Ranger Direct Lending Fund PLC Corporate Update (0823J)
June 26 2017 - 2:00AM
UK Regulatory
TIDMRDL
RNS Number : 0823J
Ranger Direct Lending Fund PLC
26 June 2017
26 June 2017
RANGER DIRECT LENDING FUND PLC
Update on Princeton
Ranger Direct Lending Fund plc (the "Company") wishes to provide
shareholders with an update regarding its investment in Princeton
Alternative Income Fund Ltd ("Princeton").
As explained in the Company's prospectuses, Princeton is
incorporated in the British Virgin Islands and invests in a
Delaware master fund (the "Princeton Master Fund") which is a party
to the underlying lines of credit.
Ranger Alternative Management II, LP (the "Investment Manager"),
the Ranger Specialty Income Fund, LP and the Company (collectively
called "Ranger") have initiated arbitration proceedings (the
"Proceedings") with JAMS (a dispute resolution provider) against
the Princeton Master Fund and its general partner Princeton
Alternative Funding, LLC (the "General Partner").
The purpose of the Proceedings is to seek to enforce Ranger's
rights against the Princeton Master Fund and the General Partner.
Among other claims, Ranger seeks to enforce rights concerning
redemption and the provision of financial information. Ranger's
costs (including legal fees) of the Proceedings will be advanced by
both the Company and the Ranger Specialty Income Fund, LP pro rata
to their respective exposures to the Princeton investments. The
terms of the Princeton Master Fund partnership agreement provide
that the Arbitrator "will award" all fees and costs (including
legal fees) to the prevailing party against the party who does not
prevail.
The Company will continue to update shareholders on its progress
in realising the investment in Princeton through the monthly fact
sheets produced at the time of publication of each net asset
value.
For further information, please contact:
Capita Company Secretarial
Services Limited +44 (0)20 7954 9531
Secretary
Ranger Capital Group Via Redleaf PR
Bill Kassul
Scott Canon
Liberum Capital Limited +44 (0)20 3100 2000
Media Enquiries ranger@redleafpr.com
Redleaf Communications +44 (0)20 7382 4730
Rebecca Sanders-Hewett
David Ison
Sam Modlin
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
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