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We reviewed RMDL in detail in our initiation report, Predictable revenue streams generating high yield, published on 5 June 2019. RMDL offers investors an ongoing ca.6.5% dividend yield, supported by multi-year assets, a rising revenue yield and economies of scale. We outlined how credit is well controlled, gearing levels are appropriate, the investment manager’s interests are aligned to shareholders (now owns 1.043m shares), and any discount will be actively managed. There are risks when the cycle turns; and its book has shown a propensity to turn over, which, in the future, could see external refinancing. The shares are at a 4% premium to NAV.
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