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RM Secured C shares invested by end February

RM Secured C shares invested by end February – RM Secured Lending continues to invest the proceeds of its GBP30 million (gross) C share issue of October 2017. In accordance with its investment policy, the company has now closed or entered into binding commitments for investments by the C share portfolio with a total value of GBP22 million, of which GBP15 million has been cash funded with the remainder expected to be drawn down by the end of January.

RM Secured Lending is also in the advanced due diligence and documentation phase on a number of other prospective investments and therefore the Investment Manager expects to have the proceeds from the C share issue to be substantially deployed on a cash basis by the end of February.

The C shares will convert into ordinary shares, ranking pari passu with the existing ordinary shares on the basis of the NAV to NAV Conversion Ratio which is expected to be calculated, inter alia, on the earlier of (i) the close of business on the date to be determined by the Directors occurring not more than 10 Business Days after the day on which the Investment Manager shall have given notice to the Directors that at least 85 per cent. of the Net Proceeds (or such other percentage as the Directors and Investment Manager shall agree) shall have been invested; or (ii) six months after the C Shares were admitted. The company will provide a further announcement in due course notifying when Conversion will occur.

Any income earned on C Shares prior to the Calculation Date will be attributable in full to holders of C Shares. Ordinary Shares arising on Conversion will rank pari passu with the Ordinary Shares in issue at the time of Conversion but will not be entitled to participate in any dividends or other distributions declared or payable in respect of the Ordinary Shares prior to Conversion.

RMDL : RM Secured C shares invested by end February

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