RM Secured Direct Lending PLC (LON:RMDL) notified investors of its name change to RM Social & Environmental Infrastructure Income PLC, to better reflect the trust’s recent investing activity.
At the same time, the stock market symbol changes to RMII and its sector classification will be updated in due course.
The company, in a statement, noted that in a further investment in healthcare during April took the percentage of its portfolio invested in Social & Environmental Infrastructure to 28% - and the stat increases further to 35% when current investment commitments are included.
By the end of 2021, the investment manager expects this to account for 50% of the portfolio once investments are made into its target sectors.
“The portfolio is performing well and although we continue to closely monitor those assets which have been most impacted by the pandemic, we expect these to continue to improve in line with peers,” said chairman Norman Crighton.
“We are excited about the depth of opportunity to grow the portfolio with our refreshed strategy and believe that the target returns and positive social impact from our investments will also broaden our appeal to new and different investors.”
He added: “Our priority remains to restore the trading of the company back to a premium to NAV and increase the size of the company.
“The investment manager has an excellent pipeline of high-quality assets that will enable us to grow the portfolio, delivering returns for our investors and delivering positive impact to society."
It also noted the outcome of a shareholder survey launched earlier this year which sought to sound out the appetite for a liquidity event (an opportunity for shareholders to realise their investment in the trust), though it found that holders representing 90% of the trust’s shares were overwhelmingly supportive of the company's performance.
There was very limited appetite from those shareholders to participate in a liquidity opportunity, and it has therefore been decided that the next such initiative will be put back for a further three years.