Net Asset Value(s)

RMDL announces that its unaudited net asset value per ordinary share as at 31 August 2019, on a cum income basis, was 99.00 pence (31 July 2019: 98.69 pence).

RM ZDP PLC announces that the unaudited accrued capital entitlement per ZDP share as at 31 August 2019 was 105.00 pence (31 July 2019: 104.69 pence).

The NAV total return for the month was 0.31%, bringing the NAV Total Return year to date figure to 5.89%.

Portfolio Activity

The Ordinary Share NAV as at 31^st August 2019 was 99.00 pence per share, which is 0.31 pence higher than at 31^st July 2019, comprising interest income net of expenses of 0.79 pence and a decrease in portfolio valuations of 0.48 pence net of currency hedges.

As at the 31^st August 2019, the Company's portfolio consisted of 35 debt investments with a weighted average yield of 8.67%, spread across 14 sectors, with a percentage split between fixed and floating rate debt of 57 to 43. The Investment Manager is focused on reducing interest rate risk by keeping the tenors on fixed rate investments generally shorter dated. Overall, the portfolio has the following approximate breakdown: 59% represented by directly originated private loans; 38% in club or syndicated private loans; and 3% in more liquid corporate debt. Consequently, private debt investments represent 97% of the portfolio.

The transaction highlights for the month are as follows:

·      énergie  Fitness, the leading low-cost fitness franchisor in the UK and Ireland; £6m new investment to provide a comprehensive financing package to support leading sustainable and impact investor, Bridges Fund Management, in its acquisition of énergie Fitness. The financing package includes senior secured term loan and revolving credit facilities. The health and fitness sector remains a fastgrowing market and with an increasing demand for high quality, low-cost operators. As the sole lender RMDL's Investment Manager has structured a highly covenanted, senior secured loan.

·      Partial Divestment Forecourt Operator; £2m to part fund  énergie  Fitness above.

·      Additional drawdowns to existing transactions previously documented and partially funded.

The Company also announces that the Monthly Report for the period to 31 August 2019 is now available to be viewed on the Company website:

RM Secured Direct Lending Plc ("RMDL" or the "Company") is a closed-ended investment trust established to invest in a portfolio of secured debt instruments.