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
  -4.50p -0.54% 825.00p 824.50p 825.50p 825.50p 825.00p 825.00p 4,590 15:57:26
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 4.7 2.3 17.0 44.8 133.01

Ranger Dlf Share Discussion Threads

Showing 176 to 198 of 200 messages
Chat Pages: 8  7  6  5  4  3  2  1
DateSubjectAuthorDiscuss
13/9/2017
16:44
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
07:24
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
16:55
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
15:39
XD today. Been a while with no corporate news - wonder how that arbitration's going, other than "slowly".
spectoacc
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
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