RDL REALISATION (RDL) reduced the value of its portfolio by $36.1m (£28m) in two months, as the investment trust’s wind-down gathers pace.
The alternative finance-focused fund’s portfolio was valued at $54.1m at the end of August, compared to $90.2m at the end of June.
It also substantially reduced its cash reserves, falling to $8m from $25.5m over the same period.
RDL announced last year that it was closing down, following shareholder pressure over poor performance.
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Over July and August, RDL saw a number of substantial repayments to platforms within its investment portfolio. An SME/CRE loans platform received loan repayments totalling $3,482,000. A property loan platform received $3,973,000, an equipment loan platform was repaid $66,000 and an international SME lending platform received $24,000.
RDL announced in August that its shareholders would receive a special dividend of 255p per share after it received full repayment of its vehicle service contract (VSC) loans, totalling $27.9m.
RDL said in its latest update that the remaining book value is $25,000 and relates to a loan of $4.5m which was made to the manager of the platform. Current efforts are focused on the collection of this loan.
On 3 October, RDL declared a further special dividend of 33p per share, which will be paid to shareholders on 1 November.