viewRM Secured Direct Lending

RM Secured Direct Lending publishes prospectus for proposed fund-raising

The company has a pipeline of opportunities totalling is in excess of £150mln

Pound coin
The shares will be issued at a pound a pop

RM Secured Direct Lending PLC (LON:RMDL) has provided more detail on its plans to raise capital.

The company, an investment trust that specialises in secured debt investments, has previously indicated it would issue “C” shares at 100p a pop, and this is still the case, but it has now decided it will also place some zero dividend preference (ZDP) shares at the same price.

WATCH: RM Secured Direct Lending focused on a 6.5p divi in 2018

The ZDP shares will have a life of three years and a redemption value of 110.91p on the repayment date of 6 April 2021, which is equivalent to a redemption yield of 3.5% a year (compounded annually) on the Initial ZDP placing price.

"We have seen excellent momentum since we launched in 2016. We have raised and deployed funds quickly, including our most recent C Share issue, into attractive assets that meet our strict investment criteria,” said James Robson, the chief investment officer of RM Funds.

“We have also exceeded our first year target return of 4% and remain on track to increase this to 6.5% for 2018. We continue to see a number of bespoke, higher-yielding lending opportunities to established businesses that offer attractive returns profiles across a number of sectors," he added.

The company stressed that the return of 6.5% it is aiming for is a target and not a profit forecast.


Quick facts: RM Secured Direct Lending

Price: 77.999 GBX

Market: LSE
Market Cap: £94.81 m

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