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RECI had cash at end-August of £45m. Seven more deals are expected to repay in the coming months, which should return a further ca.£100m to RECI. These resources will be required to meet the expected near-term drawings on existing loan commitments (total £108m), and new opportunities in Cheyne’s pipeline, should cash allow. With the shares now at a 3.6% premium to NAV, RECI has potential access to capital to further exploit Cheyne’s strong pipeline (12 deals with a value of ca.£0.7bn), which would deliver further economies of scale in the listed vehicle. Since March 2020, RECI has participated in just 10 of Cheyne’s 24 deals, given its historical funding constraints.
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