RGL

The Trust has been very difficult to trade, maybe they wanted to get all the bad news out of the way, if so they certainly succeeded in destroying the share price.

They have a bond to repay and muted a cash raise below the share price at the time. Since then they have stated they have property for disposal.

The current disposal programme comprises of 58 assets totalling c £130m:

·    one disposal contracted for £405,000;

·    10 disposals totalling c. £22 million under offer and in legal due diligence;

·    9 further disposals totalling c. £20 million are in negotiation

·    24 further disposals totalling c. £42 million are on the market and

·    14 potential disposals totalling c. £46 million are being prepared for the market

‘Net LTV 55.1% (31 December 2022: 49.5%) before unamortised costs. The Board continues to target a net LTV ratio of 40%

Whilst their intentions are unclear, maybe a cash raise and disposal of property to target their LTV.

Still trading at a big discount to NAV, so a hold for the portfolio as we await developments.

It’s been a great Trust for traders and likely to continue to be.