Ranger Direct Lending Fund PLC Portfolio update - Argon Credit (6692U)
January 20 2017 - 2:00AM
UK Regulatory
TIDMRDL
RNS Number : 6692U
Ranger Direct Lending Fund PLC
20 January 2017
20 January 2017
Ranger Direct Lending Fund PLC
(the "Company")
Portfolio update - Argon Credit
Further to the Company's announcement on 22 December 2016
regarding the bankruptcy proceedings in respect Argon Credit, LLC
and Argon X, LLC (together, "Argon"), the Company has been informed
by the SME Credit Line Platform that its group has taken control of
the collateral under the purview of the Bankruptcy Court, and
initiated primary servicing. The collateral which is currently
under their control includes underlying loans and associated
receivables pledged to the SME Credit Line Platform pursuant to the
credit facility between SME Credit Line Platform and Argon. Further
proceedings are continuing in respect of the SME Credit Line
Platform's claim that Argon has, in breach of the terms of its
agreements with the SME Credit Line Platform, assigned a portion of
the underlying collateral to an unapproved special purpose
vehicle.
The Company will make a further announcement following the
completion of the evaluation by the SME Credit Line Platform and
its appointed servicer of the collateral received to date.
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
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