5th Nov 2019 14:46
(Alliance News) - RM Secured Direct Lending PLC on Tuesday declared a 1.625 pence per share ordinary dividend plus a 0.075p per share special dividend for the three months from June to September 30.
The closed-ended investment trust, which invests in secured debt, said the dividend stems from "portfolio outperformance arising year to date". The company paid dividends of 1.625p each for the period from April to June.
Including the special dividend, the total for the June to September period is 1.7p per share. This takes annual distributions over the last four quarters to 6.95p with a cumulative net asset value return over this period of 8.0%, with dividends reinvested.
The ex-dividend date is December 5 and the record date is December 6 and the payment date is December 27.
Chief Investment Officer James Robson said: "The continued outperformance of [RM Secured Direct Lending] reflects our ability to deliver excellent risk adjusted returns from our quality portfolio, with loans diversified across a number of sectors and supported by favourable security packages."
"This was most evident in the last quarter, the strongest since the company's inception for normalised dividend cover from net income, which has reached 1.25 times," Robson added. "In addition, gross income increased to over GBP9 million for the first nine months of the year as we focus on deploying and recycling capital into non-cyclical sectors."
"We remain disciplined in our approach and well-positioned to take advantage of our pipeline of attractive investment opportunities which offer stable and predictable returns," Robson continued. "The board expects the portfolio performance to exceed full-year targets."
Shares in RM Secured Direct Lending were up 0.3% at 99.77p in London on Tuesday.
By Anna Farley; [email protected]
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