to review the last six months.

An attractive performance and continued growth

The most important aspect has been the solid portfolio performance leading to an impressive net asset value ("NAV") total return (dividends re-invested at NAV) of 4.85% for the six month period ended 30 June 2019 (the "Period"). The NAV total return for Investors over the period from the Company's inception in December 2016 to 30 June 2019 has been 14.13%. In addition, the Company has continued to grow through the successful raising and deployment of capital, with a placing of 13.5million shares in March 2019 bringing the total number of Ordinary Shares to 112.2million.

Positive NAV and Share Price Performance - Sustainable income

The Company continues to deliver against its objective of creating sustainable income and returns for Investors.

The Company paid the fourth interim dividend for the fourth quarter of 2018 of 1.625 pence per Ordinary Share on 29 March 2019. During the Period, Investors were paid a first interim dividend of 1.625 pence together with a special dividend of 0.375 pence per Ordinary Share. The Board elected to pay the special dividend following a period of portfolio outperformance in Q1 2019 arising from the early repayment of loans and associated prepayment compensation.

The main driver for portfolio outperformance occurred when two loans to ICP Nurseries were prepaid by the borrower and equity warrants which had been issued to RMDL were sold to a third party. This led to a £6.25m principal repayment, in addition to the combined prepayment penalties on the debt and net proceeds of the warrant sale, which netted c. £1.5m or 1.3 pence per Ordinary Share.

The Board has declared a second interim dividend of 1.625 pence per Ordinary Share, which will be payable on 27 September 2019 to Investors on the register at the close of business on 6 September 2019.  Therefore, the aggregate dividend in respect of the Period is 3.625 pence per Ordinary Share.  

Additional net revenue has been earned over the Period and is available for distribution to Investors, however this will be reviewed later in the year when there is better visibility on the full year picture as it is also the objective of the Company to have a stable and growing NAV. Therefore, the Board will continue to review the Company's progress and market outlook for the remainder of the year and make an assessment of the available revenue to distribute at a later date.  

As at 30 June 2019, the Company had 112,224,581 Ordinary Shares in issue and the closing mid-price was 101.50 pence per share. The NAV per Ordinary Share was 98.00 pence.

I am pleased to report a largely steady Ordinary Share price over the six months to June 2019 with reasonable secondary market trading activity largely in a narrow range around the mid-price of 101.50 pence. The Ordinary Shares have traded consistently at a premium to NAV since launch and the Ordinary Shares closed the half year around a 3.6% premium to the underlying NAV.

The NAV at 30 June 2019 was 98.00 pence per Ordinary Share, which is an increase of 1.02 pence from the 31 December 2018 NAV per Ordinary Share of 96.98 pence. This reflects the underlying portfolio NAV total return of 4.85% year to date less the aggregate distributions of 3.625 pence per share paid to Investors in the Period.  

RM ZDP plc

RM ZDP plc is a wholly owned subsidiary of the Company, which was established solely for the purpose of issuing Zero Dividend Preference Shares (the "ZDP"). The Company and RM ZDP plc collectively form the "Group". The issuance of the ZDPs has allowed the Company to lock in cost effective debt funding via a loan from RM ZDP plc to the Company.

High quality and well diversified portfolio

The Investment Manager continues to demonstrate its ability to source investments and recycle capital in order to earn attractive risk adjusted returns for Investors. During the Period, the Company made nine new investments, had 48 drawdowns on existing investments and in total had 11 repayments, realisations or divestments.

The portfolio grew 18% from £103m to £122m over the Period as, although the number of Loans in the portfolio at the Period end remained consistent with the 31 December year end, with 35 Loans, the average investment size increased from £3m to £3.5m. Overall private debt investments represent circa 95% of the portfolios holdings with the breakdown being 57% bespoke bilateral loans, 38% within club or syndicated private loans and 5% in more liquid corporate debt.

Compared to the position at 31 December 2018 the average yield on investments at 8.61% is 6 basis points higher and the weighted average life of the investments is approximately 3.5 years, which is unchanged. The number of senior secured loans within the portfolio has reduced from 66% to 54%. However, the Investment Manager has focused on increasing exposure to only the very best junior secured investments, which are largely in defensive sectors and exhibit characteristics which are typical of Company investment criteria.

The number of investments linked to Libor reduced to 40% however the overall exposure to changes in inflation expectations is limited as the Investment Manager is focused on keeping fixed rate lending to shorter dated maturities wherever possible.

The portfolio continues to be well diversified and consequently, the largest portfolio investment is under 9% of NAV and the top 10 investments represent circa 61% of NAV. In addition, there is broad sector diversity as the portfolio is spread across 13 sectors. Any EUR or USD currency exposures arising from investments are largely hedged back into Sterling to minimise any currency exchange risk.

The Investment Manager has been consistent with its strategy of focusing the portfolio on non-cyclical sectors and, therefore, the largest exposures are to Hotels (largely branded and mid-tier) 21%, Asset Finance (directly secured against pools of physical assets) 20%, and Health and Social Care 10% (secured against physical property and business assets).

Additional capacity from Bank Facility

The Company still benefits from the use of a £10m revolving credit facility ("RCF") with Oak North Bank. This facilitates the tactical use of borrowings ahead of any known investment redemptions or capital raises. Currently this is partly drawn. The Company has a 20% leverage limit and the use of the bank facility combined with the ZDPs will always remain with this limit. The Company does not incur any non-utilisation fees in connection with the facility.

Continuing to generate stable attractive returns

After a relatively benign period for markets it is the Board's expectation that volatility will pick up in public debt and equity markets. Private credit of the type invested in by the Company can still offer excellent risk adjusted returns at this point of the cycle, where quantitative easing and central bank actions have largely reduced yields available to investors in more liquid credit markets. These non-benchmark private debt investments of the type RMDL focuses on still come with debt covenants which the benchmark debt markets are largely devoid of now. Our outlook is therefore cautiously optimistic as the Company carefully negotiates the final six months of the year.

We remain disciplined in our approach to steadily growing the Company, balancing this with our objective to improve liquidity in the Ordinary Shares for Investors, increase the portfolio diversity and reduce the fixed costs when spread over a larger capital base in order to reduce the ongoing charges ratio. Overall, we believe that the investment opportunity in secured debt remains significant in the long term and we are confident of the Investment Manager's ability to generate stable attractive returns for Investors.

The Board is grateful for the support of Investors and are delighted to have such a broad investor base. RM Funds continues to align their interests with Investors by purchasing shares with 50% of their management fees and I would like to thank them on behalf of the Board and Investors for their continued commitment to the Company.  We would also like to thank RM Funds and the other professional advisors for their hard work and support. Please do not hesitate to contact me through N+1 Singer if any additional information is required.

Norman Crighton

Chairman

13 August 2019

 

INVESTMENT MANAGER'S REPORT

RM Funds ("RM" or the "Investment Manager") is pleased with RM Secured Direct Lending's ("RMDL" or "the Company") continued positive performance in the first six months of the year to 30 June 2019 ("the Period") in which the portfolio delivered a steady net interest income margin.

Total Return ahead of target

In addition, arrangement and pre-payment fees, along with the sale of equity warrants have led to additional NAV return for Investors. The total NAV % Return for the six months to 30 June 2019 is 4.85%, which is in excess of the Company's target and it is pleasing to be in such a position at this stage of the year. Leverage within the Company is limited to 20% and it has rarely exceeded 12% in the Period. This is important for Investors to note as the net interest income targets are being exceeded without utilising excessive structural leverage.

Continued origination and execution

The Company continues to benefit from the Investment Manager's established origination and investment capabilities in private credit, as shown by the portfolio's 18% growth to £122m, despite having had 11 repayments, realisations or divestments during this time. This has been an efficient use of Investor capital with minimal cash drag from holding cash on the balance sheet and is testament to the strong pipeline of opportunities which RM have progressed.

In addition, RM have managed an additional 48 further drawdowns to existing investments which have had due diligence and appropriate legal documentation completed. In this case RMDL is either funding receivables which are revolving or pools of additional assets being purchased. One of RMDL's key competitive attributes is its flexible approach to lending within tightly controlled parameters and makes funding from RMDL an attractive proposition to Borrowers. It should also be noted that this would not be possible without the help and assistance from the AIFM and Administrator who make such granular drawdowns possible from an operational perspective. Additionally, the listed format of the Company is an advantage as it makes these types of revolving or granular drawdowns easier to facilitate, which might be harder to fulfil from a more traditional private credit fund structure.

Exceeding dividend target

The half yearly dividend target has been exceeded, achieving an aggregate dividend in respect of the Period of 3.625 pence. For year to 31 December 2019 the expectation is for a payment in excess of 6.5 pence.

Supportive new and existing Investors

The Company's Broker, N+1 Singer and RM have met with a number of potential and existing investors during the Period to update them on the progress of the Company and feedback has been positive. We have seen existing Investors adding to their holdings as well as new Investors join the shareholder register.

The Company closed a share placing of 13.5m shares during March 2019, taking the market capitalisation to £113.9m. It is the intention that there will be continued growth of the Company during the remainder of 2019 in order to continue to reduce the Total Expense Ratio ("TER"), increase liquidity in the shares and continue to increase the portfolio diversification.

Investment Manager aligned with Investor interest

During the Period, RM has purchased 148,614 Ordinary Shares in the Company. This takes the direct investment in the Company to 1,043,989 and including shares owned across the management team to in excess of 1,500,000.  The Investment Manager and Board feel this is the best way of demonstrating alignment with the interests of other Investors.

Improved market environment but macro uncertainty remains

The global equity and credit markets have had a solid first six months. The market weakness experienced over Q4 2018 reached its nadir in December 2018 but since January 2019 equities, government bonds and credit have all performed well, with global equities touching their years' highs during the second quarter of 2019. The most notable market move has been the global rally in government bond markets. Weak global data and the belief that inflation will not feed through as strongly as expected, particularly in the US, has seen a global rally across fixed income markets. Current expectations that central banks will be more accommodative for growth thus keeping interest rates lower for longer has been beneficial for equities as investors seek yield. The Investment Manager remains cautious as its attention is drawn to the 3 month/10 year US yield curve, which inverted during the quarter to June 2019. It has been widely reported that the yield curve between the US 3-month and 10-year bond has been negative before each recession for the past 50 years. In addition, the commentary and market noise surrounding the trade wars have reduced over the quarter, but the risk remains that policy mistakes with unintended consequences could damage global growth.

RM's expectation is for volatility to pick up especially as we move through the deal/no deal Brexit date at the end of October. Equities and credit seem priced to perfection and any change in sentiment to a risk-off mode could see significant price moves lower - although government bonds despite their eye-wateringly low yields seem to have their valuations underpinned by all of this uncertainty.

Diversified portfolio focused on non-cyclical sectors

As at the Period end, the Ordinary Share portfolio capital was fully deployed. The average yield on investments of 8.61% was slightly higher than at the Company's year end.  With 35 investments across 13 sectors there is a diversified and broad spread of risk - the top ten holdings account for 61% of the portfolio. Due to 40% of the investments having their coupons linked to Libor and the maturity on fixed rate investments generally limited, duration is low and consequently there is manageable exposure to a sharp move higher in global interest rate expectations.

RM has focused the portfolio on non-cyclical sectors with tangible asset backing or stable and visible cash flows. The portfolio is also concentrated on investments to sponsor backed transactions; 95% of the portfolio is invested in private credit of which 57% are directly originated loans and 38% are club or syndicated transactions. As a non-bank lender, RMDL looks primarily to invest in non-benchmark private credit transactions where extra yield can be obtained due to an illiquidity and complexity premium whilst enhanced covenants and security can be obtained, specifically on directly originated transactions.

The sectors where RM sees the opportunity to generate attractive, risk-adjusted returns have been branded hotels which are aimed at mid-market accommodation (21%), pools of asset finance assets (19%) and healthcare (10%).  RM expects to increase its current exposure to student accommodation, which is classified as social infrastructure, from the current 6.7% level. Construction risk is limited, with total exposure to Loans to borrowers who are constructing assets at 10% well within the 20% portfolio limit. These Loans are carefully monitored and have a lenders agent acting for the Company.


30 June 2019


Ordinary shares

 


Number of investments

35

Number of sectors

13

Weighted average life (years)

3.46

Net asset value

£110 million

Net asset value per share (cum income)

98 pence

 


Gross Assets

£124 million

 


Average yield (on deployed cash)

8.61%

 

 

 


Sen. secured / Sen. Holdco / Junior secured

54% /17% / 29%

Fixed / Floating/index-linked

59%  / 40% / 1%

Private / Public investments

95%  / 5%

 

  Strong pipeline of high quality secured lending opportunities

The Investment Management team has a strong pipeline of opportunities to deploy capital into during the second half of 2019. These transactions meet all of the characteristics which the Company focuses on, in areas such as student accommodation, renewable energy and hotels. Furthermore, RM is keen to see the continued growth of existing borrower relationships such as it has seen in the first half of the year, with 48 drawdowns to existing borrowers. In addition, and very selectively, the Company will offer growth finance and take equity upside where appropriate. This has worked successfully during the first half of the year, with the successful exit of the ICP nurseries position. RM expects this strategy to continue give additional NAV future returns to Investors.

The markets, whilst currently stable and buoyant, are due a new bout of volatility. Given the focus on private credit with the specific attributes sought by RMDL, as previously outlined, this should offer limited downside and risk and yet stable and visible returns. The Investment Manager is confident that particularly in these markets, RMDL offers the exact type of investment which yield hungry investors are seeking.

RM Funds

13 August 2019

 

PORTFOLIO

Largest 10 loans by drawn amounts across the entire portfolio as at 30 June 2019


Instrument type

Valuation

 Percentage

Business activity

(Private/Public/Bond)

£'000

 of gross  asset

Asset Finance

Private loan

10,194

8.2%

Hospitality

Private loan

8,504

6.8%

Hospitality

Private loan

8,296

6.7%

Telecommunications

Private loan

7,906

6.4%

Business Services

Private loan

6,405

5.2%

Automotive Parts Manufacturing

Private loan

6,866

5.5%

Forecourt Operator

Private loan

6,649

5.3%

Healthcare

Private loan

5,805

4.7%

Hospitality

Private loan

4,423

3.6%

Food Manufacturing

Private loan

4,421

3.6%

Ten largest holdings


69,469

57.2%

Other private loan investments


46,348

37.3%

Bond investments


6,500

5.2%

Total holdings


122,317

98.5%

Other net assets*


2,010

1.5%

Gross assets


124,327

100.0%

 

*Based on the Company's gross assets attributable to all share classes, before deducting the values of the ZDP Shares and the Bank Loan-Credit Facility.

 

INTERIM MANAGEMENT REPORT

 

The Directors are required to provide an Interim Management Report in accordance with the Financial Conduct Authority's Disclosure Guidance and Transparency Rules ("DTR"). The Directors consider that the Chairman's Statement and the Investment Manager's Report in this Half-yearly Report provide details of the important events which have occurred during the period and their impact on the financial statements.

 

The following statement on related party transactions and the Statement of Directors' Responsibilities below, the Chairman's Statement and Investment Manager's Report together constitute the Interim Management Report of the Company for the six months ended 30 June 2019. The outlook for the Company for the remaining six months of the year ending 31 December 2019 is discussed in the Chairman's Statement and the Investment Manager's Report. The principal risks and uncertainties to the Group are unchanged from those disclosed in the Annual Reports and Accounts for the year ended 31 December 2018.

 

The principal risks and uncertainties facing the Company are as follows:

 

·    Market risks;

 

·    Risks associated with meeting the Company's investment objective or target dividend yield;

 

·    Financial risks, corporate governance, internal controls risks; and

 

·    Regulatory risks.

 

Related party transactions

The Company's Investment Manager, RM Capital Markets Limited is considered a related party under the Listing Rules. Details of the amounts paid to the Company's Investment Manager and the Directors during the period are detailed in the Notes to the Financial Statements.

 

 

Statement of Directors' Responsibility for the Half-Yearly Report

 

The Directors confirm to the best of their knowledge that:

 

·    The condensed set of financial statements contained within the Half-yearly financial report has been prepared in accordance with IAS 34 Interim Financial Reporting.

 

·    The Interim Management Report includes a fair review of the information required by 4.2.7R and 4.2.8R of the FCA's DTR.

 

 

Norman Crighton

Chairman of the Board of directors

13 August 2019

 

Unaudited Consolidated Statement of Comprehensive Income

For the six months ended 30 June 2019













Six months ended 30 June 2019

Six months ended 30 June 2018

Year ended 31 December 2018



Revenue

Capital

Total

Revenue

Capital

Total

Revenue

Capital

Total


NOTES

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

Gains/(Losses) on investments


-

138

138

-

(416)

(416)

-

(807)

(807)

Income

4

6,097

-

6,097

3,788

-

3,788

8,199

-

8,199

Investment management fee

5

(509)

-

(509)

(424)

-

(424)

(894)

-

(894)

Other expenses

5

(506)

(89)

(595)

(450)

(124)

(574)

(978)

(156)

(1,134)

Return before finance costs and taxation


5,082

49

5,131

2,914

(540)

2,374

6,327

(963)

5,364

Finance costs


(243)

-

(243)

(144)

(354)

(498)

(380)

(657)

(1,037)

Return on ordinary activities before taxation

4,839

49

4,888

2,770

(894)

1,876

5,947

(1,620)

4,327

Taxation

6

(12)

-

(12)

(3)

-

(3)

(37)

17

(20)

Return on ordinary activities after taxation

4,827

49

4,876

2,767

(894)

1,873

5,910

(1,603)

4,307

Return per ordinary share (pence)

9

4.51p

0.05p

4.56p

4.03p

(1.30p)

2.73p

6.83p

(1.85p)

4.98p












The total column of this statement is the profit and loss account of the company. 

 

All the revenue and capital items in the above statement derive from continuing operations. 

 

'Return on ordinary activities after taxation' is also the 'Total comprehensive income for the period'.


 

Unaudited Company Statement of Comprehensive Income

For the six months ended 30 June 2019












Six months ended 30 June 2019

Six months ended 30 June 2018

Year ended 31 December 2018



Revenue

Capital

Total

Revenue

Capital

Total

Revenue

Capital

Total


NOTES

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

Gains/(Losses) on investments


-

61

61

-

(416)

(416)

-

(865)

(865)

Income

4

6,097

-

6,097

3,788

-

3,788

8,199

-

8,199

Investment management fee

5

(509)

-

(509)

(424)

-

(424)

(894)

-

(894)

Other expenses

5

(461)

(89)

(550)

(450)

(124)

(574)

(920)

(156)

(1,076)

Return before finance costs and taxation


5,127

(28)

5,099

2,914

(540)

2,374

6,385

(1,021)

5,364

Finance costs


(243)

-

(243)

(144)

(354)

(498)

(380)

(657)

(1,037)

Return on ordinary activities before taxation

4,884

(28)

4,856

2,770

(894)

1,876

6,005

(1,678)

4,327

Taxation

6

-

-

-

(3)

-

(3)

(17)

17

-

Return on ordinary activities after taxation

4,884

(28)

4,856

2,767

(894)

1,873

5,988

(1,661)

4,327

Return per ordinary share (pence)

9

4.56p

(0.03p)

4.53p

4.03p

(1.30p)

2.73p

6.92p

(1.92p)

5.00p












The total column of this statement is the profit and loss account of the company. 

 

All the revenue and capital items in the above statement derive from continuing operations. 

 

'Return on ordinary activities after taxation' is also the 'Total comprehensive income for the period'.

 

 

Unaudited  Consolidated Statement of Financial Position

 



As at 30 June 2019

As at 30 June 2018

As at 31 December 2018

 


Notes

£'000

£'000

£'000

 

Fixed assets





 

Investments at fair value through profit or loss

3

122,317

99,166

102,581

 






 

Current assets





 

Trade Receivables


2,187

1,472

2,602

 

Cash and cash equivalents


3,486

9,308

8,138

 



5,673

10,780

10,740

 

Payables: amounts falling due within one year





 

Trade Payables


(3,663)

(2,376)

(6,446)

 

Bank loan- Credit facility


(3,004)

-

-

 

C Shares in issue


-

(11,176)

-

 



(6,667)

(13,552)

(6,446)

 

Net current (liabilities)/assets


(994)

(2,772)

4,294

 






 

Non-current liabilities





 

Zero Dividend Preference Shares

(11,346)

(10,963)

(11,155)

 

Net assets


109,977

85,431

95,720

 






 

Capital and reserves: equity





 

Share capital

8

1,122

874

987

 

Share premium


60,446

33,700

47,351

 

Capital redemption reserve


-

2,699

-

 

Special reserve


48,304

48,502

48,304

 

Capital reserve


(2,537)

(1,877)

(2,586)

 

Revenue reserve


2,642

1,533

1,664

 

Total shareholders' funds


109,977

85,431

95,720

 

NAV per share - Ordinary Shares (pence)

10

98.00p

97.73p

96.96p

 






 




 

 

Unaudited  Company Statement of Financial Position



As at 30 June 2019

As at 30 June 2018

As at 31 December 2018


Notes

£'000

£'000

£'000

Fixed assets





Investments at fair value through profit or loss

3

122,317

99,166

102,581

Investments in subsidiary


50

-

50






Current assets





Trade Receivables


2,077

1,472

2,543

Cash and cash equivalents


3,468

9,308

8,120



5,545

10,780

10,663

Payables: amounts falling due within one year





Trade payables


(3,585)

(2,376)

(6,399)

Bank loan- Credit facility


(3,004)

-

-

C Shares in issue


-

(11,176)

-



(6,589)

(13,552)

(6,399)

Net current (liabilities)/assets


(1,044)

(2,772)

4,264






Non-current liabilities





Zero Dividend Preference Shares

 7

(11,346)

(10,963)

(11,155)

Net assets


109,977

85,431

95,740






Capital and reserves: equity





Share capital

8

1,122

874

987

Share premium


60,446

33,700

47,351

Capital redemption reserve


-

2,699

-

Special reserve


48,304

48,502

48,304

Capital reserve


(2,672)

(1,877)

(2,644)

Revenue reserve


2,777

1,533

1,742

Total shareholders' funds


109,977

85,431

95,740

NAV per share - Ordinary Shares (pence)

10

98.00p

97.73p

96.98p








 

Unaudited Consolidated Statement of Changes in Equity

For the six months ended 30 June 2019 





Share capital

Share premium

Special reserve

Capital redemption reserve

Capital reserve

Revenue reserve

Total


Notes

£'000

£'000

£'000

£'000

£'000

£'000

£'000

Balance as at beginning of the year


987

47,351

48,304

-

(2,586)

1,664

95,720

Return on ordinary activities


-

-

-

-

49

4,827

4,876

Issue of shares

8

135

13,365

-

-

-

-

13,500

Share issue costs


-

(270)

-

-

-

-

(270)

Dividend paid

11

-

-

-

-

-

(3,849)

(3,849)

Closing equity as at 30 June 2019


1,122

60,446

48,304

-

(2,537)

2,642

109,977









 










For the six months ended 30 June 2018



Share capital

Share premium account

Special reserve

Capital redemption reserve

Capital reserves

Revenue reserves

Total



£'000

£'000

£'000

£'000

£'000

£'000

£'000

Balance as at beginning of the year


573

6,845

48,502

-

(983)

1,332

56,269

Return on ordinary activities


-

-

-

-

(894)

2,767

1,873

C Share conversion to Ordinary shares


301

26,855

-

2,699

-

-

29,855

Dividend paid


-

-

-

-

-

(2,566)

(2,566)

Closing equity as at 30 June 2018


874

33,700

48,502

2,699

(1,877)

1,533

85,431










For the year ended 31 December 2018



Share capital

Share premium account

Special reserve

Capital redemption reserve

Capital reserves

Revenue reserves

Total



£'000

£'000

£'000

£'000

£'000

£'000

£'000

Balance as at beginning of the period


573

6,845

48,502

-

(983)

1,332

56,269

Return on ordinary activities


-

-

-

-

(1,603)

5,910

4,307

C Share conversion to Ordinary shares


414

40,770

-

-

-

-

41,184

Ordinary shares issue cost


-

(264)

-

-

-

-

(264)

Dividend paid


-

-

(198)

-

-

(5,578)

(5,776)

Closing equity as at 31 December 2018


987

47,351

48,304

-

(2,586)

1,664

95,720










Distributable reserves comprise: the revenue reserve; and capital reserves attributable to realised profits including the special reserve.










Share capital represents the nominal value of shares that have been issued. The share premium includes any premiums received on the issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

 

Unaudited  Company Statement of Changes in Equity

For the six months ended 30 June 2019





Share capital

Share premium

Special reserve

Capital redemption reserve

Capital reserve

Revenue reserve

Total


Notes

£'000

£'000

£'000

£'000

£'000

£'000

£'000

Balance as at beginning of the year


987

47,351

48,304

-

(2,644)

1,742

95,740

Return on ordinary activities


-

-

-

-

(28)

4,884

4,856

Issue of shares

8

135

13,365

-

-

-

-

13,500

Share issue costs


-

(270)

-

-

-

-

(270)

Dividend paid

11

-

-

-

-

-

(3,849)

(3,849)

Closing equity as at 30 June 2019


1,122

60,446

48,304

-

(2,672)

2,777

109,977









 

For the six months ended 30 June 2018



Share capital

Share premium account

Special reserve

Capital redemption reserve

Capital reserves

Revenue reserves

Total



£'000

£'000

£'000

£'000

£'000

£'000

£'000

Balance as at beginning of the year


573

6,845

48,502

-

(983)

1,332

56,269

Return on ordinary activities


-

-

-

-

(894)

2,767

1,873

C Share conversion to Ordinary shares


301

26,855

-

2,699

-

-

29,855

Dividend paid


-

-

-

-

-

(2,566)

(2,566)

Closing equity as at 30 June 2018


874

33,700

48,502

2,699

(1,877)

1,533

85,431










For the year ended 31 December 2018



Share capital

Share premium account

Special reserve

Capital redemption reserve

Capital reserves

Revenue reserves

Total



£'000

£'000

£'000

£'000

£'000

£'000

£'000

Balance as at beginning of the period


573

6,845

48,502

-

(983)

1,332

56,269

Return on ordinary activities


-

-

-

-

(1,661)

5,988

4,327

C share conversion to Ordinary shares


414

40,770

-

-

-

-

41,184

Ordinary shares issue cost


-

(264)

-

-

-

-

(264)

Dividend paid


-

-

(198)

-

-

(5,578)

(5,776)

Closing equity as at 31 December 2018


987

47,351

48,304

-

(2,644)

1,742

95,740

 

 

Distributable reserves comprise: the revenue reserve; and capital reserves attributable to realised profits including the special reserve.

 

Share capital represents the nominal value of shares that have been issued. The share premium includes any premiums received on the issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

 

Unaudited Consolidated Statement of Cash Flows

For the six months ended 30 June 2019







Six months ended 30 June 2019

Six months ended 30 June 2018

Year ended 31 December 2018



£'000

£'000

£'000

Operating activities





Return on ordinary activities before finance costs and taxation*


5,131

2,374

5,364

Adjustment for losses on investments


(138)

416

807

Decrease/(increase) in debtors


447

403

(1,533)

Increase in creditors


701

88

1,023

Net cash flow from operating activities


6,141

3,281

5,661

Investing activities





Private loan repayments/ bonds sales proceeds


28,280

36,913

60,111

Private loans issued/ bonds purchases


(51,318)

(65,375)

(88,580)

Purchase of investments


-


-

Net cash flow used in investing activities


(23,038)

(28,462)

(28,469)

Financing activities





Finance costs


(51)

(234)

(95)

Zero Dividend Preference Shares issue proceeds


-

10,870

10,870

Ordinary Share issue proceeds


13,500

-

-

Ordinary Share issue costs


(270)

-

-

C Share issue proceeds


-

11,329

11,329

C Share issue costs


-

(227)

(264)

Other costs charged to capital


(89)

(124)

(156)

Foreign exchange losses


-

-

(403)

Oaknorth loan facility drawdown


3,004

-

-

Equity dividends paid


(3,849)

(2,566)

(5,776)

Net cash flow from financing activities


12,245

19,048

15,505

Increase in cash


(4,652)

(6,133)

(7,303)

Opening balance at beginning of the period


8,138

15,441

15,441

Closing Balance


3,486

9,308

8,138





* Cash inflow from interest on investment holdings was £4,042,000 (2018: £3,788,000).

 

Unaudited Company Statement of Cash Flows

For the six months ended 30 June 2019







Six months ended 30 June 2019

Six months ended 30 June 2018

Year ended 31 December 2018



£'000

£'000

£'000

Operating activities





Return on ordinary activities before finance costs and taxation*


5,099

2,374

5,364

Adjustment for losses on investments


(61)

416

865

Decrease/(increase) in debtors


466

403

(1,474)

Increase in creditors


637

88

938

Net cash flow from operating activities


6,141

3,281

5,693

Investing activities





Private loan repayments/ bonds sales proceeds


28,280

36,913

60,111

Private loans issued/ bonds purchases


(51,318)

(65,375)

(88,580)

Purchase of investments


-


(50)

Net cash flow used in investing activities


(23,038)

(28,462)

(28,519)

Financing activities





Finance costs


(51)

(234)

(95)

Zero Dividend Preference Shares issue proceeds


-

10,870

10,870

Ordinary Share issue proceeds


13,500

-

-

Ordinary Share issue costs


(270)

-

-

C Share issue proceeds


-

11,329

11,329

C Share issue costs


-

(227)

(264)

Other costs charged to capital


(89)

(124)

(156)

Foreign exchange losses


-

-

(403)

Oaknorth loan facility drawdown


3,004

-

-

Equity dividends paid


(3,849)

(2,566)

(5,776)

Net cash flow from financing activities


12,245

19,048

15,505

Decrease in cash


(4,652)

(6,133)

(7,321)

Opening balance at beginning of the period


8,120

15,441

15,441

Closing Balance


3,468

9,308

8,120





* Cash inflow from interest on investment holdings was £4,042,000 (2018: £3,788,000).

 

Notes to the financial statements


1. GENERAL INFORMATION


RM Secured Direct Lending plc (the "Company" or "RMDL") was incorporated in England and Wales on 27 October 2016 with registered number 10449530, as a closed-ended investment company. The Company commenced its operations on 15 December 2016. The Company intends to carry on business as an investment trust within the meaning of Chapter 4 of Part 24 of the Corporation Tax Act 2010.

 

The consolidated financial information of the Company comprises that of the Company and its subsidiary RM ZDP Plc (together referred to as the "Group").

 

The Company's investment objective is to generate attractive and regular dividends through investment in secured debt instruments of UK SMEs and mid-market corporates including any loan, promissory notes, lease, bond or preference share sourced or originated by the Investment Manager with a degree of inflation protection through index-linked returns where appropriate.


2. BASIS OF PREPARATION AND ACCOUNTING POLICIES

 

Statement of compliance

The interim unaudited financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting and the Disclosure Guidance and Transparency Rules ('DTRs') of the UK's Financial Conduct Authority. They do not include all of the information required for full annual financial statements and should be read in conjunction with the financial statements of the Group as at and for the year ended 31 December 2018. The financial statements of the Group as at and for the year ended 31 December 2018 were prepared in accordance with International Financial Reporting Standards ('IFRS') as issued by the International Accounting Standards Board ('IASB').  The financial information for the year ended 31 December 2018 in the interim unaudited financial statements has been extracted from the audited Annual Report and Accounts.

 

When presentational guidance set out in the Statement of Recommended Practice ('SORP') for Investment Companies issued by the Association of Investment Companies ('the AIC') in November 2014 and updated in February 2018 is consistent with the requirements of 'IFRS', the Directors have sought to prepare the financial statements on a basis compliant with the recommendations of the SORP.

 

Going concern

The Directors have adopted the going concern basis in preparing the financial statements.

The Directors have a reasonable expectation that the Company has adequate operational resources to continue in operational existence for at least twelve months from the date of approval of these financial statements.


Accounting policies

The accounting policies used by the Company in preparing these interim unaudited financial statements are the same as those applied by the Group in its financial statements as at and for the year ended 31 December 2018.

 

3. INVESTMENT AT FAIR VALUE THROUGH PROFIT OR LOSS - GROUP AND COMPANY


Six months ended 30 June 2019

Six months ended 30 June 2018

Year ended 31 December 2018


£'000

£'000

£'000

Financial assets held:




Bond investments

3,497

18,982

10,023

Private loan investments

118,820

80,184

92,558


122,317

99,166

102,581

 

4. INCOME - GROUP AND COMPANY





Six months ended 30 June 2019

Six months ended 30 June 2018

Year ended 31 December 2018


£'000

£'000

£'000

Income from investments




Bond and private loan interest

6,016

3,382

7,547

Bank interest

3

4

7

Arrangement fees

46

171

354

Loan redemption fees

22

228

228

Other income

10

3

63

Total

6,097

3,788

8,199

 

5. INVESTMENT MANAGEMENT FEE AND OTHER EXPENSES


 GROUP





As at 30 June 2019

As at 30 June 2018

As at 31 December 2018

 

£'000

£'000

£'000

Expenses charged to revenue:




Investment management fees

509

424

894

Other administration charges

506

450

978

Total revenue expenses

1,015

874

1,872





Expenses charged to capital:



Prospectus issue and capital transaction costs

89

124

156

Total capital expenses

89

124

156

 

COMPANY



As at 30 June 2019

As at 30 June 2018

As at 31 December 2018

 

£'000

£'000

£'000

Expenses charged to revenue:




Investment management fees

509

424

894

Other administration charges

461

450

920

Total revenue expenses

970

874

1,814





Expenses charged to capital:



Prospectus issue and capital transaction costs

89

124

156

Total capital expenses

89

124

156





The Company's Investment Manager is RM Capital Markets Limited. The Investment Manager is entitled to receive a management fee payable monthly in arrears and is at a rate of one-twelfth of 0.5% if the Company's net assets are less than £75 million. If the Company's net assets are in excess of £75 million then they are entitled to receive a management fee one twelfth of 0.875% per calendar month of net assets payable a month in arrears. The combined net assets of both the Ordinary and C Shares (if any in issue) are used as the basis of calculating the management fees.





There is no performance fee payable to the Investment Manager.

 

6. TAXATION







 GROUP

Six months ended 30 June 2019

Six months ended 30 June 2018

Year ended 31 December 2018


Revenue

Capital

Total

Revenue

Capital

Total

Revenue

Capital

Total


£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

Analysis of tax charge / (credit) the period: 







Corporation tax

12

-

12

3

-

3

37

(17)

20

Total current tax charge

12

-

12

3

-

3

37

(17)

20

 








 COMPANY

Six months ended 30 June 2019

Six months ended 30 June 2018

Year ended 31 December 2018


Revenue

Capital

Total

Revenue

Capital

Total

Revenue

Capital

Total


£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

Analysis of tax charge / (credit) the period: 







Corporation tax

-

-

-

3

-

3

17

(17)

-

Total current tax charge

-

-

-

3

-

3

17

(17)

-

 

7. ZERO DIVIDEND PREFERENCE ('ZDP') SHARES- GROUP AND COMPANY




As at 30 June 2019

As at 30 June 2018

As at 31 December 2018


£'000

£'000

£'000

Opening Balance

11,155

-

-

Issue proceeds of ZDP shares

-

10,870

10,870

Accrued interest during the period

191

93

285


11,346

10,963

11,155

 

8. SHARE CAPITAL- GROUP AND COMPANY

 



As at 30 June 2019

As at 30 June 2018

As at 31 December 2018


No. of Shares

£'000

No. of Shares

£'000

No. of Shares

£'000

Allotted, issued & fully paid:






Ordinary shares of 1p

112,224,581

1,122

87,415,374

874

98,724,581

987

C Shares of 10p pence

-

-

11,329,363

1,133

-

-







Share movement







The table below sets out the share movement for the 6 months ended 30 June 2019.






Opening balance

Shares issued

Share conversions

Shares in issue at
30  June 2019

Ordinary Shares



98,724,581

13,500,000

-

112,224,581

C Shares



-

-

-

-

 

 






The table below sets out the share movement for the 6 months ended 30 June 2018.






Opening balance

Shares issued

Share conversions

Shares in issue at
30  June 2018

Ordinary Shares



57,300,000

-

30,115,374

87,415,374

C Shares



30,000,000

11,329,363

(30,000,000)

11,329,363

 

 






The table below sets out the share movement for the year ended 31 December 2018.




Opening balance

Shares issued

Share conversions

Shares in issue at
31  December 2018

Ordinary Shares



57,300,000

-

41,424,581

98,724,581

C Shares



30,000,000

11,329,363

(41,329,363)

-

 

9. RETURN PER ORDINARY SHARE






 

 

GROUP

Total return per Ordinary Share is based on the gain on ordinary activities after taxation of £4,876,000 (30 June 2018: £1,873,000; 31 December 2018: £ 4,307,000).

 

Based on the weighted average of number of 107,078,173 (30 June 2018: 68,614,063; 31 December 2018: 86,484,141) Ordinary Shares in issue for the six months ended 30 June 2019, the returns per share were as follows:

 

 


Six months ended 30 June 2019

Six months ended 30 June 2018

 


Revenue

Capital

Total

Revenue

Capital

Total

 

Return per ordinary share

4.51p

0.05p

4.56p

4.03p

(1.30p)

2.73p

 








 



Year ended 31 December 2018

 





Revenue

Capital

Total

 

Return per ordinary share




6.83p

(1.85p)

4.98p

 

 

COMPANY






 

Total return per Ordinary Share is based on the gain on ordinary activities after taxation of £4,856,000 (30 June 2018: £1,873,000; 31 December 2018: £ 4,327,000).

 

 

Based on the weighted average of number of 107,078,173 (30 June 2018: 68,614,063; 31 December 2018: 86,484,141) Ordinary Shares in issue for the six months ended 30 June 2019, the returns per share were as follows:

 

 


Six months ended 30 June 2019

Six months ended 30 June 2018

 


Revenue

Capital

Total

Revenue

Capital

Total

 

Return per ordinary share

4.56p

(0.03p)

4.53p

4.03p

(1.30p)

2.73p

 








 



Year ended 31 December 2018

 





Revenue

Capital

Total

 

Return per ordinary share




6.92p

(1.92p)

5.00p

 

 

10. NET ASSET VALUE PER SHARE





 

 

GROUP

The net asset value per share is based on Company's total shareholders' funds of £109,977,000 (30 June 2018: £85,431,000; 31 December 2018: £95,720,000), and on 112,224,581 (30 June 2018: 87,415,374; 31 December 2018: 98,724,581) Ordinary Shares in issue at the year end.

 


 

COMPANY

The net asset value per share is based on Company's total shareholders' funds of £109,977,000 (30 June 2018: £85,431,000; 31 December 2018: £95,740,000), and on 112,224,581 (30 June 2018: 87,415,374; 31 December 2018: 98,724,581) Ordinary Shares in issue at the year end.

 






 

11. DIVIDEND

 









On the 27 February 2019, the Directors approved the payment of a final interim dividend for year ended 31 December 2018 to ordinary shareholders at the rate of 1.625 pence per Ordinary Share. The dividend had a record date of 8 March 2019 and was paid on 29 March 2019. The dividend was funded from the Company's Revenue Reserve.

 

 

On 1 May 2019, the Directors approved the payment of a first interim dividend for the quarter ended 31 March 2019 at the rate of 1.625 pence per Ordinary Share together with an additional special dividend of 0.375 pence per share. The dividend had a record date of 7 June 2019 and was paid on 28 June 2019. The dividend was funded from the Company's Revenue reserve.

 


 

On 7 August 2019, the Directors approved the payment of an interim dividend for the quarter ended 31 June 2019 at the rate of 1.625 pence per Ordinary Share. The dividend will have a record date of 6 September 2019 and will be payable on 27 September 2019. The dividend will be funded from the Company's Revenue reserve.

 

The Company has elected to designate all of the above dividends as interest distributions to its Ordinary Shareholders.

 

 

12. RELATED PARTY TRANSACTION




 

 

Fees payable to the Investment Manager are shown in the Statement of Comprehensive Income. As at 30 June 2019 the fee outstanding to the Investment Manager was £89,000.

 

 

Fees are payable at an annual rate of £36,000 to the Chairman, £33,000 to the Chairman of the Audit Committee and £30,000 to the other Director.

 

The Directors had the following shareholdings in the Company, all of which are beneficially owned.

 





 


As at 30 June 2019

As at 30 June 2018

As at 31 December 2018

 


Ordinary shares

Ordinary shares

Ordinary shares

 

Norman Crighton

30,030

20,000

30,030

 

Guy Heald

20,000

20,000

20,000

 

Marlene Wood

20,000

20,000

20,000

 

 

13. CLASSIFICATION OF FINANCIAL INSTRUMENTS

 






IFRS 13 requires the Company to classify its investments in a fair value hierarchy that reflects the significance of the inputs used in making the measurements. IFRS 13 establishes a fair value hierarchy that prioritises the inputs to valuation techniques used to measure fair value. The three levels of fair value hierarchy under IFRS 13 are as follows:

Level 1









Inputs are quoted prices in active markets for identical assets or liabilities that the entity can access at the measurement date.










Level 2









Inputs other than quoted market prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.










Level 3









Inputs are unobservable for the asset or liability.

 

The classification of the Group's investments held at fair value through profit or loss is detailed in the table below:











30 June 2019

30 June 2018


Level 1

Level 2

Level 3

Total

Level 1

Level 2

Level 3

Total


£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

Financial assets:









Financial assets - Private loans and bonds

-

38,844

-

38,844

-

43,717

-

43,717

Financial assets -  Private loans

-

-

83,473

83,473

-

-

55,449

55,449

Total financial assets

-

38,844

83,473

122,317

-

43,717

55,449

99,166

Financial liabilities:





 

 

 

 

Zero Dividend Preference Shares

11,346

-

-

11,346

10,963

-

-

10,963

Total financial liabilities

11,346

-

-

11,346

10.963

-

-

10,963












31 December 2018






Level 1

Level 2

Level 3

Total






£'000

£'000

£'000

£'000

Financial assets:









Financial assets - Private loans and bonds





-

44,568

-

44,568

Financial assets -  Private loans





-

-

58,013

58,013

Total financial assets





-

44,568

58,013

102,581

Financial liabilities:





 

 

 

 

Zero Dividend Preference Shares





11,155

-

-

11,155

Total financial liabilities





11,155

-

-

11,155










Investments that trade in markets that are not considered to be active but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within Level 2.










Level 3 holdings are valued using a discounted cash flow analysis and benchmarked discount/interest rates appropriate to the nature of the underlying loan and the date of valuation.

Interest rates are a significant input into the Level 3 valuation methodology.

There have been no movements between levels during the reporting period. The Company considers factors that may necessitate the transfers between levels using the definition of the levels 1, 2 and 3 above.

 

14. POST BALANCE SHEET EVENTS

 


 

There are no other post period end events other than those disclosed in this report.

 

 

15. STATUS OF THIS REPORT

 


 

These financial statements are not the Company's statutory accounts for the purposes of section 434 of the Companies Act 2006. They are unaudited. The Half-yearly financial report will be made available to the public at the registered office of the Company. The report will be available in electronic format on the Manager's website (www.rm-funds.com).

 

 

The information for the year ended 31 December 2018 has been extracted from the last published audited financial statements, unless otherwise stated.  The audited financial statement has been delivered to the Registrar of Companies. The Auditors reported on those accounts and their report was unqualified, did not draw attention to any matters by way of emphasis and did not contain a statement under sections 498(2) or 498(3) of the Companies Act 2006.

The Half-yearly financial report was approved by the Board of Directors on 13 August 2019.

 

 

ALTERNATIVE PERFORMANCE MEASURES ('APMS')




 






 

Gross Asset Value





 

The Company's gross assets comprise the net asset value of the Company's Ordinary Shares and the accrued capital entitlement of the ZDP Shares, with the breakdown as follows:

 






 

As at 30 June 2019



£'000

Per Share (Pence)

 

Ordinary Shares - NAV

a


109,977

98.00

 

RM ZDP plc - Accrued entitlement

b


11,346

102.62

 

Bank Loan -Credit Facility

c


3,004

-

 

Gross asset value

a+b


124,327

n/a

 






 






 

Premium





 

The amount, expressed as a percentage, by which the share price is more than the Net Asset Value per share.

 






 

As at 30 June 2019





 

NAV per Ordinary Share (p)

a



98.00

 

Share price (p)

b



101.5

 

Premium

(b/a)-1



3.6%

 






 

Total return





 

A measure of performance that includes both income and capital returns. This takes into account capital gains and reinvestment of dividends paid out by the Company into its Ordinary Shares on the ex-dividend date.

 






 

As at 30 June 2019



NAV

Share Price

 

Opening at 1 January 2019 (p)

a


96.98

101.50

 

Closing at 30 June 2019 (p)

b


98.00

101.50

 

Dividend/income adjustment factor

c


1.0379

1.0360

 

Adjusted closing(p) (d = b x c)

d


101.71

105.15

 

Total return

(d/a)-1


4.9%

3.6%

 

 

 

DIRECTORS, MANAGER AND ADVISERS

DIRECTORS

Norman Crighton (Non-Executive Chairman)

Guy Heald

Marlene Wood

 

INVESTMENT MANAGER

RM Capital Markets Limited

7 Melville Crescent

Edinburgh

EH3 7JA

 

 

BROKER

Nplus1 Singer Advisory LLP

1 Bartholomew Lane

London

EC2N 2AX

 

 

REGISTERED OFFICE*

Mermaid House

2 Puddle Dock

London

EC4V 3DB

 

CUSTODIAN

US Bank

125 Old Broad Street

London

EC2N 1AR

 

ADMINISTRATOR AND COMPANY SECRETARY

PraxisIFM Fund Services (UK) Limited

Mermaid House

2 Puddle Dock

London

EC4V 3DB

 

AIFM

International Fund Management Limited

Sarnia House

Le Truchot

St Peter Port

Guernsey

GY1 4NA

 

REGISTRAR

Link Asset Services

The Registry

34 Beckenham Road

Beckenham

Kent BR3 4TU

 

AUDITORS

Ernst & Young LLP

One Atria

144 Morrison Street

Edinburgh

EH3 8EX

 

 

Solicitors to the Company

Gowling WLG (UK) LLP

4 More London Riverside

London

SE1 2AU

 

 

VALUATION AGENT

Mazars LLP

Tower Bridge House

Katherine's Way

London

E1W 1DD

 

* Registered in England and Wales No. 10449530

For further information contact:

Anthony Lee / Ciara McKillop

PraxisIFM Fund Services (UK) Limited

Tel: 020 7653 9690

The Half-yearly financial report will be submitted to the National Storage Mechanism and will shortly be available for inspection at: http://www.morningstar.co.uk/uk/NSM

 END

 


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 [email protected] or visit www.rns.com.
 
END
 
 
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Investment Manager's Holding

3 weeks, 5 days ago

Proposed Placing

3 weeks, 5 days ago

Net Asset Value(s)

3 weeks, 6 days ago

Net Asset Value(s)

on 16/9/19