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
  +28.50p +3.85% 768.50p 740.00p 761.00p 768.50p 758.50p 758.50p 6,126 15:43:50
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 4.7 2.3 17.0 40.7 123.90

Ranger Dlf Share Discussion Threads

Showing 176 to 199 of 200 messages
Chat Pages: 8  7  6  5  4  3  2  1
DateSubjectAuthorDiscuss
14/11/2017
11:10
I'd have to assume it is all written off, but the question is whether that is in the price yet. It may be. The 2021 ZDPs are interesting, yielding around 6% and requiring £67m at maturity vs current £300m+ in assets (before princeton writeoff). Take 20% off that for princeton and cover is still 3.5x or so.
erstwhile2
14/11/2017
07:13
Staggering how little control/knowledge they STILL have on Princeton. Somehow I can't see the 20th Nov arbitration improving things by much. " 14 November 2017 14 November 2017 RANGER DIRECT LENDING FUND PLC Princeton - Portfolio Update Further to the Company's announcements regarding the bankruptcy proceedings in respect of Argon Credit, LLC and Argon X, LLC (together, "Argon"), the Company has been informed by the Princeton Alternative Income Fund Ltd ("Princeton") that it intends to take an additional gross reserve of approximately $10.4 million against the Argon portfolio due to a decline in recent cash flows attributable to the portfolio. The notification by Princeton does not contain detailed financial records or portfolio information that would allow the Company to fully assess the basis on which the reserve has been taken and, as a result, it is unable to confirm the precise impact of the reserve on NAV at the current time. However, the Company currently expects that the reserve will be treated as an impairment of its investment in Princeton which would result in an approximate decrease of approximately 4% in the NAV per Ordinary Share calculated as at 30 September 2017. The reserve does not have an impact on the Company's dividend to be paid in respect of the third quarter of 2017 as announced today. The Company has again written to Princeton urgently seeking additional information. As previously notified to shareholders, the arbitration proceedings against Princeton are due to commence on 20 November 2017 and additional information will be sought by the Company as part of those proceedings.
spectoacc
06/11/2017
09:18
Liberum; Ranger Direct Lending (Mkt Cap £126m) 1.0% Q3 NAV return Event Ranger Direct Lending has reported a NAV return of 0.22% for September in US Dollars (-3.6% in Sterling following US Dollar weakness). NAV per share at 30 September 2017 was $14.81. September's returns were impacted by returns from some platforms where credit performance has declined in recent months. This includes the unsecured consumer lending platform which has experienced an increase in late payments and defaults. Ranger is in discussions to sell part of the consumer loan portfolio at or near par. Returns from loans sourced from a SME platform that provides short-duration business cash advances has been impacted by recent hurricanes in Texas and Florida. The company also incurred write-offs of 11bps relating to two of its suspended platforms (equipment finance and invoice factoring). The Q3 dividend is expected to be $0.2845 per share (21.59p per share). Total dividends declared for the three quarters to September 2017 would be 73.1p per share. The Q3 dividend is ahead of recent guidance for a total dividend of 25p for H2 2017. As previously announced, the board is in discussions with potential co-managers who could assist in some or all aspects of the manager's current role and responsibilities. This includes identifying new lending categories, sourcing platform partnerships, conducting platform due diligence, structuring investments, portfolio management and back-office support. Liberum view September's monthly loss reserve of 49bps is the highest since launch. Charge-offs rose to 42 bps in September compared to an averge of 33bps to date in 2017. We calculate a NAV return of 1.0% in Q3 and 5.2% YTD. Ranger currently trades on a discount to NAV of 31.1% (15% discount assuming full write-off of Princeton investment) and a wide discount is likely to persist until there is greater clarity on the Princeton
davebowler
24/10/2017
10:45
Interesting, thanks.
spectoacc
24/10/2017
09:44
Liberum; Ranger Direct Lending has published a portfolio update as at 30 June 2017. The update contains a breakdown of the payment status of the portfolio by lending category and lending partner. Further detail is included on the $20.7m of loans in default. $17.2m of these relate to real estate loans where the average LTV on these investments is 51%. The majority of this is expected to be repaid in the near-term predominantly as a result of property disposals. Of the remaining defaults, $1.3m relates to unsecured consumer loans with a corporate guarantee and $2.2m is made up of MSE, MCA equipment and factoring investments. The shares currently trade on a -29% discount to NAV. The investment manager is available for calls this week with existing and potential investors following the publication of the portfolio update.
davebowler
10/10/2017
09:54
Interesting. Makes you realise just how badly all these could do in anything approaching a recession - let alone a full-blown 2008 crisis. And a recession will come along, they always do. Remain a holder based on the discount & actions of management. Not in VPC, P2P, SQN etc. Fail to see the sector surviving in a proper downturn.
spectoacc
10/10/2017
09:51
Liberum; Ranger Direct Lending (Mkt Cap £128m) 4.9% return to date in 2017 Event Ranger Direct Lending has reported a NAV return of 0.42% for August in US Dollars (+2.6% in Sterling following US Dollar appreciation). NAV per share at 31 August 2017 was $14.78. In line with recent guidance, returns in the month were impacted by slightly lower returns from two platforms and legal expenses related to the Princeton arbitration (11bps of legal expenses in August). Arbitration is scheduled to begin on 20 November and is expected to complete by the end of the month. A definitive ruling is anticipated shortly after. The two platforms that are experiencing lower returns include a US consumer lending platform and a SME platform that originates short-term business cash advances. The US consumer lending platform has experienced an increase in late payments and defaults. Ranger has not invested in any new loans from this platform since March 2017. Ranger still expects the net return from investments on this platform to be 6-8% after allowing for the increase in defaults. The short-term business cash advance investments have high effective rates and high expected defaults with expected net returns of 12-15%. Default rates on the initial investments were higher than expected which resulted in Ranger increasing loss reserves. Net returns are now expected to be 10-12%. The platform was recently acquired by a large international online payment system provider. Ranger will not make any new investments from the platform and the remaining portfolio will be wound down over the next 6-9 months. In total, Ranger has suspended investments in 6 of its 13 platforms (see below). Princeton Equipment lender - new investments permanently suspended in 2016 Consumer lender - new investments permanently suspended in 2016 Secured medical lender - temporarily suspended as loan agreements are updated Consumer lender - new investments suspended in March 2017 (described in text above). SME lender - portfolio winding down (described in text above). Liberum view The monthly loss reserve of 38bps was in line with the prior six months. Charge-offs reduced considerably from 59 bps in July to 22 bps in August. NAV total return in US Dollars in 2017 to date is 4.9%. Given recent management guidance of monthly returns of 40-50 bps until the end of the year, NAV return is expected to be c.6.5% for 2017. Ranger currently trades on a discount to NAV of 29.0% (12.3% discount assuming worst-case scenario of full write-off of Princeton investment) and a wide discount is likely to persist until there is greater clarity on the Princeton situation.
davebowler
26/9/2017
06:52
Depressing but hardly unexpected. November's arbitration re Princeton going to be key. " The Company estimates that legal fees associated with Princeton will reduce NAV growth by approximately 15 basis points ("bps") per calendar month for the rest of 2017. Higher loss reserves against other consumer loan platforms will also detract from returns, as will cash drag as funds are reallocated away from closing platforms into new investments. Currently, the Company estimates that monthly NAV growth in the second half of 2017 will average 40-50 bps and will then recover to 60-70 bps in 2018, assuming a resolution of the Princeton issues this year. To the extent that this NAV growth is achieved, this is estimated to achieve an aggregate dividend yield of approximately 25 pence per Ordinary Share in the second half of 2017, compared to the 46 pence per Ordinary Share already paid in the first half of 2017. Clearly, these estimates of NAV growth and dividend yield are based on the best information available to the Company at this time and actual results may differ from these estimates. "
spectoacc
13/9/2017
15:44
A weasel RNS, hiding away Princeton comments in July update. "The main reasons for a lower return in July were due to a decrease in income attributable to slightly lower platform returns and the continued legal expenses for the Princeton arbitration" And: "Furthermore, as part of the initial stages of the Proceedings, the arbitrator has issued an Order that requires any proceeds, net of expenses, received from the Argon Bankruptcy to be paid by Princeton to Ranger on a monthly basis. The Order, whilst not granting all items requested by the Company, requires Princeton to notify Ranger within three business days before entering into (i) any additional investment which exceeds the amounts of a historical benchmark, (ii) any action which would distribute or dispose of the Princeton assets (other than normal interest payments or asset dispositions controlled by the bankruptcy court), (iii) any proposed action which would encumber its assets or result in liability in excess of $50,000, or (iv) any transaction which would alter the capital structure of Princeton. The Company has also been notified by Princeton that it intends to suspend cash distributions to its investors with effect from 30 September 2017 owing to the level of redemption requests it has received, including from the Company. The suspension will not apply in respect of net proceeds from the Argon bankruptcy which Princeton is required to distribute pursuant to the Order described above. Income that would have otherwise been distributed will be allocated by Princeton to the Company’s capital account. Notwithstanding the suspension, owing to the accounting treatment of the accrued income in the Princeton investment, the Company does not expect that the suspension will, of itself, have a material impact on the amount or timing of dividends that the Company will be able to declare in 2017. As part of the Proceedings, the Company will seek to ensure that Princeton recommences cash distributions as soon as possible." I read that as less money coming in, money going out on legals, and a maybe/maybe not resolution in November. Meanwhile, returns overall look decidedly poor, and that's with only one fiasco investment having gone wrong, and without the economy turning down. All IMO. I remain a holder, but based on the discount.
spectoacc
01/9/2017
06:24
Thanks - interesting re SQN too, tho "Z-score" something of a nonsense when it fails to take into account news. RDL & SQN both turned historically "cheap" for a reason each.
spectoacc
31/8/2017
15:55
Mentioned here -hTTp://citywire.co.uk/investment-trust-insider/news/investment-trust-watch-pressure-mounts-on-leasing-fund/a1045306?ea=252901&re=48883&utm_source=BulkEmail_Investment+Trust+Insider+Weekly&;utm_medium=BulkEmail_Investment+Trust+Insider+Weekly&utm_campaign=BulkEmail_Investment+Trust+Insider+Weekly
davebowler
24/8/2017
14:39
XD today. Been a while with no corporate news - wonder how that arbitration's going, other than "slowly".
spectoacc
07/8/2017
14:03
Amazed their finding buyers in truth - so thin/illiquid. Nearly a third of the co to go, assuming they want out of the lot - what do they know that I don't..
spectoacc
07/8/2017
13:58
Invesco still selling. Almost down to 30%.
scburbs
18/7/2017
11:54
hTTp://citywire.co.uk/investment-trust-insider/news/activist-pounces-on-troubled-debt-fund/a1033839?ea=252901&re=48028&utm_source=BulkEmail_Investment+Trust+Insider+Weekly&utm_medium=BulkEmail_Investment+Trust+Insider+Weekly&;utm_campaign=BulkEmail_Investment+Trust+Insider+Weekly
davebowler
15/7/2017
12:32
Perhaps mkt worried that Invesco stake a big overhang. On the other hand, they might be happy for Lim to appear on the register to shake things up and do the dirty work for them. And likely that's where Lim's shares came from. Citywire give Lim's entry a mention today.
rambutan2
14/7/2017
12:08
You'd think them having bought so many (or at the very least, the reporting of it on Weds) would have moved the price up a bit!
spectoacc
14/7/2017
11:23
So, arb Lim Asia SS has joined the frey. Good news imho: http://uk.advfn.com/stock-market/london/ranger-dlf-RDL/share-news/Ranger-Direct-Lending-Fund-PLC-Holdings-in-Company/75223456 Looks like they got in at 814.5p.
rambutan2
30/6/2017
05:42
@scburbs - looks like they're buying rather than selling?
spectoacc
29/6/2017
16:03
Well if Invesco are a seller that is going to a pretty significant overhang to clear! They have shifted 313,493, leaving them with just 5,186,620 (32.16%) left!
scburbs
27/6/2017
08:53
Missed the below yesterday. They're doing "something" but I find "..Ranger seeks to enforce rights concerning redemption and the provision of financial information.." a little odd - going to arbitration for provision of financial information? Gives me no confidence in the final outcome on Princeton. Remain a holder for NAV discount even ex Princeton. 26 June 2017 RANGER DIRECT LENDING FUND PLC Update on Princeton Ranger Direct Lending Fund plc (the "Company") wishes to provide shareholders with an update regarding its investment in Princeton Alternative Income Fund Ltd ("Princeton"). As explained in the Company's prospectuses, Princeton is incorporated in the British Virgin Islands and invests in a Delaware master fund (the "Princeton Master Fund") which is a party to the underlying lines of credit. Ranger Alternative Management II, LP (the "Investment Manager"), the Ranger Specialty Income Fund, LP and the Company (collectively called "Ranger") have initiated arbitration proceedings (the "Proceedings") with JAMS (a dispute resolution provider) against the Princeton Master Fund and its general partner Princeton Alternative Funding, LLC (the "General Partner"). The purpose of the Proceedings is to seek to enforce Ranger's rights against the Princeton Master Fund and the General Partner. Among other claims, Ranger seeks to enforce rights concerning redemption and the provision of financial information. Ranger's costs (including legal fees) of the Proceedings will be advanced by both the Company and the Ranger Specialty Income Fund, LP pro rata to their respective exposures to the Princeton investments. The terms of the Princeton Master Fund partnership agreement provide that the Arbitrator "will award" all fees and costs (including legal fees) to the prevailing party against the party who does not prevail. The Company will continue to update shareholders on its progress in realising the investment in Princeton through the monthly fact sheets produced at the time of publication of each net asset value.
spectoacc
15/6/2017
11:05
The performance chart (link below) for Princeton is a work of art! It turns out that through the utilisation of a "side pocket" they are reporting strong gains every month from inception through to April this year! Total returns now over 40%! hxxp://cdn2.hubspot.net/hubfs/115290/PAF_DOCS/PAF_-_Performance_Sheet.pdf They also appear to now be in control of the Argon assets which they appear to be carrying at $25m (assuming these are the only assets in the side pocket). hxxp://debanked.com/2017/03/update-in-the-argon-credit-bankruptcy-case/ The remaining Princeton assets have a 10% loan loss reserve booked against them.
scburbs
15/6/2017
09:24
Liberum; Ranger Direct Lending (Mkt Cap £140m) Targeting improved diversification Event Ranger has provided an update on its borrowing policy and new targets regarding investment restrictions which are aimed at improving portfolio diversification (outlined below). In relation to Princeton, the company has not yet reached agreement with Princeton with respect to a redemption plan. The manager has also stated it intends to utilise part of its management fee to acquire ordinary shares in the market. The company is allowed to borrow up to 50% of NAV under the existing borrowing policy. The current gearing ratio is 29.3% of NAV. The board has instructed the manager not to incur any senior borrowings over the next 12 months that would rank ahead of the ZDP shares. The board has also set a number of targets regarding portfolio diversification by phasing in a number of investment restrictions over the next two years: The manager will seek to reduce the portion of the portfolio that is allocated to debt instruments that are not secured by assets and/or personal guarantees to a maximum of 15% of GAV over the next two years (i.e. debt Instruments that are exposed to unsecured consumer lending). The existing restriction under the company's investment policy is 35%. The manager will seek to reduce the portion of the portfolio that is allocated to debt instruments originated by any single direct lending platform to 15% of GAV over the next 18 months. In the meantime, the manager will seek to ensure investments in loans issued by any single platform do not exceed 20% of GAV. The existing restriction under the company's investment policy is 25%. Liberum view The changes to investment targets are a result of the high allocation to Princeton when problems first occurred in 2016. We estimate the remaining investment in Princeton represents c.16% of gross assets (ex-cash). The biggest impact will be on the unsecured consumer lending allocation which accounted for 24% of GAV at the end of April. Ranger's exposure to its largest real estate lending platform will also have to decrease (c.21% of GAV currently). In relation to the borrowing restriction, we believe further gearing would have been unlikely in any case as it would have been viewed unfavourably by both ordinary and ZDP shareholders given the ongoing uncertainty with Princeton and the potential for cover to reduce on the ZDP shares. Based on the April 2017 ex-dividend NAV, we estimate a gross and net asset cover of 3.56x. This would reduce to 3.02x if the entire Princeton position is written off (covenant is 2.75x). Ranger currently trades on a 27% discount to NAV (c.10% discount assuming worst-case scenario of full write-off of Princeton position).
davebowler
15/6/2017
06:24
A generally good RNS saying moving slightly safer, though ending with: Princeton "Finally, with respect to the Company's outstanding redemption request with Princeton, the Company has not yet reached agreement with Princeton with respect to a redemption plan. The Company will continue to seek resolution and reserves all rights and courses of action available to it in connection with its investment in Princeton." Doesn't look like it'll end well.
spectoacc
Chat Pages: 8  7  6  5  4  3  2  1
Your Recent History
LSE
GKP
Gulf Keyst..
LSE
QPP
Quindell
FTSE
UKX
FTSE 100
LSE
IOF
Iofina
FX
GBPUSD
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P:40 V: D:20171121 16:08:23