Ranger Direct Lending Fund PLC Portfolio Update (4344Z)
15 December 2017 - 6:00PM
UK Regulatory
TIDMRDL
RNS Number : 4344Z
Ranger Direct Lending Fund PLC
15 December 2017
15 December 2017
RANGER DIRECT LENDING FUND PLC (the "Company")
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 received additional
information regarding its investment in Princeton Alternative
Income Fund Ltd ("Princeton").
Having reviewed the information provided prior and pursuant to
the arbitration proceedings thus far, the Company has determined in
accordance with its valuation policy to unilaterally take an
additional gross reserve of US $9.1 million against its indirect
investment in the Argon portfolio. The total amount of fees to be
credited to the net asset value of the Company from both Princeton
and its investment manager are approximately US $2.1 million. These
are the total credited fees associated with the gross reserve of US
$9.1 million announced today and the gross reserve of US $10.4
million, as announced on 14 November 2017.
The Company currently expects that this additional reserve will
result in an approximate further decrease of 3.8% in the NAV per
Ordinary Share calculated as at 30 September 2017. The reserve will
be included in the 31 October 2017 NAV to be published by the
Company shortly.
As noted above, the Company is applying the reserve solely
against its indirect exposure to Argon. Based on investor
statements as at 31 October 2017 provided by Princeton and the
reserves taken to date, the Company estimates that its exposure to
the imposed Argon side pocket capital account (as described in the
Company's half year accounts) is now US $3.8 million while the
current indirect loan exposure (net of anticipated expenses) to
Argon is approximately US $2.4 million. The Company notes that
imposition of the Argon side pocket as between the Company and
other Princeton investors remains subject to the ongoing
arbitration proceedings.
Shareholders should note that Princeton has not itself taken
this additional reserve against the Company's investment and this
reserve is calculated using the Company's and its investment
manager's own analysis of the information received. The valuation
(of both the Argon investment and other investments in the
Princeton portfolio) may change based on the information received
in the future.
This announcement contains inside information.
For further information, please contact:
Link Company Matters
Limited +44 (0)1392 477 510
Secretary
Ranger Capital Group Via Redleaf PR
Bill Kassul
Scott Canon
Liberum Capital Limited
Joshua Hughes +44 (0)20 3100 2000
Media Enquiries
Redleaf Communications +44 (0)20 7382 4730
Elisabeth Cowell
Robin Tozer
IMPORTANT INFORMATION
The actual outcome of any legal proceedings may be materially
affected by new information coming to light following the date of
this announcement. Any views contained herein are based on the
Company's understanding of the relevant proceedings as of the date
of this announcement.
END OF ANNOUNCEMENT
This information is provided by RNS
The company news service from the London Stock Exchange
END
PFUEANALFLAXFFF
(END) Dow Jones Newswires
December 15, 2017 02:00 ET (07:00 GMT)
Rdl Realisation (LSE:RDL)
Historical Stock Chart
From May 2024 to Jun 2024
Rdl Realisation (LSE:RDL)
Historical Stock Chart
From Jun 2023 to Jun 2024