RM Secured Net Asset Value Rises In First-Half On Portfolio Growth

LONDON (Alliance News) - RM Secured Direct Lending PLC on Friday said its portfolio grew in ...

Alliance News 10 August, 2018 | 10:21AM
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LONDON (Alliance News) - RM Secured Direct Lending PLC on Friday said its portfolio grew in excess of GBP100 million, pushing net asset value per share up in the first half of 2018.

Net asset value per share improved slightly in the six month to the end of June to 97.73 pence from 97.57p reported for the same period a year earlier.

Share price stood at 101.5p at the end of the period, representing a 3.7% premium to NAV. Shares in RM Secured were untraded on Friday, last quoted at 100.03p each.

At the half year end, the portfolio has grown significantly to 30 debt investments totalling over GBP106 million, the company said.

Overall, the portfolio focuses on non-cyclical sectors with the largest exposures to Health & Social Care, representing 16%, and Asset Finance, representing 14% of the loan portfolio.

RM Secured declared a second interim dividend of 1.63p per share, unchanged from the first interim dividend for the quarter to the end of March. Therefore, the company's aggregate dividend in respect of the six month period is 3.25p per share.

"During the first half of the year the board, the investment manager, the AIFM and the broker undertook a considerable amount of work in order to grow the company's gross assets to be in excess of GBP100 million," said Chairman Norman Crighton.

"The portfolio is well positioned to benefit from the recent Bank of England decision to increase interest rates by 0.25% to 0.75%," Crighton added. "The rise in interest rates will see additional income flow through on the 55% of the portfolio."

By Evelina Grecenko; evelinagrecenko@alliancenews.com

Copyright 2018 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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