Ranger Direct Appoints New Investment Manager As Wind-Up Continues

LONDON (Alliance News) - Ranger Direct Lending Fund PLC on Tuesday said it has appointed ...

Alliance News 12 February, 2019 | 12:50PM
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LONDON (Alliance News) - Ranger Direct Lending Fund PLC on Tuesday said it has appointed International Fund Management Ltd as its new investment manager following the termination of its agreement with Ranger Alternative Management II LP.

Ranger Direct's executive directors will continue to perform their current functions and "any investment or divestment decisions relating to the company's portfolio will not be implemented without prior board approval".

Joe Kenary, who was made an executive director in January, has also been appointed as director of Ranger Direct Lending ZDP PLC "and will balance the two appointments as appropriate".

International Fund Management's fees will be GBP70,000 per annum and it will also be paid a GBP17,500 initial set-up fee. International Fund Management is also be entitled to be reimbursed for expenses.

At present, Ranger Direct is in the process of winding down and realising its assets. To facilitate this, the company will hire an independent third party agent to value its portfolio.

Looking ahead, Ranger Direct will now issue half-yearly valuations rather than monthly valuations, although additional valuations may be conducted.

On Monday, Ranger Direct said it is now expecting a potential USD15 million recovery from the bankruptcy of Princeton. As at November 30, Ranger Direct had attributed a value of USD28.5 million to its Princeton investment. Ranger Direct has therefore impaired the carrying value of its Princeton investment by USD13.5 million.

Princeton Alternative Income Fund LP and its former general partner Princeton Alternative Funding LLC both filed bankruptcy petitions in March 2018. The USD15 million figure was reached after communication with the bankruptcy trustee appointed to the Princeton cases.

Shares in Ranger Direct were up 0.5% at 526.33 pence on Tuesday.

By Anna Farley; annafarley@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar
Rating
Ranger Direct Lending Fund Ord 506.85 GBX -1.96 -
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