Overview
RM Infrastructure Income : RMII (formerly RM Secured Direct Lending : RMDL) aims to generate attractive and regular dividends through investment in secured debt instruments of UK SMEs and mid-market corporates and/or individuals including any loan, promissory notes, lease, bond, or preference share (such debt instruments, as further described below, being “Loans”) sourced or originated by the Investment Manager with a degree of inflation protection through index-linked returns where appropriate.
The company will seek to meet its investment objective by making investments in a diversified portfolio of Loans to UK SMEs and mid-market corporates and/or to individuals. These Loans will generally be, but not limited to, senior, subordinated, unitranche and mezzanine debt instruments, documented as loans, notes, leases, bonds or convertible bonds. Such Loans shall typically have a life of 2-10 years. In certain limited cases Loans in which the company invests may have equity instruments attached, ordinarily any such equity interests would come in the form of warrants or options attached to a Loan. Typically the Loans will have coupons which may be fixed, index-linked or LIBOR linked. For the purposes of this investment policy, UK SMEs include entities incorporated outside of the UK provided their assets and/or principal operations are within the UK. The company is permitted to make investments outside of the UK to mid-market corporates. Loans will be directly originated or sourced by the Investment Manager who will not invest in Loans sourced via or participations through, peer to peer lending platforms.
The investment focus is on social & environmental infrastructure over the next three years and only allocate loans across six sectors:
Environmental Infrastructure
· Energy efficiency & carbon reduction
· Clean energy & renewables
· Waste Management
Social Infrastructure
· Accommodation
· Education & childcare
· Healthcare
You can access the company’s website here
Fundamentals
Price
Research History
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15 Jan 2021 1 min read
Interview with James Robson of RM Secured Direct Lending
In this week’s show, James Carthew talked to James Robson of RM Secured Direct Lending. Watch it again here If you were looking for QuotedData’s roundup of the week’s news, this is now in the news section – just click here If there is a guest speaker you’d particularly like to hear from, please email us – […]
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11 Sep 2019 3 min read
QuotedData’s economic roundup – September 2019
Economic & Political Roundup Kindly sponsored by Polar Capital and Allianz A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you […]
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05 Apr 2019 4 min read
QuotedData’s economic roundup – April 2019
Kindly sponsored by Polar Capital Economic & Political Roundup A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy […]
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25 Apr 2018 1 min read
Quarterly investment companies roundup – First quarter 2018
Quarterly investment companies roundup – First quarter 2018 Quarterly investment companies roundup – First quarter 2018 – Global equity markets declined in the first quarter of 2018. Concerns about US interest rate rises were the feature of the first half of the quarter. However, worries about global trade took over in the second part, particularly […]
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14 Jun 2017 1 min read
QuotedData investment companies roundup – June 2017
QuotedData investment companies roundup – June 2017 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of May 2017. Kindly sponsored by Baillie Gifford. June Investment Companies Roundup Japan was one of the best places to be […]
News
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26 Sep 2024 2 min read
QuotedData’s morning briefing 26 September 2024 – RMII, CGL, RNEW, RTW, LABS, PSDL
In QuotedData’s morning briefing 26 September 2024: RM Infrastructure Income (RMII) says its latest tender was taken up in full – 19,738,338 shares will be bought back at the tender price of 88.59p (equivalent to the NAV as at 30 August 2024). The money should be in your account on Monday. Iona Star LP, the […]
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03 Sep 2024 1 min read
QuotedData’s morning briefing 3 September 2024 – RMII, VNH, MNL, SSIT
In QuotedData’s morning briefing 3 September 2024: RM Infrastructure Income (RMII) announced a tender offer of up to £20m to be made to shareholders, together with a notice convening a general meeting of the company, to be held on 25 September 2024 at 12.00pm. Following shareholder approval of a new investment policy at a general […]
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28 Aug 2024 1 min read
QuotedData’s morning briefing 28 August 2024 – API, ORIT, RMII
In QuotedData’s morning briefing 28 August 2024: abrdn Property Income Trust (API) has sold Bastion Point, a single-let industrial unit in Dover that is let to the Secretary of State for Housing Communities and Local Government, for £9.475m. The sale price is in line with the end June 2024 valuation but 4.8% below the end […]
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19 Aug 2024 1 min read
QuotedData’s morning briefing 19 August 2024 – RMII
In QuotedData’s morning briefing 19 August 2024: RM Infrastructure Income (RMII) has announced its interim results for the six months to 30 June 2024. The company delivered a NAV total return of 2.5% and a share price total return of 9.6%. The company also paid a dividend of 3.5p per share. The manager noted that […]
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23 Apr 2024 1 min read
RM Infrastructure Income making steady progress on wind down
RM Infrastructure Income (RMII) has released its annual results for the year end 31 December 2023. Earlier in the year, it was announced that the company would be facilitating a managed wind down due to a stubborn discount and falling scale. At 31 December 2023 the NAV total return for the year was 3.16% and […]
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15 Jan 2024 1 min read
QuotedData’s morning briefing 15 January 2024 – RMII
In QuotedData’s morning briefing 15 January 2024: RM Infrastructure Income (RMII) has announced that it was successful in a legal claim against the former main contractor for its student accommodation located in the city centre of Coventry, UK. RMII was awarded circa £1.2m by the adjudicator, with circa 90% of said sums now having been […]
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22 Dec 2023 3 min read
QD – review of the year
This is the last of our weekly emails for 2023. We hope that you have been finding them useful. We will be publishing our annual roundup in January. Ahead of that however, I thought it might be worth pulling out a few of the year’s highs and lows. In January, China’s market shone as hopes […]
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30 Nov 2023 1 min read
More detail on RM Infrastructure Income winddown proposals
RM Infrastructure Income (RMII) has published a circular convening a meeting to approve its managed winddown. In September, the manager’s run-off profile of the portfolio showed a forecasted weighted average remaining life of about 1.7 years from end-October 2023, with a liquidation of the company occurring in the second half of 2027. The manager has […]
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08 Sep 2023 1 min read
QuotedData’s weekly news update 8th September 2023
Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, James Carthew covered the week’s top stories: • Ecofin US Renewables • RM Infrastructure Income • Round Hill Music This week’s interview was with Prashant Khemka from Ashoka WhiteOak Emerging Markets Trust – […]
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06 Sep 2023 3 min read
RM Infrastructure Income to wind down
After extensive consultation with its advisers and shareholders, the board of RM Infrastructure Income (RMII) has decided to put forward proposals for a managed wind-down of the company. This follows a separate announcement also released today from GCP Infrastructure that noted RMII and GCP had been unable to agree on structure and terms for a […]
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1 min read
GCP merger with RMII terminated
GCP Infrastructure (GCP) has provided an update on its discussions with the board of RM Infrastructure Income (RMII) regarding a potential combination. The board of GCP has been unable to agree on structure and terms with RMII in respect of the RM Scheme that are acceptable to both parties. GCP Infra has therefore notified RMII […]
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11 Aug 2023 1 min read
QuotedData’s weekly news show 11th August 2023
Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, James Carthew covered the week’s top stories: • GCP Infrastructure / GCP Asset Backed Income / RM Infrastructure (0:40) • Nippon Active Value / Atlantis Japan Growth (13:56) • HydrogenOne Capital Growth […]
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2 min read
QuotedData’s morning briefing 11 August 2023 – RMII, LBOW, MYI
In QuotedData’s morning briefing 11 August 2023: Confirmation from RM Infrastructure Income (RMII) that its board has received a proposal from GCP Infrastructure Investments, as referred to in its announcement on 10 July 2023, regarding a potential partial combination with GCP Infrastructure. The proposal would be effected by way of a scheme of reconstruction of […]
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31 Jul 2023 1 min read
QuotedData’s morning briefing 31 July 2023
In QuotedData’s morning briefing 31 July 2023: RM Infrastructure Income (RMII) says that, since its last update on 10 July 2023, the board has received an additional [merger] proposal under s110 of the Insolvency Act 1986 which is under consideration alongside one other proposal highlighted in the 10 July 2023 announcement, however at this time […]
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10 Jul 2023 3 min read
QuotedData’s morning briefing 10 July 2023
In QuotedData’s morning briefing 10 July 2023: Castelnau Group (CGL) has announced that it has purchased a 25% stake in Warlord Games, a historical table top wargame maker, through one of its portfolio companies, Hornby Hobbies. The transaction was made for £1.25m in cash. CGL has the option to become the majority shareholder in Warlord […]
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26 May 2023 1 min read
QuotedData’s weekly news show 26th May 2023
Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, James Carthew covered the week’s top stories: • Momentum Multi-Asset Value (0:21) • RM Infrastructure (4:09) • Home REIT (10:49) • LondonMetric/CT Property (16:14) This week’s interview was with Andy Ho & […]
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23 May 2023 2 min read
RM Infrastructure was approached about a potential merger
The following statement was published by RM Infrastructure Income today: Although RMII is well positioned from an investment perspective, the company’s shares, in common with many investment companies, have traded at a discount over a period of time. This, coupled with the company being of a small scale, has created challenges in generating improved liquidity in […]
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26 Apr 2023 2 min read
Solid performance in tough year for RM Infrastructure Income
RM Infrastructure Income (RMII) announced its annual results for the year-end December 2022. Including dividends, the company achieved NAV growth of 5%, while shares grew 3.7%, following on from its impressive performance through 2021 which saw NAV and share price growth of 7.6% and 16,7% respectively. While there is no mention of a benchmark in […]
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08 Aug 2022 1 min read
QuotedData’s morning briefing 8 August 2022
In QuotedData’s morning briefing 8 August 2022: Aberdeen New India (ANII) has entered into a new three year revolving credit facility of £30m with The Royal Bank of Scotland International, which replaces its £30m loan facility (also with RBSI), which matures on 5 August 2022. £30m of the facility has been drawn down and used […]
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11 Jul 2022 2 min read
QuotedData’s morning briefing 11 July 2022
In QuotedData’s morning briefing 11 July 2022: RM Infrastructure Income (RMI)) has closed on three social infrastructure loans totalling approximately £11m allocated to targeted infrastructure sectors, including the company’s first ESG sustainability linked loan. An aged care loan of up to £6m will be used to construct a 45-bed purpose-built aged care home, located in […]
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21 Apr 2022 2 min read
RM Infrastructure Income shareholders had a good 2021
RM Infrastructure Income’s results for 2021 show an NAV total return for the year of 7.6% and a return to shareholders of 16.7%. Dividends for the year totalled 6.5p. The overall portfolio size remained largely unchanged during the year, closing at £130.8m across 34 loans and one wholly owned asset. Eight new loans were made […]
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10 Aug 2021 2 min read
QuotedData’s morning briefing 10 August 2021
In QuotedData’s morning briefing 10 August 2021: Literacy Capital (BOOK) says that Butternut Box, a business providing healthy, fresh dog food on a subscription to dog owners’ doors, has finalised a funding round to raise further equity to support the continued growth of the business. As at 30 June 2021, Butternut Box was Literacy Capital’s 3rd largest […]
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14 May 2021 1 min read
QuotedData’s weekly news show 14 May 2021
QuotedData’s weekly news show 14 May 2021 Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on Youtube. In this week’s show, James Carthew covered the week’s top stories: RM Secured Direct Lending set for a name change as social & environmental focus intensifies Aquila Energy Efficiency […]
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12 May 2021 2 min read
RM Secured Direct Lending set for a name change as social & environmental focus intensifies
RM Secured Direct Lending (RMDL) has been making good progress in directing all new lending to six core sectors. It is set for a name change to RM Social & Environmental Infrastructure Income, as outlined below. ‘All new lending being allocated to social & environmental infrastructure assets’ “RM Funds (RMDL’s manager) has made good progress in […]
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29 Mar 2021 2 min read
Resilient annual results from RM Secured Direct Lending
RM Secured Direct Lending (RMDL), which specialises in secured debt investments, announces its results for the year ended 31 December 2020. On a total return basis, the NAV increased by 3.1% and we note that the shares ended the year at a 6.7% discount (they began the year at a 1.7% premium). RMDL has a diversified […]
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25 Jan 2021 1 min read
QuotedData’s morning briefing 25 January 2021
In QuotedData’s morning briefing 25 January 2021: RM Secured Direct Lending (which featured on the weekly show a couple of weeks ago) has received an increased allocation from the British Business Bank under the Coronavirus Business Interruption Loan Scheme (CBILS). RM Funds was initially granted an allocation of HM Government Guarantee capacity in August 2020. This […]
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17 Aug 2020 2 min read
RM Secured Direct Lending marks down cyclical assets most exposed to the pandemic
SME-focused RM Secured Direct Lending (RMDL) has reported interim results to 30 June 2020. Over the period, total NAV returns amounted to (3.4%) and the market return came to (19.5%). Chairman, Norman Crighton, noted that “This performance reflects the marking down of asset values of investments in sectors more exposed to the impact of COVID-19, […]
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24 Jun 2020 1 min read
QuotedData’s morning briefing 24 June 2020
SDCL Energy Efficiency Income (SEIT) announced that after seeing the strong support given to the initial issue of new ordinary shares, announced on 18 June, the issue size has been increased from £60m to £110m. Augmentum Fintech (AUGM) announced that portfolio company, Zopa, has been awarded its full banking licence by the Prudential Regulatory Authority. […]
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12 May 2020 1 min read
RM Secured Lending cuts management fee
RM Secured Lending cuts management fee – the fee has been adjusted so that the manager is entitled to a fee of: a) 0.875 per cent. of the prevailing Net Asset Value (“NAV”) in the event that the prevailing NAV is up to or equal to £250 million; or b) 0.800 per cent. of the prevailing […]
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22 Apr 2020 3 min read
Annual results and update from SME-focused RM Secured Direct Lending
RM Secured Direct Lending (RMDL) has reported its annual results to 31 December 2019. Over the course of the year, the portfolio generated a NAV total return of 8.2%. The company’s shares trading in a narrow range within 99.50 pence and 103 pence over the period. Reflecting on 2019’s market environment RMDL said the following in its […]
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25 Mar 2020 1 min read
QuotedData’s morning briefing 25 March 2020
In QuotedData’s morning briefing 25 March 2020: The US reached an agreement to provide a $2tn stimulus package Meanwhile, India became the latest country to send its population into lock down Starwood European Real Estate Finance (SWEF) said that it, in line with the FCA’s guidance, it would delay publishing its annual results RM Secured […]
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14 Nov 2019 1 min read
QuotedData’s other news 14 November 2019
In QuotedData’s other news 14 November 2019 At the half-year stage (30 September in its case), Next Energy Solar’s NAV crept up to 111.2p from 110.9p, supporting a 6.7% return to shareholders. Dividends for the first half totalled 3.44p, up from 3.325p. Electricity generation was 5% above budget, powering the equivalent of 134,000 homes for the […]
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06 Nov 2019 1 min read
QuotedData’s other news 6 November 2019
In QuotedData’s other news 6 November 2019 Symphony International reports a 10% drop in its quarterly NAV – from $1.0915 to $0.9921 – it says falls in the value of Minor International and writedowns in its unlisted portfolio are to blame RM Secured Lending has extended the deadline for its placing to 12 November in the […]
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01 Nov 2019 2 min read
QuotedData’s other news 1 November 2019
In QuotedData’s other news 1 November 2019 RM Secured Direct Lending has renewed and amended its revolving credit facility with OakNorth. Under the terms of the amended facility, the company may draw down loans up to an aggregate value of GBP 10.5 million, on materially similar terms as the previous facility. The new facility will expire […]
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17 Oct 2019 1 min read
QuotedData’s other news 17 October 2019
In QuotedData’s other news 17 October 2019 Gore Street has expanded by £10.7m after raising an additional £9.5m from the NTMA and £1.2m from other investors. Hipgnosis Songs Fund raised £231m from its C share issue – that’s a lot of money but also quite a bit short of the £300m it said it was looking […]
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14 Aug 2019 2 min read
QuotedData’s other news 14 August 2019
It has been a busy morning of half-year results announcements. In QuotedData’s other news 14 August 2019: Apax Global Alpha (APAX) reported interim results to 30 June 2019; total NAV retur was +13.4% (+12.9% in constant currency terms). Last 12 months total NAV return was +14.4% (+12.2% constant currency) reflecting primarily strong performance of the private equity portfolio. Aberdeen Asian Income […]
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2 min read
RM Secured Direct Lending delivering for yield seeking investors
RM Secured Direct Lending delivering for yield seeking investors – Some of the highlights from the direct lending sector company, RM Secured Direct Lending’s (RMDL), first-half period to 30 June 2019 include: Loan investments totalled £122m with an increased average yield of 8.61%; Diversified portfolio with 35 debt investments (H1 2018: 30 investments) across 13 sectors […]
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24 Jul 2019 1 min read
QuotedData’s other news 24 July 2019
In QuotedData’s other news 24 July 2019: SME Credit Realisation Fund (SCRF) reported annual results to 31 March 2019, with NAV down 0.78%. The company provides exposure to credit assets in the following ways: 1.) directly through a platform operated by Funding Circle and indirectly, in each case as detailed in the company’s original investment policy. SCRF […]
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1 min read
RM Secured Direct Lending exploring capital raise
RM Secured Direct Lending exploring capital raise – The direct lending sector company, RM Secured Direct Lending (RMDL), is exploring options to raise funds through a potential issue of new ordinary shares at a premium to NAV. RMDL wants to raise capital to go after what it sees as a strong pipeline of opportunities. The company […]
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27 Mar 2019 1 min read
RM Secured says on track to cover dividend
RM Secured says on track to cover dividend – RM Secured Direct Lending’s results for the year ended 31 December 2018 show that the NAV fell from 98.2p to 96.96p over the year (the share price was unchanged). Factoring in the 6.5p dividend, the total return on NAV was 5.5%, much better than last year’s 2.8%. […]
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In The Press
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21 Aug 2024 1 min read
Debt funds’ new lease on life
By James Carthew, QuotedData, 20 August 2024: The 0.25% reduction in the Bank of England base rate on 31 July may not sound much but it marked the first interest rate cut in four years and signalled that the UK’s bout of elevated inflation that began in April 2021 was finally under control. A lot […]
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13 May 2024 1 min read
This investment trust sector yields 9% – is it too good to be true?
by Sam Benstead from interactive investor, 8th May 2024: Rising interest rates have knock-on effects for all investments – but one of the most important impacts is on bond markets. When rates rise, so do the returns that investors demand from fixed income. This leads to higher yields as a result of falling prices for […]
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18 Dec 2023 1 min read
Investment trust insider on 2023
Investment trust insider on 2023 – James Carthew: Dramatic 2023 leaves sector radically different The rationalisation of the sector continues. There has been a flurry of announcements over the past couple of weeks: Abrdn Diversified Income and Growth (ADIG) announced a managed wind down; Triple Point Energy Transition (TENT) declared it will begin an orderly […]
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11 Sep 2023 1 min read
Investment trust insider on the loss of good funds
Investment trust insider on the loss of good funds – James Carthew: Too many good funds are throwing in the towel Share price discounts have been widening across the investment companies’ sector. Incredibly, just 20 of 337 closed-end funds that I follow were trading at a premium to net asset value (NAV) at the end […]
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31 May 2023 1 min read
Investment trust insider on mergers
Investment trust insider on mergers – The direct lending fund that should be expanding, not shrinking or disappearing Another investment company bites the dust as CT Property Trust (CTPT) becomes the latest to announce it is on the receiving end of a bid. This time, unlike Civitas (CSH) where I continue to think shareholders should […]
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25 Jan 2021 1 min read
Investment trust insider on RM Secured Direct Lending
Investment trust insider on RM Secured Direct Lending – James Carthew: A debt fund that passed the Covid test It is some time since I took a look at RM Secured Direct Lending (RMDL), but recently I managed to catch up with its manager James Robson. It is safe to say that the debt sectors have […]
