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
  +12.00p +1.50% 814.50p 807.00p 822.00p 825.00p 809.50p 825.00p 14,540 16:35:08
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 4.7 2.3 17.0 42.0 131.32

Ranger Dlf Share Discussion Threads

Showing 176 to 198 of 200 messages
Chat Pages: 8  7  6  5  4  3  2  1
DateSubjectAuthorDiscuss
07/8/2017
15:03
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
14:58
Invesco still selling. Almost down to 30%.
scburbs
18/7/2017
12:54
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
13:32
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
13:08
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
12:23
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
06:42
@scburbs - looks like they're buying rather than selling?
spectoacc
29/6/2017
17:03
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
09:53
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
12:05
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
10:24
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
07:24
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
25/5/2017
10:50
Worth noting that yesterday P2P threw in the towel with regard to its US junk lending strategy: http://uk.advfn.com/stock-market/london/p2p-global-P2P/share-news/P2P-Global-Investments-PLC-Review-of-the-Investmen/74680853
rambutan2
13/5/2017
04:25
Yes, the Wild West springs to my mind. Plenty appear to have been drawn in by the fintech title and use of algos. But high yield lending is risky whatever you might call it, and particularly so when carried out in such a loosely regulated environment by virgin lenders keen to grow their books.
rambutan2
12/5/2017
11:24
@erstwhile2 - agreed. Although I think Princeton is RDL's last platform investment? But plenty more in there to know very little about. (@davebowler - agreed, but not outstanding value if the real Princeton hit is yet to come).
spectoacc
12/5/2017
11:21
"In a worst-case scenario of the entire Princeton position being written off, the implied discount is 10.3%" Lol The worst case scenario is this, plus C shareholders in court, plus their due diligence on Princeton being representative of due diligence on all the other un-named platforms they are in. This unregulated p2p explosion is turning into a real wild west, the splits analogy is the closest I can think of.
erstwhile2
12/5/2017
11:14
RDLZ seems to be a good buy at £1.01
davebowler
12/5/2017
11:14
Liberum Ranger Direct Lending (Mkt Cap £137m) NAV total return of 2.5% for Q1 2017 Event Ranger Direct Lending has announced a March NAV of $15.07. This follows the publication of FY16 results at the end of April, which restated the December 2016 NAV to $15.05 (previously $15.58) to take account of $7.8m net impairment at the year-end on the Argon Credit loan. We calculate an uplift of 0.94% over the month from the restated February NAV of $14.93 and NAV total return for Q1 2017 of c.2.5% in USD terms (2.2% in GBP) based on the restated December NAV. Due to the qualified opinion received in respect of its FY16 results, the company may only declare dividends after its AGM and is restricted from buying back shares. Ranger has advised that it intends to declare an interim dividend of 34.33 US Dollar cents (26.5p as at 31 March) following its AGM to be held on 15 June, at which it also intends to renew its buyback authority. Liberum view Ranger's share have de-rated significantly since the announcement of the Argon Credit bankruptcy in December and the current discount would suggest that further bad news has been priced in. We believe further impairment is likely from the Argon loan given the actions taken by Princeton including the creation of a side pocket. The shares are now trading on a 27.5% discount to the March NAV (which includes the $7.8m net impairment). If we assume the entire Argon loan is written off the the shares would be trading on a 18.8% discount to NAV. In a worst-case scenario of the entire Princeton position being written off, the implied discount is 10.3%.
davebowler
12/5/2017
10:56
Yes I suspect the fun's yet to come on RDL. If they get paid back on Princeton then I'll change my tune.
spectoacc
12/5/2017
08:45
It feels the NAV is kept artificially inflated vs high water mark to increase the probability of the incentive fee to be paid ... whilst the party lasts. And then declaring a higher dividend that is very likely unsustainable - making it look like a Ponzi scheme - obviously to attract the dividend crowd to pick up the pennies such that is supports the stock price... Maybe I am too cynical - so enlighten me please...
actofwill
12/5/2017
07:30
Thanks @JT35 - agreed. A few issues due to the audit opinion on the a/cs too: " Due to the qualified opinion on the financial statements of the Company for the year ended 31 December 2016, in accordance with the applicable Companies Act requirements, the dividend is proposed to be declared following the annual general meeting ("AGM") on 15 June 2017. The Company also notes that it intends to renew its buyback authorities at its upcoming AGM and, until such time, it is restricted from buying back shares due to the qualification in its account. "
spectoacc
11/5/2017
20:39
I tried to get some answers from the board at RDL on Princeton, amongst other things were they considering legal action. I also asked how much of the dividend was accounted for by distributions from the Princeton fund since by its nature it should have been earning higher rates than their other lending I'd have thought. I also asked if given the discount they were considering buybacksThey replied but declined to answer any of my questions. My conclusion right or wrong from this was that there was more bad news which they aren't disclosing yet or they didn't actually know in which case I question their competence to run the fund. As a result I have now sold most of my holding
jt35
09/5/2017
21:45
Agreed - "Don't worry, it's the only platform investment we have" doesn't really cut it. From those links you posted above, there's certainly the possibility Princeton's a scam. If so, I guess that's the time to be buying RDL - when that much off the NAV affects the zeros and it plummets. Should they still be paying the dividend whilst there's this uncertainty?
spectoacc
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