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
  -8.50p -0.73% 1,161.50p 1,150.00p 1,173.00p 1,151.00p 1,151.00p 1,151.00p 1,541 16:35:24
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 4.7 2.3 17.0 56.5 172.47

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Date Time Title Posts
24/10/201613:42RANGER DIRECT LENDING: IPO May 201586
08/5/200811:49tomorrow will be a bloodbath28
12/11/200213:1450% dilution, will the share price half?1
29/5/200211:02Calling all RDL s`holders...12

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Ranger Dlf (RDL) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
27/10/2016 16:29:061,151.0021241.71AT
27/10/2016 16:28:461,151.0032368.32AT
27/10/2016 12:58:521,175.002042,397.00O
27/10/2016 12:58:441,175.003403,995.00O
27/10/2016 12:58:331,171.005446,370.24O
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Ranger Dlf (RDL) Top Chat Posts

Ranger Dlf Daily Update: Ranger Dlf is listed in the Equity Investment Instruments sector of the London Stock Exchange with ticker RDL. The last closing price for Ranger Dlf was 1,170p.
Ranger Dlf has a 4 week average price of 1,139.20p and a 12 week average price of 1,099.23p.
The 1 year high share price is 1,180p while the 1 year low share price is currently 900p.
There are currently 14,848,650 shares in issue and the average daily traded volume is 6,127 shares. The market capitalisation of Ranger Dlf is £172,467,069.75.
davebowler: Liberum; Ranger Direct Lending (BUY) The best month yet Event Ranger Direct Lending published yesterday the 30 April 2016 NAV per share at $13.95 or £9.55 per share, 0.78% growth on the 31 March 2016 NAV per share, the highest monthly increase yet, and the fifth consecutive month of returns in excess of 70bps. The annualized return on investment is estimated at 9.8%, unlevered. As at 30 April 2016, all the proceeds from the original share offering and the tap issue have been deployed or committed. Ranger Direct Lending does not have any exposure to platforms such as Lending Club and Prosper and only invests in direct lending platforms that allow for active loan selection. The company’s portfolio is diverse with investments in real estate loans, SME loans, invoice receivables and equipment finance. The majority of the loans in the portfolio, 78%, are secured. Geographically, the company continues to diversify with deployment in non-US direct lending platforms, including the UK, Australia and Canada that in total account for 9.4% of the portfolio. Liberum view Ranger Direct Lending had another month with strong credit performance of the portfolio and rising dividend payments. The last dividend was £14.62 per share and was paid on 29 March 2016 and the next dividend payment is £20.45 per share and will be paid on 10 June 2016. The company is trading at 11.4% discount to its April NAV making it a compelling investment given the ability to achieve targets and the potential of leverage that should act as one of the catalysts to improve the share price.
davebowler: Liberum; Ranger Direct Lending (BUY, TP 1215) 9.36% return from IPO to 31 December 2015 Event This morning Ranger Direct Lending published its annual financial report, covering the period May 2015 to 31 December 2015. The company publishes monthly NAV reports and periodic portfolio updates, so the numbers presented in the report have subsequently been superseded. Since the company listed in May 2015 NAV has grown 1.7% in Dollar terms (5.4% in Sterling terms) from $15.1488 (992p) to $15.41 (1046p) at the end of December. NAV has since grown a further 5.8% in Sterling terms to a last published NAV of 1107p (cum-income); NAV in Dollar terms has held steady since the end of the year due to date to ongoing Dollar strength. As at 31 December the company had generated a return of 9.36% from May to December (actual return on principal amount invested), based on 80.8% of capital deployed, on an annualised basis this equates to approximately 12%, in line with the company's target return. The proceeds from IPO were with fully deployed (80.8%) or committed to be deployed by December 2015 and the company subsequently conducted a secondary issue in December, issuing 1,348,650 new ordinary shares at a 2.6% premium to NAV, raising gross proceeds of approximately £14.1m. The net proceeds of the December tap issue were fully deployed by the end of February 2016. The company paid a dividend of 8.36p in November 2015 and since the start of the year has paid another dividend of 14.62p (March 2016), in line with the company's commitment to consistently grow the quarterly dividend. Liberum view Over 80% of the portfolio (against a target of at least 75%) is invested in secured loans predominantly in the real estate and SME sectors; given the low level of mainstream lending to SMEs it is anticipated that this latter area will provide significant opportunities going forward. The unlevered net annualised portfolio returns are in line with the 12-13% target. The manager expects to apply leverage to the portfolio in late Q1 or early Q2 2016. In the March portfolio update the company stressed that credit performance has been strong to date across the loan portfolio of 4,500 loans with less than 1% of debt obligations either in default or written-off. The average duration of the secured and consumer loan portfolios are 16 months and 30 months respectively. Ranger is currently trading at a 12% discount to the end of February NAV, versus a peer group average of 9.2%. We believe the current share rating provides an attractive entry point given the company's demonstrated ability to achieve its targets, the strong credit performance of the portfolio to date and rising dividend payments, which we believe will act as a catalyst for an improvement in the share price.
davebowler: Liberum; Ranger Direct Lending (BUY) Current run-rate implies 9% unlevered return p.a. Event Ranger's NAV rose 0.75% in February to $15.40 per share (£11.07). This is the third consecutive month where underlying returns (after stripping out FX movements) have been in excess of 70 bps. The monthly return is calculated after allowing for an 11 bps loss reserve (0.86% monthly return pre-loss reserve). We calculate a monthly NAV return of 3.2% in Sterling terms due to US Dollar strength in February. Proceeds from December's tap issue were fully invested during the month and the loan portfolio is diversified across 11 direct lending platforms. The portfolio remains focused on secured investments (80% of portfolio) and non-US investments now account for 8% of the loan investments. Liberum view February was another strong month for Ranger and the fund's differentiated strategy is enabling it to generate a significantly higher monthly run-rate than peers. These monthly returns are also calculated after assigning a loss reserve to the portfolio (Ranger is also the only fund in the peer group to apply a loss reserve on its portfolio). The underlying return over the last three months would suggest that Ranger should be able to produce a c9% yield on an unlevered basis. RDL now trades on a c.12% discount to live NAV (vs. an average of 6% for peers). We believe the current share rating provides an attractive entry point given the strong credit performance of the portfolio to date and we believe the rising dividend payments will act as a catalyst for an improvement in the share price.
jonwig: Well, good luck to that Mark ... I see my risk profile must now be below yours! (Maybe it has been for some time now.) By the way, nothing I can do to tweak the chart here - it seems there was another company called RDL which went but some time ago; you'll see the bottom share price is just above zero. The day's chart should function properly after today, though.
snappy: From A couple of days ago, we gave you the story about how Alan Waksman managed to get a hold of 43% of SBS agency as well as getting 3.5m pounds from them, due to the fact that they couldn't pay the last 1m pounds of the money that they owed him when they bought his company ACI. Well there's another agency who may have a worse problem than SBS and that's RDL. RDL paid 14.5m pounds for M3 at the peak of the boom. However, 5m of that was in deferred payments, and that had to be paid in cash or in shares at the market value at the end of September this year. Unfortunately, because of the market crash is tech shares, RDL were only worth 5m pounds by the end of September. Now they are only worth 4m, as their share price has fallen to 26p. There has been no announcement as to what the agreement is yet. There must be very strenuous negotiations going on behind the scenes. When it happened with RDL, the announcement came 6 months later on the very last day when the shares would have been suspended from AIM if there was no agreement. Alan Waksman was obviously playing a game of brinkmanship. You can imagine that the vendors of M3, with 9.5m pounds in their pocket already, will be holding the whip hand. It is doubtful that RDL will be able to borrow the money against their assets, and the money that they owe to the M3 vendors is more than their company is currently worth. How will they get out of it? I haven't a clue except to say that it is going to be very painful for the current owners.
tiredandweary: Am I right in thinking that this company has to issue 100% of it's share capital to satisfy an earnout, for which it already counts the value in its earnings figures? won't the share price half?
Ranger Dlf share price data is direct from the London Stock Exchange
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