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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Rdl Realisation Plc | LSE:RDL | London | Ordinary Share | GB00BW4NPD65 | ORD GBP0.01 |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
|
|
|---|---|---|---|---|---|
| 0.00 | 0.00% | 59.70 | 0.00 | 00:00:00 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| 56.20 | 63.20 | ||||
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| - |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| - | O | 0 | 59.70 | GBX |
Rdl Realisation (RDL) Share Charts1 Year Rdl Realisation Chart |
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1 Month Rdl Realisation Chart |
Intraday Rdl Realisation Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 31/10/2023 | 14:11 | RANGER DIRECT LENDING: IPO May 2015 | 258 |
| 05/12/2019 | 10:51 | Is there an upside to this? | - |
| 08/5/2008 | 10:49 | tomorrow will be a bloodbath | 28 |
| 12/11/2002 | 13:14 | 50% dilution, will the share price half? | 1 |
| 29/5/2002 | 10:02 | Calling all RDL s`holders... | 12 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
|---|
| Top Posts |
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Posted at 02/10/2020 10:15 by rustle2 Does anyone understand the CGT calculations for this company?Obviously the share price has gone down so I have a capital loss. Is that it or do I need to include any element of the dividend payments? |
Posted at 25/7/2020 12:08 by rndm355 again behind a paywall but the RDL situation is analysed here, the writer is optimistic: |
Posted at 04/6/2020 08:01 by davebowler Liberum;Event RDL Realisation's annual report for the period to 31 December 2019 demonstrates the progress with realisations over the year, enabling the repayment of the ZDP shares and distributions to shareholders of 327p per share. A further 139p has been returned to shareholders post period end bringing total distributions to 730p since the realisation strategy was approved in June 2018. NAV per share at the year end was $3.01 (227p) compared to $7.49 (588p) at December 2018. The portfolio was valued at $37.5m at the year end and approximately 60% of this has been realised post-period end. This includes the final $13.5m settlement regarding the Princeton loan. We estimate the remaining portfolio has a value of $15m, of which 90% relates to loans from the real estate platform and the SME/CRE platform. In relation to Covid-19, many of the SME borrowers (c.9% of portfolio) are businesses that are reliant on consumer spending on food and retail. The Canadian SME portfolio mainly comprises venture loans to tech companies which are relaint on capital raises and new equity investment. The company will seek to delist once the remaining assets have been substantively returned. Liberum view The realisation process has made considerable progress over the past 12 months, particularly considering the potential for delays in bankruptcy processes. In the June 2019 interim report, the board set out the aim of selling off the majority of the performing assets by mid-2020 and this has been achieved. Approximately 90% of the remaining loan exposure is to two platforms which have produced steady realisations and are expected to run off within 12 months. Repayments of some of the remaining amounts are likely to be delayed, such as in the case of the Canadian SME loans. These make up c.7% of the remaining portfolio and the loans do not have scheduled payments. Repayment is reliant on Canadian Government tax rebates and over 90% of these loans are non-performing. Repayments on SME loans are also likely to suffer as a result of the crisis given the exposure to food and retail. We estimate the pro-forma NAV is $1.27 per share (44.7% discount to NAV). |
Posted at 04/5/2020 11:13 by glawsiain Anyone able to share part of the article mentioned above? |
Posted at 16/4/2020 16:24 by rogerrail My calcs as follows:Assets update for end of Feb were $41.9m. Princeton basically came in at around par value and went into cash pot totalling $25.8m including the other two you mentioned. Less distribution of £1.06 per share to be paid next month reduces cash to $4.44m.Outstanding loans end March totalled $15.9m, ( =5.1+0.9+9.5+0.2+0.2 |
Posted at 16/4/2020 12:51 by rogerrail By my calcs, after todays xd RDL has $20.34m in assets equivalent to $1.28/£1.01 per share. They have approx $4.44m in cash which is about 22p per share. Hence they only have to realise 36p per share of the remaining 78p to justify the current share price valuation. |
Posted at 16/3/2020 09:21 by davebowler Liberum-RDL Realisation $13.5m to be received from Princeton resolution Mkt Cap £23m | Prem/(disc) -31.4% | Div yield n/a Event RDL Realisation has confirmed that it will received a $13.5m cash distribution from the Princeton Alternative Income Fund Chapter 11 bankruptcy case. The cash will be released on or before 30 March, at which point all outstanding litigation related to the Princeton Fund will be resolved and the bankruptcy case will be closed. Liberum view This ruling brings to an end the Princeton saga for RDL. The $13.5m sum is in line with the previous amount announced in February and amounts to c.36% of the company's remaining NAV. The resolution will allow the company to return c.$0.84 per share to shareholders once the cash has been received at the end of the month. |
Posted at 09/8/2019 10:04 by davebowler 7 August 2019RDL Realisation PLC (the "Company" or "RDL") Portfolio Update As previously announced by the Company and pursuant to the Company's ultimate objective of effecting a managed wind down of its portfolio with a view to realising all of its investments, the Board continues to work with the management teams of each of the platforms through which it has invested. In connection with these efforts, the Company has entered into an agreement that has refinanced the entire balance of the loans, secured by vehicle service contracts ("VSC"). As of 6 August 2019, the effective date of the refinancing, the Company received a payoff of all of the outstanding obligations secured by VSCs, including principal, interest and reimbursable expenses totalling USD 27.9 million. With the repayment at par, the Company will recognise income, reversing the amount reserved on the loan in the 31 December 2018 financial statements. The Company still has a USD 4.5 million enterprise value loan outstanding to a related entity of the VSC platform. This loan was due in May 2019; the Company continues to receive monthly interest. RDL is in active discussions with the management of the VSC platform to restructure the loan owed in a mutually agreed upon and timely manner. The Company intends to announce a further special dividend following the refinancing of the loan. The amount and timing of the special dividend will be determined with regard to the obligations of the Company and the maintenance of sufficient reserves. The Company will also look to structure its dividend payments to maintain investment trust status for so long as it remains listed. Further announcements regarding dividend payments will be made in due course. This announcement contains inside information. For further information, please contact: Link Company Matters Limited Secretary |
Posted at 21/6/2019 09:31 by davebowler Liberum;Positive month for distributions in April Mkt Cap £64m | Prem/(disc) -36.5% | Div yield n/a Event RDL Realisation's portfolio update for April highlights a $13m increase in the cash position in the month to $89m. The main reason for the increase was $10m of repayments from real estate loans. This included a $6m loan that was in default which was repaid at a slight premium to book value. The majority of the company's cash balance (£55.7m) will be used to redeem the ZDP shares following the agreement on the redemption price. The remaining portfolio was $104.8m at 30 April. A defaulted real estate loan with a book value of $2.8m is under contract to sell for $2.5m. The expected writedown after costs is $0.5m. In relation to the remaining Princeton position, Microbilt has put together an informal group of minority investors to support an alternative liquidation plan to the one proposed by the Chapter 11 Trustee. Microbilt's plan would leave the fund in bankruptcy for an indefinite period of time. RDL Realisation will support the plan put forward by the Trustee. Under the plan, RDL Realisation will be paid $2.5m in priority to other investors in the fund as a result of the arbitration findings. Aside from that, it would be treated in the same way as other investors. Liberum view April was a relatively positive month given the level of distributions which has been achieved broadly in line with book values. Over $30m of loans have redeemed in the four months to April and the company finally reached an agreement with ZDP holders. The board is aiming to have the majority of the run-off portfolio repaid by late-2019. Other residual positions involving bankruptcy proceedings (Princeton) are expected to take longer. |
Posted at 04/5/2018 06:24 by spectoacc Not sure they're going to win, but agree with them that RDL said nothing whatsoever about the merits of a possible winding-up:"Funds managed by Oaktree Capital Management, L.P. ("Oaktree"), an approximately 19% shareholder of Ranger Direct Lending Fund PLC (LON: RDL) ("Ranger" or "RDL" or "Company"), released an open letter to Ranger shareholders today regarding the Board's recent proposal to appoint Ares Management ("Ares") as the new investment manager. The full text of the letter is as follows: May 4, 2018 Dear shareholders of Ranger Direct Lending PLC ("Ranger," the "Company" or "RDL"), We write to express our deep disappointment with recent actions by Ranger's Board of Directors (the "Board"), culminating in the RNS announcement on May 1 (the "Announcement"), in which the Board announced its proposal to appoint Ares Management ("Ares") as its new investment manager. We believe that this proposal is the result of a biased and flawed process, adds significant risk and expense to Ranger shareholders, and is further indication of the Board's poor stewardship. The Board has made no attempt to respond to the valid fundamental concerns we raised in our publicly-released April 11 letter, and we continue to believe that a wind-down represents the clear best option for shareholders. We know many of our fellow shareholders agree. Flawed Strategic Review Conducted by a Biased Board The Board's announced strategic review has been conducted in a way that we contest vigorously: -- There is no evidence that the Board has seriously considered a wind-down for the benefit of all shareholders. There has been no side-by-side comparison of the benefits of a new manager arrangement relative to a low-risk, shareholder-friendly -- In our view, the Board's engagement has been inadequate and inconsistent, notably in the failure by the Board and its advisors to honor their agreement as part of the wall-crossing procedure, specifically by advantaging certain shareholders over those with dissenting views. Inadequate and Risky Proposal to Appoint Ares to Run the RDL Portfolio The Ares Proposal Comes with No Details to Support the Recommendation Following a three-month review process, we are disappointed that no terms of the proposed new manager arrangements have been communicated and we do not think the Board is taking shareholder concerns seriously: -- No substantive detail has been provided on the underlying investment strategy. -- There are no plans on how Ranger's chronic NAV discount would be eliminated and over what timeframe. -- There is no information about how the RDL platform would reach viable scale under the new investment manager when RDL's illiquidity makes it patently unattractive for most investors. -- There are no details on fees or the term of the management agreement. -- No proposal has been made on how dissenting shareholders would be cashed out if they so desired, which we have seen occur in several cases when the investment manager changes in the face of substantial shareholder opposition. Appointment of Ares as Investment Manager Carries Substantial Risk Compared to a Wind-Down The information that Ranger has presented illustrates significant additional risk when compared to Ranger's existing portfolio or a wind-down alternative: -- Ares' proposal represents a major departure from Ranger's current short-dated SME whole loan mandate and carries significant new risks for shareholders, yet does not offer commensurate uplift in return profile or yields. -- Ares would invest in structured products that sit lower in the capital structure, i.e., in higher-risk securities, compared to Ranger's senior secured whole loan strategy, which is risky at this point in the credit cycle when corporate defaults are at historic lows and appear bound for mean-reversion in the period ahead. -- Ares' multi-year loans are much longer duration than Ranger's portfolio, which reduces portfolio liquidity and increases exposure to the credit cycle. -- RDL would become a passive vehicle with a relatively small allocation within deals syndicated across the Ares platform and would not have sole ownership of the underlying loans in the case of defaults. -- We believe Ares would create risks related to the time it takes to reposition the RDL portfolio, including redundant fees, potential delays and a misalignment of interests arising from the 12-month Ranger Alternative Management II notice period. -- We are especially cautious about this departure from mandate given Ranger's and this Board's history - we have seen what happened when they last stepped outside their comfort zone and reached for yield by investing in Princeton. Questionable Claims Made by the Board about Shareholder Support on Ares Proposal We question the Board's statement that 39% of RDL shareholders support its Board's recommendation of Ares as the new Investment Manager. -- Since we published our letter dated April 11, we have received a number of inbound messages from significant shareholders who share our concerns about the future of RDL and oppose the Ares proposal. -- If the Board proceeds with Ares' appointment without a cash-out option for dissenters, we consider that these dissenting shareholders could put selling pressure on RDL's shares for the foreseeable future. RDL's Board has a Poor Track Record of Stewardship, Lacks Relevant Experience and Has Lost the Confidence of Shareholders We view the mishandling of the strategic review process as only the latest in a series of missteps that have led to value destruction and a loss of shareholder confidence: -- Since its IPO in May 2015, RDL has significantly underperformed a range of equity and bond indices. -- This Board presided over the Princeton debacle, which resulted in massive destruction of value for all shareholders and continues to contaminate the RDL portfolio with no resolution in sight. -- This Board took little tangible action to take control of the Princeton situation until almost a year later when the NAV discount broke through 30%. -- This Board's expertise in speciality lending is limited, with only one current board member having a directly relevant track record in this field. Oaktree has given serious consideration to the future of RDL and how we could leverage our extensive credit and restructuring expertise to assist the Company for the benefit of all stakeholders. Regretfully, we believe shareholders have been repeatedly let down by the Board and have now lost faith in continued stewardship of this Board. We urge shareholders to express their views to the Board, in order to ensure that the Board considers the benefits of a winding down option as an alternative to the Ares proposal. Sincerely, /s/ Patrick M. McCaneyPatrick M. McCaneyManaging Director and Portfolio ManagerValue EquitiesOaktree Capital Management, L.P. |
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