Ranger Direct Lending Fund PLC Portfolio Update (3777H)
March 12 2018 - 3:48AM
UK Regulatory
TIDMRDL
RNS Number : 3777H
Ranger Direct Lending Fund PLC
12 March 2018
12 March 2018
RANGER DIRECT LENDING FUND PLC (the "Company")
Portfolio Update
On 29 January 2018 the Company provided an update in respect of
its arbitration proceedings against the Princeton Alternative
Income Fund, LP ("Princeton") and its general partner Princeton
Alternative Funding, LLC (the "General Partner"). The Company has
now been informed that Princeton and the General Partner filed
voluntary petitions of bankruptcy on 9 March 2018.
The filings came hours before the three-judge arbitration panel
was to rule on an application for an order requiring Princeton to
hold and segregate all revenues generated by its investment
activities, pending further order of the panel. It was also
expected that the first phase of the arbitration, focusing largely
on the Company's demand for a redemption of its capital in
Princeton, would finish its testimony phase on that day.
The bankruptcy petitions have the effect of staying this first
phase of the arbitration as against Princeton and the General
Partner and also stopping the ruling on the segregation order being
delivered.
The Company is disappointed that the bankruptcy filing has
stalled the first phase of the arbitration, but believes that the
bankruptcy filing does give rise to potential benefits in the
process of getting visibility into the Princeton Funds' portfolio
valuation and ultimately redeeming the investment it has made.
Specifically, now that a bankruptcy petition has been made, the
activities of Princeton and the General Partner will be monitored
by a bankruptcy court.
Within its bankruptcy petition, Princeton represents that: (i)
the estimated aggregate value of its assets is between US$50
million and US$100 million, and (ii) it has estimated liabilities
of between US$1 million and US$10 million. While the Company does
not have sufficient information to verify these representations, it
is expected that filings which are required to be made pursuant to
the bankruptcy proceedings by Princeton (including schedules of
assets and liabilities) will provide information on the portfolio.
The Company will evaluate such information and its impact on the
net asset value, if applicable, as and when it is available. By way
of a reminder, the 31 January 2018 cum-income net asset value of
the Company assigned a value of approximately US$29.3 million
(which is net of the loss reserve previously announced by the
Company) to the Company's investment in Princeton and, so far as
the Company is aware, its investment represents between 75 per
cent. and 85 per cent. of the aggregate investments in
Princeton.
As previously reported, the arbitration process includes a
second phase consisting of claims against various individuals and
entities (including MicroBilt) who, as specified in the claims, are
alleged to have controlled the Princeton funds, and to have acted
improperly in connection with its activities, or improperly
benefitted from misconduct.
Although the bankruptcy filing may stay some of the claims in
the second phase, the Company intends to proceed with the second
phase claims against the individuals and entities that are not
subject to the bankruptcy stay. These claims continue to be
conducted by the Company's attorneys on a contingency basis.
Further announcements will be made as and when additional
information relating to the Company's investment in Princeton
becomes available.
This announcement includes inside information.
For further information, please contact:
Link Company Matters
Limited +44 (0)1392 477 510
Secretary
Ranger Capital Group Via Redleaf PR
Bill Kassul
Scott Canon
Liberum Capital Limited
Joshua Hughes +44 (0)20 3100 2000
Kinmont
Mat Thackery
+44 (0) 207 087 9100
Media Enquiries
Redleaf Communications +44 (0)20 3757 6865
Elisabeth Cowell
Robin Tozer
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.
LEI: 549300VGZSKYQ7C2U221
END OF ANNOUNCEMENT
This information is provided by RNS
The company news service from the London Stock Exchange
END
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