Share Name Share Symbol Market Type Share ISIN Share Description
Ranger Dlf LSE:RDL London Ordinary Share GB00BW4NPD65 ORD GBP0.01
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 1,131.00p 1,131.00p 1,135.00p 1,132.00p 1,131.00p 1,131.00p 3,187.00 16:35:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 4.7 2.3 17.0 57.6 167.94

Ranger Dlf Share Discussion Threads

Showing 126 to 149 of 150 messages
Chat Pages: 6  5  4  3  2  1
DateSubjectAuthorDiscuss
22/11/2016
10:18
Liberum; Event Ranger Direct Lending has published a prospectus in relation to the proposed C share issue by way of an open offer and placing to raise up to £40m (c.$50m). The prospectus also includes a £200m placing programme of ordinary and/or C shares (inclusive of the amount raised under the initial issue). The issue will comprise 2.47m C shares under the open offer and 1.53m shares under the initial placing. The open offer and initial placing closes on 12 December with the result of the issue due to be announced on 13 December. Ranger also announced the October monthly report which highlighted a monthly return of 0.82% in US Dollar terms (c.6.9% in Sterling). The proceeds of the initial £30m ZDP issue were fully invested in early October and the additional £23.8m of ZDP proceeds which were raised in November are expected to be deployed by the end of December. Ranger currently trades on a 6.2% discount to NAV.
davebowler
02/11/2016
10:14
Liberum; Ranger Direct Lending (BUY, Mkt Cap £176m) £23.8m ZDP placing Event Ranger has conditionally placed 23 million ZDP shares at a placing price of 103.5p per share to raise gross proceeds of £23.8m. The ZDP shares will rank pari passu with the company's existing ZDP shares and have the same capital entitlement of 127.63p per share on 30 July 2021 (gross redemption yield of 4.52% based on the placing price). Admission is expected to take place on 4 November. Liberum view We calculate a cover of c.3.4x based on the final capital entitlement and we estimate this latest ZDP issue should add c.60bps to the annualised earnings yield once the proceeds have been fully invested. To date in 2016, Ranger has been generating an earnings yield of 9% on an unlevered basis and the impact of the overall gearing should add a further c.160bps to the annualised return once the latest proceeds have been invested. Ranger currently trades on a 6.9% discount to NAV and the shares offer a prospective 9.7% dividend yield which should rise as leverage is deployed. Infrastructure Debt/Asset Finance
davebowler
01/11/2016
14:45
recent perf similar to nbdg
luckymouse
24/10/2016
12:42
Liberum; Ranger Direct Lending (BUY) 0.75% NAV gain in September Event Ranger's NAV per share at 30 September 2016 was $15.58 which represents a total return of 0.75% for the month in US Dollars. The NAV gain in Sterling terms was 2% due to an appreciation in the US Dollar during the month. The majority of the portfolio, 75%, was invested in secured debt instruments (including loans, cash advances, and receivables financing) to SME borrowers, with 25% of the portfolio in unsecured consumer loans. Loan losses to date remain below original projections and are fully covered by the loss reserves. Non-US investments are 8.8% of total loan investments, including investments in the UK, Australia and Canada. Liberum view Ranger has delivered consistent underlying monthly returns of 70-80bps per month in 2016. The current run-rate suggests a NAV return in excess of 9% for 2016 and and we estimate the ZDP issue should add a further 100bps to the annualised return once fully invested. The fund has also benefited from US Dollar strength with over 90% of the portfolio in US loans. The company currently trades at a -8.7% discount to NAV compared to a peer group average of -10%.
davebowler
30/9/2016
08:34
Liberum; Event Ranger's NAV per share at 31 August 2016 was $15.46 per share which represents a total return of 0.72% for the month in US Dollar terms; in Sterling terms the NAV gain was 1.42% due to a slight appreciation in the US Dollar during the month. The portfolio remains focused on secured investments, which constitute 74% of the portfolio. The company continues to diversify its geographic exposure, allocating c.9% to non-US lending platforms, including investments in the UK, Australia and Canada. During August Ranger declared a dividend of 26.87p (equivalent to $0.3509) per share for the quarter to 30 June 2016. Post-period end the company announced that the ZDP proceeds are expected to be fully deployed in September. The company sees further investment opportunities amongst its existing platforms and additional platforms in the due diligence phase. Two platforms are at an advanced stage of the due diligence process, these include a secured medical lending business and SME lending. Liberum view Ranger continues to deliver underlying monthly returns of 70-80bps per month. The current run-rate suggests a NAV return in excess of 9% for 2016 and and we estimate that the ZDP issue should add a further 100bps to the annualised return once fully invested. The fund has also benefited from US Dollar strength with over c. 90% of the portfolio in US loans. The company currently trades at a 8.2% discount to NAV; the P2P peer group currently trades on an average discount of 8.7%. Specialist Equity
davebowler
16/9/2016
08:00
LiberumEventRanger Direct Lending has announced that the ZDP proceeds (raised in August) are expected to be fully deployed in September. The company sees further investment opportunities amongst its existing platforms and additional platforms in the due diligence phase. Two platforms are at an advanced stage of the due diligence process, these include a secured medical lending business and SME lending. Management report the performance of the portfolio during August was in line with recent months after stripping out the impact of the ZDP issue costs. In the six months to July, Ranger achieved returns of 70-80 bps per month and the company expects to return to this level during September.   Liberum viewWe estimate the ZDP issue will add a further 100bps to the annualised return once fully invested and should lead to an underlying NAV return of 10%+ going forward (the company is on target to generate 9%+ in 2016). The company trades at a 5.1% discount to the 31 July NAV (adjusted for the recent dividend), which we regard as attractive given the company's credit performance to date and the prospect of a 10% dividend yield. 
davebowler
15/9/2016
09:34
Liberum; Event Ranger's H1 2016 NAV return was 4.4% with the portfolio delivering strong monthly returns of 70-80bps from February onwards. In Sterling terms NAV grew 12.3% over the period; with over 90% of the portfolio in US loans this was driven by the sharp fall in the pound particularly in June. The company has exposure to 11 direct lending platforms; final negotiations underway in respect of two others, with investments expected to occur in Q3 2016. The majority of the portfolio, 78%, was invested in secured debt instruments (including loans, cash advances, and receivables financing) to SME borrowers, with 22% of the portfolio in unsecured consumer loans. Loan losses to date remain below original projections and are fully covered by the loss reserves. The quarterly dividend increased 40% from 14.62p in February to 20.45p in May. The dividend has increased a further 30% to 26.87p declared in August for Q2. Liberum view Ranger's performance in H1 2016 has been excellent with the company on track to deliver a NAV return of 9%+ in 2016. Post period end, NAV growth continued with 0.8% NAV return in July. The the company also raised £30m through the issues of Zero Dividend Preference Shares in June (5% GRY). The returns in H1 2016 were achieved on an unlevered basis and we estimate that the ZDP issue should add a further 100bps to the annualised return once fully invested. The company trades at a 10.2% discount to the 31 July NAV, which we regard as attractive given the prospective 9.4% dividend yield which could rise further once the impact of modest leverage flows through.
davebowler
25/8/2016
11:00
Liberum; Ranger Direct Lending (BUY) 0.8% NAV gain in July Event Ranger's NAV per share at 31 July 2015 was $15.70 per share which represents to a total return of 0.79% for the month in US Dollars. The NAV gain in Sterling terms was 1.11% due to a slight appreciation in the US Dollar during the month. The portfolio remains focused on secured investments (77% of portfolio) and non-US investments have risen to 9.8% of total loan investments. Post month-end, Ranger declared a dividend of 26.87p (equivalent to $0.3509) per share for the quarter to 30 June 2016. This equates to an annualised dividend yield of 10.1% based on the current price. The company also raised a modest amount of leverage in August through a £30m placing of ZDP shares Liberum view Ranger has delivered consistent underlying monthly returns of 70-80bps per month in 2016. The current run-rate suggests a NAV return in excess of 9% for 2016 and and we estimate the ZDP issue should add a further 100bps to the annualised return once fully invested. The fund has also benefitted from US Dollar strength with over 90% of the portfolio in US loans. The current discount to NAV of -10.4% stands out in comparison to the peer group average of -6.1% given the portfolio performance and the significantly higher prospective yield for the shares.
davebowler
10/8/2016
14:19
Thanks for the latest update, Dave! ;-) Good to see that my thoughts are in agreement with Liberum. A 10.3% yield (albeit helped by dollar strength) and a near 13% disc to NAV are strong arguements for holding RDL.
wirralowl
10/8/2016
09:34
Liberum; Event Ranger Direct Lending has declared a dividend of 26.87p (equivalent to $0.3509) per share for the quarter to 30 June 2016. This equates to an annualised dividend yield of 10.3% based on the current price. Liberum view The dividend for Q2 2016 represents a 31% uplift on the prior quarter which has stemmed from consistently strong monthly income returns of 70-80 bps with the added benefit of currency gains. These returns have been achieved on an unlevered basis and we expect the recent ZDP issue will add a further 100bps to annualised returns once fully invested. Ranger has had an excellent first year with the company meeting or exceeding all of its main targets set at the time of the IPO with the portfolio's credit performance exceeding expectations. The current discount to NAV of -12.9% stands out in comparison to the peer group average of -5.4% given the portfolio performance and the prospective yield which we believe will act as a catalyst for the shares.
davebowler
10/8/2016
08:54
Agreed Dave. Seems to be the best in its sector. Another impressive divvy increase today to 26.87p for the quarter. Annualized we're now looking at c.10% divvy against the IPO price. Thanks for sharing the regular updates from Liberum, don't always mention it, but do appreciate it.
wirralowl
28/7/2016
08:45
Looking at this another way; as the NAV is 14odd% above the current price and that most (77%) of its assets are secured loans then it follows that most of our money is now secured and there is also a cushion of unsecured loans that helps protect us against a fall back in the $ rate to the £.
davebowler
26/7/2016
09:23
Liberum FX gains drive 26% 12-month NAV TR Event Ranger Direct Lending's NAV rose 0.74% in June 2016 as the portfolio continues to generate strong monthly returns. We calculate a return of 2.3% over Q2 2017 in US Dollar terms (9.3% annualised but not compounded). Ranger has benefited from recent currency movements as NAV will rise in line with US Dollar strength with over 90% of the portfolio in US loans. We calculate a NAV total return in Sterling of 10.2% in June. As previously announced, Ranger has successfully raised gross proceeds of £30m through the conditional placing of ZDP shares. The ZDP shares will have a life of five years and a redemption yield of 5% pa based on the placing price. The portfolio remains focused on secured investments (77% of portfolio) and non-US investments now account for 9.6% of the loan investments. Liberum view Ranger has had an excellent first year with the company meeting or exceeding all of its main targets set at the time of the IPO. The company has consistently delivered monthly US Dollar NAV returns of 70-80bps per month in 2016 and is on track to produce an underlying NAV return of 9%+ in 2016. We calculate a NAV total return of 6.9% over the past 12 months which is impressive as the company had less than 20% of capital deployed at 30 June 2015. NAV total return in Sterling is 26.3% as the US Dollar has appreciated by 18.3% against Sterling over the year. The shares look increasingly attractive on the 14.2% discount to NAV (vs. an average of 7.7% for the peer group). Assuming FX rates remain unchanged, the dividend yield for 2016 should be c.9% with potential for a further uplift in 2017 once the impact of modest leverage flows through.
davebowler
22/7/2016
08:24
Liberum Ranger Direct Lending (BUY) ZDP share issue Event Ranger Direct Lending announced this morning that it has successfully raised gross proceeds of £30m through the conditional placing of 30 million zero dividend preference (ZDP) shares at 100 pence per share. The placing of the ZDP shares is conditional upon publication of a prospectus and admission. The ZDP shares will have a life of five years, with a final capital entitlement of 127.63p; a redemption yield of 5% per annum based on the placing price. It is expected that the prospectus in relation to the placing will be published on 26 July and the shares will be admitted to trading on 1 August 2016. Specialist Finance
davebowler
14/7/2016
10:21
HTtp://www.bnymellonmarketeye.com/rise-rise-direct-lending/?mkt_tok=eyJpIjoiTmpRMFlUSmlORFExWmpabCIsInQiOiJsa1pFbXRac0JDT1wvNStycEZQYVJ6Y2pmQWZUR2dpS3BQQ1hCM0hUNm91M0tGcjI1ZnVGNmZxUzR2VE5rdVZ5SDZWdGZjWXB5elBHcFhLTUpENzZ2Q3VSSVBkU3lQN1FGOXdzZkJFM3N4V0E9In0%3D
davebowler
12/7/2016
11:30
At last its back to a small premium unlike P2P and VSL
davebowler
28/6/2016
15:00
Well done, yield hunter. I did point this out to idealing, but in the end they just stopped communicating with me and left me with no option but to leave them.
wirralowl
22/6/2016
11:28
Had to contact the registrar in the end to get to the bottom of it. Your Isa provider needs to complete the form from the RDL website to receive the gross dividend. Hopefully will now be sorted going forward
yeild hunter
14/6/2016
12:10
I got paid gross near to 20.5p per share in ISA .
jaws6
14/6/2016
11:35
They should, assuming you hold them in an ISA. idealing took a similar stance with me, yet HMRC are not interested, as you can't include ISA's in a self assessment (you'll see a discussion on it if you scan back on this thread). Basically, idealing were/are failing to administer an ISA correctly, and in my eyes aren't fit for purpose. As a result I transferred my ISA to AJ Bell, and received the recent payment on time and in full, so might be worth considering...?
wirralowl
14/6/2016
11:22
Halifax has also only paid 80% of the dividend and suggest speaking to HMRC! Surely they would reclaim the tax like they would interest on a corporate bond?
yeild hunter
06/6/2016
11:45
HTtp://www.ftadviser.com/2016/05/24/investments/investment-trusts/p-p-backers-stand-their-ground-despite-scandal-dadRCDaz7q8i9W2enaHtUI/article.html
davebowler
06/6/2016
09:40
Liberum; Ranger Direct Lending Proposed £30m ZDP issue Event Ranger Direct Lending intends to raise up to £30m through a placing of zero dividend preference shares (ZDP shares). The ZDP shares are expected to be issued with a five year term and a 5% gross redemption yield. The proposed fundraising is expected to take place around the end of July 2016.
davebowler
24/5/2016
09:07
RNS Number : 9825Y Ranger Direct Lending Fund PLC 23 May 2016 23 May 2016 Ranger Direct Lending Fund PLC (The "Company") MONTHLY NET ASSET VALUE PER SHARE The net asset value per share ("NAV") of the shares in the Company as at the close of business on 30 April 2016 was: Ordinary Share: ISIN GB00BW4NPD65 cum-income basis was US$15.63 (Sterling equivalent amount being GBP10.70) ex-income basis was US$15.21 (Sterling equivalent amount being GBP10.41)
davebowler
Chat Pages: 6  5  4  3  2  1
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