Ranger Direct Lending Fund PLC Princeton Update (0228E)
October 15 2018 - 3:55AM
UK Regulatory
TIDMRDL
RNS Number : 0228E
Ranger Direct Lending Fund PLC
15 October 2018
15 October 2018
RANGER DIRECT LENDING FUND PLC (or the "Company")
Princeton Update
As previously announced by the Company, pursuant to the Chapter
11 bankruptcy filing by the Princeton Alternative Income Fund
("Princeton") and its manager Princeton Alternative Funding, the
Company is currently in process of forming a reorganisation plan
for submission to the bankruptcy court.
Pursuant to such reorganisation plan, the Company is entitled to
receive information relating to Princeton Alternative Funding's
assets under management (including the assets held by Princeton).
The Company has received certain, albeit limited, information
regarding the assets of Princeton pursuant to this process.
Although the Company does not yet have sufficient information to
form an opinion on the value of such underlying assets, it does
believe that based on the information available: (i) there is a
possibility that the values asserted by Princeton may be
incorrectly estimated and overstated, and (ii) the implementation
of a protective impairment in the value of its investment is
warranted.
The Company will continue to work on determining the amount of
the protective impairment to its net asset value as it further
evaluates the information at its disposal and any additional
information received pursuant to the Chapter 11 proceedings. A
further announcement will be issued by the Company as soon as the
final amount of the impairment is set.
This announcement contains inside information.
For further information, please contact:
Link Company Matters Limited
Secretary +44 (0)1392 477 510
LEI: 549300VGZSKYQ7C2U221
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END
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