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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Rdl Realisation Plc | RDL | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
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|---|---|---|---|---|
| 0.00 | 0.00% | 59.70 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 59.70 |
| Top Posts |
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Posted at 31/10/2023 14:11 by battlebus2 14p dividend declared. Payment 30th November. Likely the final dividend then voluntary liquidation with anything left expected to be nominal. |
Posted at 23/12/2021 12:25 by battlebus2 15p dividend declared. Payment in January. |
Posted at 02/10/2020 11:15 by rustle2 Does anyone understand the CGT calculations for this company?Obviously the share price has gone down so I have a capital loss. Is that it or do I need to include any element of the dividend payments? |
Posted at 25/7/2020 13:08 by rndm355 again behind a paywall but the RDL situation is analysed here, the writer is optimistic: |
Posted at 04/6/2020 09:01 by davebowler Liberum;Event RDL Realisation's annual report for the period to 31 December 2019 demonstrates the progress with realisations over the year, enabling the repayment of the ZDP shares and distributions to shareholders of 327p per share. A further 139p has been returned to shareholders post period end bringing total distributions to 730p since the realisation strategy was approved in June 2018. NAV per share at the year end was $3.01 (227p) compared to $7.49 (588p) at December 2018. The portfolio was valued at $37.5m at the year end and approximately 60% of this has been realised post-period end. This includes the final $13.5m settlement regarding the Princeton loan. We estimate the remaining portfolio has a value of $15m, of which 90% relates to loans from the real estate platform and the SME/CRE platform. In relation to Covid-19, many of the SME borrowers (c.9% of portfolio) are businesses that are reliant on consumer spending on food and retail. The Canadian SME portfolio mainly comprises venture loans to tech companies which are relaint on capital raises and new equity investment. The company will seek to delist once the remaining assets have been substantively returned. Liberum view The realisation process has made considerable progress over the past 12 months, particularly considering the potential for delays in bankruptcy processes. In the June 2019 interim report, the board set out the aim of selling off the majority of the performing assets by mid-2020 and this has been achieved. Approximately 90% of the remaining loan exposure is to two platforms which have produced steady realisations and are expected to run off within 12 months. Repayments of some of the remaining amounts are likely to be delayed, such as in the case of the Canadian SME loans. These make up c.7% of the remaining portfolio and the loans do not have scheduled payments. Repayment is reliant on Canadian Government tax rebates and over 90% of these loans are non-performing. Repayments on SME loans are also likely to suffer as a result of the crisis given the exposure to food and retail. We estimate the pro-forma NAV is $1.27 per share (44.7% discount to NAV). |
Posted at 16/4/2020 13:51 by rogerrail By my calcs, after todays xd RDL has $20.34m in assets equivalent to $1.28/£1.01 per share. They have approx $4.44m in cash which is about 22p per share. Hence they only have to realise 36p per share of the remaining 78p to justify the current share price valuation. |
Posted at 16/3/2020 09:21 by davebowler Liberum-RDL Realisation $13.5m to be received from Princeton resolution Mkt Cap £23m | Prem/(disc) -31.4% | Div yield n/a Event RDL Realisation has confirmed that it will received a $13.5m cash distribution from the Princeton Alternative Income Fund Chapter 11 bankruptcy case. The cash will be released on or before 30 March, at which point all outstanding litigation related to the Princeton Fund will be resolved and the bankruptcy case will be closed. Liberum view This ruling brings to an end the Princeton saga for RDL. The $13.5m sum is in line with the previous amount announced in February and amounts to c.36% of the company's remaining NAV. The resolution will allow the company to return c.$0.84 per share to shareholders once the cash has been received at the end of the month. |
Posted at 01/10/2019 14:53 by davebowler Liberum;Majority of performing assets expected to be redeemed by mid-2020 Mkt Cap £38m | Prem/(disc) -20.3% | Div yield n/a Event NAV per share at 30 June 2019 was $6.80 per share, representing a NAV total return of -6.4% in the half-year in US Dollar terms. Steady realisations in the period and an agreement with the ZDP shareholders enabled the $70.7m repayment of the ZDP shares. The company has consequently been able to resume dividend payments from realisations. $50m was returned to shareholders in August following the $27.9m paydown of a loan following a refinancing with a new lender. Ranger's capital distributions over the past 12 months have been driven by a number of portfolio disposals and the refinancing of loans where Ranger was the sole platform capital provider. The majority of the remaining assets in the portfolio comprise loans that the board believes are best run-off and this could occur by mid-2020. A number of residual positions (e.g. Princeton) are expected to take longer due to bankruptcy proceedings. The remaining portfolio was valued at $62m excluding the vehicle services contract platform. This mainly comprises loan investments across three platforms: SME/CRE loan platform (44% of NAV) - Regular run-off of performing investments. The balance has reduced from $40.5m to $26.4m over the six months. Real Estate platform (27% of NAV) - The balance outstanding continues to reduce through loan sales and run-off. The exposure to this platform has reduced from $36.8m to $16.2m since December 2018. Princeton (25% of NAV) - the Chapter 11 Trustee filed an adversary complaint against MicroBilt Corporation, alleging several actions of wrongdoing by MicroBilt and other defendants. A settlement conference was held in August with a group of investors, MicroBilt and the Chapter 11 Trustee but it did not result in a settlement of any claims. The Bankruptcy Court set a schedule to decide a motion that the Trustee plans to file to set the relative value of the partners' capital accounts and the estate's investments. An evidentiary hearing is set for 10 October. The Chapter 11 trustee's plan is based on the net equity method (capital invested less distributions). MicroBilt's proposal is based on the use of NAV as calculated by the management of Princeton in February 2018. Liberum view Total dividends paid since the wind-down strategy was approved at the end of June 2018 are 536p (55% of NAV at June 2018). The repayment of the loan to the vehicle services contract platform ahead of book value was a significant positive given LTV concerns on the portfolio. The main concern in the remaining assets is the possibility of Princeton's bankruptcy proceedings dragging on into 2020 and the potential for ongoing legal costs. Assuming the liquidation plan for Princeton is approved, the Princeton position will be reduced by $2.5m and the plan put forward by the Chapter 11 trustee suggests that $15m is a reasonable estimate of potential liquidation proceeds. |
Posted at 09/8/2019 11:04 by davebowler 7 August 2019RDL Realisation PLC (the "Company" or "RDL") Portfolio Update As previously announced by the Company and pursuant to the Company's ultimate objective of effecting a managed wind down of its portfolio with a view to realising all of its investments, the Board continues to work with the management teams of each of the platforms through which it has invested. In connection with these efforts, the Company has entered into an agreement that has refinanced the entire balance of the loans, secured by vehicle service contracts ("VSC"). As of 6 August 2019, the effective date of the refinancing, the Company received a payoff of all of the outstanding obligations secured by VSCs, including principal, interest and reimbursable expenses totalling USD 27.9 million. With the repayment at par, the Company will recognise income, reversing the amount reserved on the loan in the 31 December 2018 financial statements. The Company still has a USD 4.5 million enterprise value loan outstanding to a related entity of the VSC platform. This loan was due in May 2019; the Company continues to receive monthly interest. RDL is in active discussions with the management of the VSC platform to restructure the loan owed in a mutually agreed upon and timely manner. The Company intends to announce a further special dividend following the refinancing of the loan. The amount and timing of the special dividend will be determined with regard to the obligations of the Company and the maintenance of sufficient reserves. The Company will also look to structure its dividend payments to maintain investment trust status for so long as it remains listed. Further announcements regarding dividend payments will be made in due course. This announcement contains inside information. For further information, please contact: Link Company Matters Limited Secretary |
Posted at 04/5/2018 07:24 by spectoacc Not sure they're going to win, but agree with them that RDL said nothing whatsoever about the merits of a possible winding-up:"Funds managed by Oaktree Capital Management, L.P. ("Oaktree"), an approximately 19% shareholder of Ranger Direct Lending Fund PLC (LON: RDL) ("Ranger" or "RDL" or "Company"), released an open letter to Ranger shareholders today regarding the Board's recent proposal to appoint Ares Management ("Ares") as the new investment manager. The full text of the letter is as follows: May 4, 2018 Dear shareholders of Ranger Direct Lending PLC ("Ranger," the "Company" or "RDL"), We write to express our deep disappointment with recent actions by Ranger's Board of Directors (the "Board"), culminating in the RNS announcement on May 1 (the "Announcement"), in which the Board announced its proposal to appoint Ares Management ("Ares") as its new investment manager. We believe that this proposal is the result of a biased and flawed process, adds significant risk and expense to Ranger shareholders, and is further indication of the Board's poor stewardship. The Board has made no attempt to respond to the valid fundamental concerns we raised in our publicly-released April 11 letter, and we continue to believe that a wind-down represents the clear best option for shareholders. We know many of our fellow shareholders agree. Flawed Strategic Review Conducted by a Biased Board The Board's announced strategic review has been conducted in a way that we contest vigorously: -- There is no evidence that the Board has seriously considered a wind-down for the benefit of all shareholders. There has been no side-by-side comparison of the benefits of a new manager arrangement relative to a low-risk, shareholder-friendly -- In our view, the Board's engagement has been inadequate and inconsistent, notably in the failure by the Board and its advisors to honor their agreement as part of the wall-crossing procedure, specifically by advantaging certain shareholders over those with dissenting views. Inadequate and Risky Proposal to Appoint Ares to Run the RDL Portfolio The Ares Proposal Comes with No Details to Support the Recommendation Following a three-month review process, we are disappointed that no terms of the proposed new manager arrangements have been communicated and we do not think the Board is taking shareholder concerns seriously: -- No substantive detail has been provided on the underlying investment strategy. -- There are no plans on how Ranger's chronic NAV discount would be eliminated and over what timeframe. -- There is no information about how the RDL platform would reach viable scale under the new investment manager when RDL's illiquidity makes it patently unattractive for most investors. -- There are no details on fees or the term of the management agreement. -- No proposal has been made on how dissenting shareholders would be cashed out if they so desired, which we have seen occur in several cases when the investment manager changes in the face of substantial shareholder opposition. Appointment of Ares as Investment Manager Carries Substantial Risk Compared to a Wind-Down The information that Ranger has presented illustrates significant additional risk when compared to Ranger's existing portfolio or a wind-down alternative: -- Ares' proposal represents a major departure from Ranger's current short-dated SME whole loan mandate and carries significant new risks for shareholders, yet does not offer commensurate uplift in return profile or yields. -- Ares would invest in structured products that sit lower in the capital structure, i.e., in higher-risk securities, compared to Ranger's senior secured whole loan strategy, which is risky at this point in the credit cycle when corporate defaults are at historic lows and appear bound for mean-reversion in the period ahead. -- Ares' multi-year loans are much longer duration than Ranger's portfolio, which reduces portfolio liquidity and increases exposure to the credit cycle. -- RDL would become a passive vehicle with a relatively small allocation within deals syndicated across the Ares platform and would not have sole ownership of the underlying loans in the case of defaults. -- We believe Ares would create risks related to the time it takes to reposition the RDL portfolio, including redundant fees, potential delays and a misalignment of interests arising from the 12-month Ranger Alternative Management II notice period. -- We are especially cautious about this departure from mandate given Ranger's and this Board's history - we have seen what happened when they last stepped outside their comfort zone and reached for yield by investing in Princeton. Questionable Claims Made by the Board about Shareholder Support on Ares Proposal We question the Board's statement that 39% of RDL shareholders support its Board's recommendation of Ares as the new Investment Manager. -- Since we published our letter dated April 11, we have received a number of inbound messages from significant shareholders who share our concerns about the future of RDL and oppose the Ares proposal. -- If the Board proceeds with Ares' appointment without a cash-out option for dissenters, we consider that these dissenting shareholders could put selling pressure on RDL's shares for the foreseeable future. RDL's Board has a Poor Track Record of Stewardship, Lacks Relevant Experience and Has Lost the Confidence of Shareholders We view the mishandling of the strategic review process as only the latest in a series of missteps that have led to value destruction and a loss of shareholder confidence: -- Since its IPO in May 2015, RDL has significantly underperformed a range of equity and bond indices. -- This Board presided over the Princeton debacle, which resulted in massive destruction of value for all shareholders and continues to contaminate the RDL portfolio with no resolution in sight. -- This Board took little tangible action to take control of the Princeton situation until almost a year later when the NAV discount broke through 30%. -- This Board's expertise in speciality lending is limited, with only one current board member having a directly relevant track record in this field. Oaktree has given serious consideration to the future of RDL and how we could leverage our extensive credit and restructuring expertise to assist the Company for the benefit of all stakeholders. Regretfully, we believe shareholders have been repeatedly let down by the Board and have now lost faith in continued stewardship of this Board. We urge shareholders to express their views to the Board, in order to ensure that the Board considers the benefits of a winding down option as an alternative to the Ares proposal. Sincerely, /s/ Patrick M. McCaneyPatrick M. McCaneyManaging Director and Portfolio ManagerValue EquitiesOaktree Capital Management, L.P. |
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