17th Oct 2019 11:09
(Alliance News) - RM Secured Direct Lending PLC said Thursday it plans to raise up to GBP10 million through a share placing, with the funds to be used to repay drawn debt facilities and provide cash for potential transactions it has identified.
The investment trust, specialising in secured debt investments, will issue the new ordinary shares at a placing price of 100 pence per share, through the company's broker N+1 Singer Advisory LLP. The placing price represents a discount of 1.5% to RM SecDirect's closing price of 101.5 pence on Wednesday.
RM SecDirect Lending shares were down 0.7% in London at 100.79 pence each on Thursday morning, giving the company a market capitalisation of GBP125.4 million.
The proposed placing will commence following the announcement, and is expected to close on November 7. The final number of the new ordinary shares will be agreed between the company and its broker following close of the placement.
The company sad its new shares will be equal with it's existing shares, and will be entitled to receive interim dividend from July 1 to September 30.
RM SecDirect Lending said it continues to benefit from a strong pipeline and the investment manager remains confident in company's ability to continue to originate and close high quality investments in line with its investment policy.
By Loreta Juodagalvyte; [email protected]
Copyright 2019 Alliance News Limited. All Rights Reserved.
Related Shares:
RMDL.L