Ranger Direct Lending Fund PLC Portfolio update - Argon Credit (2641C)
April 12 2017 - 2:00AM
UK Regulatory
TIDMRDL
RNS Number : 2641C
Ranger Direct Lending Fund PLC
12 April 2017
12 April 2017
Ranger Direct Lending Fund PLC
(the "Company")
Portfolio update - Argon Credit
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 been informed by the Princeton
Alternative Income Fund Ltd ("Princeton", referred to in previous
announcements as the SME Credit Line Platform) that it intends to
take a reserve of $11.7 million against the Argon portfolio due to
a decline in recent cash flows attributable to the portfolio.
The Company is urgently seeking additional information from
Princeton in connection with this notification, including in
respect of the basis on which the reserve has been made.
The Company currently expects that the reserve will be treated
as an impairment of its investment in Princeton which would result
in an approximate decrease of 4% in the NAV per Ordinary Share
calculated as at 28 February 2017.
The Company is unable to confirm the precise impact of the
reserve on NAV at the current time and is seeking clarification
from Princeton. A further announcement will be made in due
course.
This announcement contains inside information.
For further information about this announcement contact:
Capita Company Secretarial Services Limited +44 (0)20 7954 9531
Secretary
Ranger Alternative Management II, LP via Redleaf Communications
Scott Canon
Bill Kassul
Liberum Capital Limited +44(0)20 3100 2000
Media enquiries
Redleaf Communications +44 (0)20 7382 4730
Rebecca Sanders-Hewett
David Ison
IMPORTANT INFORMATION
All projections, estimates and views expressed on the outcome of
the Argon bankruptcy proceedings involve significant elements of
judgement and reliance on third party information which, in each
case, may or may not prove to be correct. 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
MSCLIFFISFIFLID
(END) Dow Jones Newswires
April 12, 2017 02:00 ET (06:00 GMT)
Rdl Realisation (LSE:RDL)
Historical Stock Chart
From Apr 2024 to May 2024
Rdl Realisation (LSE:RDL)
Historical Stock Chart
From May 2023 to May 2024