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RM Secured Direct Lending Deploys Placing Proceeds In Second Quarter

LONDON (Alliance News) - Debt investor RM Secured Direct Lending PLC said Monday it has ...

Alliance News 17 July, 2017 | 12:33PM
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LONDON (Alliance News) - Debt investor RM Secured Direct Lending PLC said Monday it has deployed placing proceeds in its latest financial quarter and paid its maiden dividend.

RM Secured said its net asset value per share as at June 30 was 97.57 pence, with total net assets of GBP55.9 million. During the period it paid a dividend of 0.2p per share.

Shares in RM Secured Direct Lending were untraded at 102.25p Monday.

The fund said it has now "substantially deployed" the GBP7.1 million raised in a placing of shares at 101.25p each in May. Its portfolio now comprises 18 loans with an average yield of 7.7% and a weighted average life of 3.9 years.

RM Secured said it has GBP58.0 million of commitments, of which GBP42.0 million has been deployed on a cash basis. The company's investment manager, RM Capital Markets Ltd, has an "active pipeline" of opportunities, including a GBP5.5 million deal to fund an asset finance portfolio.

"This has been another positive and active quarter during which we raised and deployed new funds, and grew the portfolio. We also paid our maiden dividend, as part of our objective to generate sustainable dividends," said James Robson, chief investment officer of RM Capital Markets.

"We continue to see significant opportunity to offer funding solutions to businesses that are below the radar of many larger institutional direct lenders or traditional banks, but are too large or have more complex requirements to suit P2P platforms," added Robson.

By Adam Clark; adamclark@alliancenews.com

Copyright 2017 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar
Rating
RM Secured Direct Lending 102.50 GBX 0.00 -
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