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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
  -1.00p -0.15% 686.00p 678.00p 684.00p 692.00p 666.00p 668.00p 3,023 15:41:12
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 25.7 15.2 105.1 6.1 110.60

Ranger Dlf Share Discussion Threads

Showing 251 to 275 of 275 messages
Chat Pages: 11  10  9  8  7  6  5  4  3  2  1
DateSubjectAuthorDiscuss
13/11/2018
10:58
Liberum; Progressing asset sales Mkt Cap £117m | Prem/(disc) -17.0% | Div yield n/a Event Ranger Direct Lending's NAV return in September was 0.15%. The portfolio produced a gross return of 0.63% before accounting for a loss reserve of 0.48%. Princeton legal expenses reduced returns by -10bps and a consumer loan portfolio was marked down to reflect the price achieved for the sale of the portfolio in October (-33bps impact on NAV). The major recent newsflow from the company was the sale of a consumer portfolio in October for $18.2m (3.5% discount to par). The portfolio comprised performing loans and the company separately sold off a portfolio of charged off loans for $0.2m. The portfolio sale enabled Ranger to pay a special dividend of 85p per share in November. Ranger has also provided an update on the remaining assets in the portfolio: SME/CRE lending platform (30% of NAV) - Bids for the assets were below the reserve price. Ranger will continue to hold the loans and allow them to run off. Potential for future sale of loans. Real estate platform (29% of NAV) - Performing loans will be offered for sale at par to the platform's existing and potential investors. SME lending platform (26% of NAV) - The funding notes are secured by vehicle service contracts and several potential buyers are performing due diligence. Ranger is the platform's sole capital provider. International SME platform (21% of NAV) - Ranger's credit facility is expected to be refinanced at par within 4-8 weeks. Canadian SME lending platform (8% of NAV) - Ranger has taken over servicing of the portfolio and is restructuring payment obligations of a material proportion of the borrowers. The company currently expects that collection action will be necessary against 9.6% of the underlying borrowers. Princeton (15% of NAV) - As previously disclosed, a chapter 11 Trustee will be appointed in the bankruptcy cases of Princeton. The appointed trustee will replace the current management of Princeton and assume control over the assets. The investment in Princeton is currently held at $28.5m in Ranger's accounts and an impairment is forthcoming. A general meeting will be held on 16 November to approve proposals to formally amend the investment objective and investment policy of the company to reflect a realisation strategy. Liberum view The September monthly report provides a useful update on the company's progress in realising assets and returning capital to shareholders. There is potential for a number of large distributions from the portfolio in the near-term (refinancing of international SME platform credit facility and sale of SME platform funding notes). The outstanding issue of the ZDP repayment still needs to be resolved. To date, Ranger has acquired 12.5% of the ZDPs. Our estimate of the pro-forma NAV is shown below following the consumer portfolio sale, ZDP buyback and special dividend. Our pro-forma estimate does not include any adjustment to Princeton, which we expect to be written down heavily. The existing carrying value represents 15.5% of our pro-forma NAV. One of the more recent filings in the bankruptcy case is a monthly operating report for July that was filed by Princeton. It includes bank statements showing cash of $7.9m at 31 July 2018. The statements also appear to show that Princeton has continued to fund credit lines in the months prior to 31 July but there is no detail on any credit lines in the report. Est NAV 891.9p
davebowler
07/11/2018
13:27
Liberum; Event The US Bankruptcy Court for the District of New Jersey yesterday entered a ruling granting Ranger's motion for the appointment of a chapter 11 Trustee in the bankruptcy cases of Princeton. Ranger will be able to suggest candidates for the chapter 11 trustee but the final decision will be made by the Office of the United States Trustee. The appointed trustee will replace the current management of Princeton and assume control over the assets. The appointment is expected to be made within "several days". In the meantime, Ranger will request that the court enter an order requiring Princeton to maintain the status quo and to prevent further investments being made. The court found that the existence of irreconcilable conflicts of interest between the Princeton fund and its insider management and the existence of an outstanding claim filed in the cases by the Securities and Exchange Commission required an independent trustee to be appointed. Liberum view The appointment of an independent trustee is a positive development as Ranger should, at the very least, have better visibility on the remaining cash and assets within Princeton. It should also help to prevent any unnecessary cost or fee leakage from Princeton. One of the more recent filings in the bankruptcy case is a monthly operating report for July that was filed by Princeton. It includes bank statements showing cash of $7.9m at 31 July 2018. The statements also appear to show that Princeton has continued to fund credit lines in the months prior to 31 July but there is no detail on any credit lines in the report. The investment in Princeton is currently held at $28.5m (c16% of NAV) in Ranger's accounts and the board recently indicated an impairment was forthcoming. The company should now be able to access the required information to form a reasonable opinion of the remaining value of the investment. The shares trade on a -17.2% discount to NAV (-2% discount excluding Princeton assets).
davebowler
01/11/2018
09:25
Ex dividend by 85p today. Return of capital as income.
dodgyknees
30/10/2018
12:22
Liberum; Proposed amendment to investment policy and director fees Event Ranger Direct Lending published a circular yesterday regarding a number of proposals including a change in the company's investment policy and an amendment to directors' fees: The investment objective and investment policy of the company will be formally modified to reflect a realisation strategy and the company will cease making any further new investments. A delisting will be considered once a significant proportion of the assets have been realised and returned to shareholders. If the managed wind-down process progresses as expected, a delisting could be proposed in early 2019. The board has approved an increase in annual directors' fees to £50,000 pa (subject to shareholder approval). This is due to the increased level of engagement in managing the wind-down process. A new incentive bonus scheme for the directros has also been proposed based on returns delivered to shareholders (no bonus if IRR<5%, £0.25m bonus pool if IRR is 5-10%, £0.5m if IRR is 10-15%, £0.75m if IRR>15%). The IRR calculation is based on a starting share price of 800p (share price at AGM on 19 June). In terms of returning capital, the board expects to continue returning capital by way of dividends. The company will return capital by way of ad-hoc special dividends when cash is available, as opposed to quarterly dividend payments.
davebowler
25/9/2018
06:41
"Outlook The Board plans to commence capital returns in the coming months. These will be generated on the back of orderly asset disposals and re-financings are currently being negotiated. We are encouraged by the progress of our discussions with interested parties. The positive credit market backdrop further aids our efforts and adds to our resolve to exit the majority of the Company's portfolio before year end." The rest is well worth reading too - not nearly so positive! Haven't even been able to wade through the Princeton fiasco.
spectoacc
23/8/2018
08:54
Liberum; Ranger Direct Lending (Mkt Cap £125m) Negative month following increased loss reserves Event Ranger Direct Lending's NAV at 30 June 2018 was $12.88 per share, representing a total return of -0.14% in the month. Gross income returns prior to any loss reserves was 0.70%. This was offset by a monthly loss reserve of -0.41%, Princeton net losses of -0.37% and Princeton legal expenses of -0.07%. The monthly loss reserve of -0.41% was relatively high as a result of $0.4m (0.19% of NAV) of writedowns related to real estate loans and a $0.1m writedown related to an international loan from the international SME lending platform. In total, $14.8m of real estate loans are in default/impairment status ($22.4m at December 2017). $8.2m relates to two properties which are in contract status. The $0.4m impairment in June relates to these loans due to lower projected recovery prices. Foreclosure proceedings have completed for two properties with carrying values of $5.1m. The assets are expected to be sold in Q4 2019 and a $0.3m writedown (0.14% of NAV) will be taken against one of these assets in July. One remaining asset with a $1.5m carrying value is in foreclosure and is expected to be sold in late 2019. Princeton reported a net loss in June which reduced NAV by -0.37%. It has not provided any information as to what caused the loss. The company is uncertain whether it was a cash item from legal expenses or an additional impairment. The company recently provided an update on Princeton. On phase one of the arbitration, gross damages of $61.8m were awarded to Ranger Direct Lending and the US domestic fund which is managed by the investment manager. This represents the total amount invested by both funds. This has been adjusted to net damages of $30.7m, plus pre-judgement interest accruing from 30 November 2016. The adjustment reflects the amount previously received as a return of principal and the amount the panel attributed to the Argon sidepocket ($22m). The Bankruptcy Court had previously limited its grant of relief from the automatic bankruptcy stay to the entry of a final award by the arbitration panel. Ranger cannot seek confirmation or enforcement of the award without further relief from the bankruptcy court. Liberum view NAV total return in US Dollars in H1 2018 was 0.7% (3.0% in Sterling due to FX gains). Performance has been impacted by Princeton legal expenses and increased loss reserves in non-Princeton assets over the period. Given the ongoing issues in the portfolio, we believe it is unlikely there will be meaningful income returns in the wind-down period for the portfolio. The recent award of damages in the Princeton arbitration is a positive development but it remains unclear what remaining assets Princeton has and how much can ultimately be recovered by the manager. The key question following the strategy change and the appointment of the new board will be how quickly can funds be returned to investors. Oaktree stated in its open letters that it expected the majority of the portfolio could be realised within 18 months given the short duration. In the last quarterly portfolio update, 88% of the portfolio's payment status was classified as current (14 month average remaining term). The average remaining term of the various loan investments ranges from 4 months to 36 months. The shares currently trade on a -22.7% discount to NAV (-10.1% discount assuming full writedown of Princeton position).
davebowler
06/8/2018
08:47
Missed that RNS on Friday. Not sure what it's saying really - RDL has spent a lot of time and money pursuing Princeton, now notionally has money awarded to it, but can't enforce the reward without "...Further relief from the bankruptcy court" and isn't clear if there's any money to pay the award anyway? No longer hold the shares but still in ZDPs.
spectoacc
06/8/2018
08:42
Liberum; Princeton update Event Ranger Direct Lending has provided an update on its investment in the Princeton Alternative Income Fund. The arbitration panel has rendered a 'Partial Final Award' on phase one of the arbitration. Princeton breached the investment documents for a number of reasons including suspending the company's redemption rights when it was not permitted to do so. However, the panel found insufficient evidence to find Princeton liable on Ranger's claim of fraud and violation of 10b-5. Gross damages of $61.8m were awarded to Ranger Direct Lending and the US domestic fund which is managed by the investment manager. This represents the total amount invested by both funds.This has been adjusted to net damages of $30.7m, plus pre-judgement interest accruing from 30 November 2016. The adjustment reflects the amount previously received as a return of principal and the amount the panel attributed to the Argon sidepocket ($22m). Ranger Direct Lending and the US domestic fund are entitled to 99% of the distributions from the Argon sidepocket. The Bankruptcy Court had previously limited its grant of relief from the automatic bankruptcy stay to the entry of a final award by the arbitration panel. Ranger cannot seek confirmation or enforcement of the award without further relief from the bankruptcy court. The company is considering whether to seek relief from the automatic bankruptcy stay to pursue phase two of the arbitration, which seeks damages against certain individuals and entities other than Princeton. Liberum view The award of damages is a positive development but it remains unclear how much remaining assets Princeton has in the portfolio to fund the judgement. In our view, the market has largely written the Princeton investment off and any meaningful return of capital would represent a favourable outcome. The shares trade on a -18.5% discount to NAV (-5.2% discount assuming full writedown of Princeton investment).
davebowler
21/6/2018
14:26
hTTp://citywire.co.uk/investment-trust-insider/news/ranger-refreshes-as-rebels-get-most-of-their-men-on-board/a1131033?re=55996&ea=252901&utm_source=BulkEmail_Investment+Trust+Insider+Weekly&amp;utm_medium=BulkEmail_Investment+Trust+Insider+Weekly&utm_campaign=BulkEmail_Investment+Trust+Insider+Weekly
davebowler
20/6/2018
06:19
"IDM: RDL Oaktree Capital Management, L.P. ("Oaktree") welcomes the result of voting at the Ranger Direct Lending Fund PLC (LON: RDL) ("Ranger" or "RDLF") Annual General Meeting. Oaktree and the new Directors Dominik Dolenec and Greg Share are grateful for the overwhelming shareholder support and look forward to working constructively with the Board to maximize returns at RDLF. "Oaktree is confident that the refreshed Board will have the requisite experience to oversee RDLF and ensure a smooth and successful wind-down of the Company for the benefit of stakeholders," said Patrick M. McCaney, Managing Director and Portfolio Manager of Oaktree's Value Equities strategy. "On behalf of all shareholders, Oaktree would like to thank outgoing Ranger Chairman Christopher Waldron and Board members Matthew Mulford and Scott Canon for their contributions." "
spectoacc
19/6/2018
05:50
Let's hope they know what they're doing :)
spectoacc
18/6/2018
09:11
Liberum; Resignation of Chairman Event Ranger Direct Lending's Chairman, Chris Waldron, and one of its non-executive directors, Matthew Mulford, will resign immediately prior to the AGM on 19 June. In addition, Scott Canon (non-independent director) has also confirmed his intention to resign prior to the AGM. Mr Waldron has determined it is appropriate for him to step down as the company will pursue an orderly wind-up of its assets. Jonathan Schneider, the company's remaining non-executive director, intends to continue as a director. A vote on his re-election to the board will be held at the AGM. Liberum view This will be seen as a victory for Oaktree and LIM Advisors, who have both been critical of the board and its handling of the strategic review process. They had already proposed the appointment of two new directors each at tomorrow's AGM and LIM Advisors had also proposed the removal of the Chairman. It remains to be seen how many of the four nominees are elected on to the board but it would seem likely that the majority of the board will comprise Oaktree's and LIM's appointees. The stock trades on a -19.5% discount to NAV (-6.7% discount assuming full writedown of Princeton position).
davebowler
12/6/2018
09:14
hTTp://citywire.co.uk/investment-trust-insider/news/ranger-direct-lending-agrees-to-wind-up-after-ares-flees/a1127712?re=55830&ea=252901&utm_source=BulkEmail_Investment+Trust+Insider+Weekly&amp;utm_medium=BulkEmail_Investment+Trust+Insider+Weekly&utm_campaign=BulkEmail_Investment+Trust+Insider+Weekly
davebowler
12/6/2018
07:30
Oaktree responded; not unreasonable, let's see how the vote goes.
spectoacc
11/6/2018
13:09
@itr7 - not seen a response from Oaktree yet, but yes. Question will be how long it all takes - how quickly can the positions be realised? At what discount? How much do the ZDP's get? What happens re Princeton, the great unknown? There's as much as £2/share riding on Princeton.
spectoacc
11/6/2018
13:05
If I am reading this correctly then, in either event the unwind of the fund is a given which should therefore mean that the discount to NAV should reduce to near zero (less fees etc) - assuming the NAV was properly calculated in the first place.
itr7
11/6/2018
09:23
Liberum; Board intends to propose orderly realisation process Event The proposed new investment manager, Ares Management, has notified the board that it no longer wants to take up the appointment of investment manager of the fund. This follows calls from activist shareholders for a winding-up of the company. The board has therefore concluded that the company should move to realise its assets in an orderly manner. The independent directors believe it is inappropriate for Oaktree and LIM nominees to be elected to the board at the AGM on 19 June, given a significant number of inaccurate statements by their sponsors. Provided that the current directors make up a majority of the board following the AGM, additional non-executive directors will be appointed to the board to assist with the winding-up process. The board will commence discussions with both ordinary and ZDP shareholders about a portfolio realisation process and a timetable for winding-up the company. The investment manager has been instructed to assess how best to realise the portfolio in a manner that maximises value for shareholders. The board has also denied Oaktree's statement that the board sidelined Oaktree's ability to participate in the review process. In addition, Oaktree publicly questioned whether the board had any prior dealings with Ares in a public letter last week. The board has confirmed today that it and its advisers have no such conflict. Liberum view Given the large holdings of both Oaktree and LIM, the immediate future of the fund would have been extremely challenging if Ares had been appointed as manager. It is likely that this would have led to a large overhang of stock and made for an extremely difficult transition process. We believe the company had little capacity to acquire stock back from dissenting investors given it is already sub-scale. The shares currently trade on a -19.2% discount to NAV (-6.4% discount assuming full writedown of Princeton position).
davebowler
11/6/2018
06:37
Been very interesting: "For the Company to have a successful future under Ares' management, it requires a smooth realisation and reinvestment programme alongside encouraging new investor interest to reduce the discount, improve liquidity in the Company's shares and, in time, grow the Company. However, against the potential backdrop of calls by activist shareholders to change the Board and demands for a winding-up of the Company, which could be reasonably be expected to continue whether or not Ares was appointed, Ares has notified the Board that it does not wish to take up the appointment of investment manager to the Company. Given Ares' decision, the fact that Ares was the preferred candidate and that any other replacement manager would face the same issues, the Board has concluded that in the interests of certainty and protecting shareholder value the Company should move to realise its assets in an orderly manner. The Company's advisers concur with this view. However, the Independent Directors also remain of the view that it is wholly inappropriate for the Oaktree and LIM nominees to be elected to the board, given that their sponsors have led a campaign containing a significant number of inaccurate statements which has culminated in Ares' withdrawal. In consequence, other shareholders will not have the opportunity to vote on proposals that the Independent Directors continue to believe would create the greatest long-term value for shareholders as a whole. In summary therefore - 1. The Company is withdrawing the proposal that Ares, subject to shareholder approval, be appointed as the Company's investment manager. The Independent Directors would like to put on record their gratitude to Ares for the commitment it has shown throughout this process. 2. The Board continues to recommend that shareholders vote against the Oaktree and LIM resolutions being voted on at the AGM on 19th June 2018 (Resolutions 8, 9, 10, 11 and 12) for the reasons set out below. 3. Provided that the current independent directors make up a majority of the board following the AGM, the Board will appoint additional independent non-executive directors following consultation with shareholders to assist with the winding up and the realisation of the Company's assets in an orderly manner. Assuming the current independent directors continue to make up a majority of the Board following the AGM, the Board will commence a dialogue with ordinary shareholders and ZDP shareholders about a portfolio realisation process and timetable for winding-up the Company. Any such process will also have full regard for the rights of the ZDP shareholders. In the meantime, the Board has instructed Ranger to consider how best to realise the portfolio in a manner that maximises value for all shareholders. The Board would emphasise that any process of orderly realisation of the portfolio needs to take into consideration the status of the legal proceedings currently in process in respect of the investment in Princeton, and they intend for the Company to continue to actively engage in those proceedings with Ranger until their conclusion. A further announcement will be made following the conclusion of the Company's AGM on 19 June 2018. "
spectoacc
08/6/2018
08:21
The more I hear, the more I'm with Oaktree & LIM. Do hope they prevail, but fear the discount may not be sufficient to encourage others to also vote for wind-up.
spectoacc
08/6/2018
08:19
Liberum; Additional letters from Oaktree and LIM Advisors Event Over the past 24 hours, both Oaktree and LIM Advisors have published additional open letters to shareholders in support of their proposals at the AGM on 19 June. The resolutions to be voted on at the AGM will include proposals from both Oaktree and LIM Advisors for the appointment of two additional directors each. LIM Advisors is also proposing the removal of the chairman. On Tuesday afternoon, the board responded to the fourth Oaktree letter by noting that Oaktree was the only major shareholder not to take up the opportunity of a presentation with Ares management. Ares is in discussion with shareholders on the details of the proposed new policy. The Board expects to publish the EGM circular following regulatory approval. LIM Advisors published an extensive letter yesterday outlining its opposition to the board's proposals. LIM will vote in favour of the four proposed new non-executive directors. LIM has urged shareholders not to support the calling of an EGM that would enable the hiring of Ares. LIM believes the 2020 continuation vote should be brought forward and proposed at a new EGM as soon as possible. Oaktree has published another letter today denying that it declined to participate in the review process. It claims the board hindered its ability to participate in the strategic review process. Oaktree has also questioned whether the board is conflicted and asked the directors to disclose any dealings they have had with Ares outside of Ranger. The shares currently trade on an -18.4% discount to NAV (-5.5% discount assuming full writedown of Princeton).
davebowler
07/6/2018
07:42
Lim (10%) side with Oaktree.
spectoacc
06/6/2018
06:36
Another good Oaktree response out this morning. Have to agree with them on time taken to deal with (or not deal with) Princeton.
spectoacc
16/5/2018
10:24
Can't disagree with that - upside seems to depend on 1. Oaktree winning out and 2. Princeton resolution.
spectoacc
16/5/2018
09:51
Liberum; Event Ranger Direct Lending's NAV per share at 31 March 2018 was $13.15 per share, representing a NAV total return of 0.01% in the month. The return is calculated after adjusting for 18 bps of Princeton income that has been reserved. The main reason for the flat performance in March was a $1m write-off related to two large investments. The principal and interest written off reduced NAV by -0.6%. The company continues to pursue recourse against these investments. The arbitration proceedings against Princeton are due to recommence on 16 May. After the arbitration findings have been delivered, Ranger will continue to seek relief in the bankruptcy court, including its pending request for the appointment of an independent trustee to assume control of Princeton. Liberum view The write-down in March is relatively large and will do little to assuage concerns over the performance of the portfolio. The shares have generated a total return of 13% to date in 2018, partly as a result of the wind-down proposals put forward by Oaktree and LIM Advisors. The stock trades on an -18.9% discount to NAV (-6.1% discount assuming full writedown of Princeton) and we see limited near-term re-rating potential given the ongoing uncertainty with the remaining value in Princeton. We await the circular from the Board with further details on its proposal to appoint Ares as the manager.
davebowler
10/5/2018
11:23
hTTp://citywire.co.uk/investment-trust-insider/news/ranger-set-for-showdown-as-rebels-seek-to-pack-board/a1117461?re=54992&ea=252901&;utm_source=BulkEmail_Investment+Trust+Insider+Weekly&utm_medium=BulkEmail_Investment+Trust+Insider+Weekly&utm_campaign=BulkEmail_Investment+Trust+Insider+Weekly
davebowler
Chat Pages: 11  10  9  8  7  6  5  4  3  2  1
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