Satoshi Nakamoto Blog
Image default
Christopher Waldron Industry News NEWS p2p Ranger Direct Lending

Ranger Direct acquires ZDP shares as it prepares for closure

RANGER Direct Lending (RDL) has purchased a batch of zero dividend preference (ZDP) shares from its ZDP share class as part of the winding-up process of the investment trust.

The alternative finance-focused fund – which is in the process of being closed down following shareholder pressure – said there was no mechanism for shutting the ZDP class separately so the shares would have to be purchased by the investment company instead.

RDL purchased 5.7 million ZDP shares last week, priced at 113.5p per ZDP share and representing 10.83 per cent of the share class.

It purchased another 901,050 at the same price this week, making up 1.7 per cent of ZDP shares.

RDL said it now holds 6.6 million of the ZDP shares, representing 12.53 per cent.

RDL announced in June that it would be closing down, amid concerns over its performance and management changes. Two of the fund’s largest shareholders, Oaktree Capital Management and LIM Advisors, had been calling for the fund to be wound down for several months.

RDL has been embroiled in a lengthy dispute with its Princeton holding, over its exposure to bankrupt lender Argon.

An arbitration panel awarded it net damages totalling $30.7m (£23.5m), plus pre-judgement interest accruing from 30 November 2016, but it now needs the go-ahead from the bankruptcy court to be able to enforce the award.

Chairman Christopher Waldron has departed and a new board, tasked with winding down the fund, was appointed at the annual shareholder meeting in July.

Source link

Related posts

South Korea to Track Beef Supply Cycle Using Blockchain – Coindoo


Venezuela Releases a Brand New Petro Whitepaper on the Very Day Of Its Oficial Launch. See What’s Changed


Bitcoin [BTC] is “pseudonymous” and can be tracked very easily by law enforcement says financial journalist


Bitcoin Obituaries ‘Graveyard’ – Pay Your Respects via Lightning Network


New Cardano (ADA) Ouroboros Research Paper Details Proof-of-Stake Sidechains from the IOHK Team


PolyTranslate – Professional translation agency specialising in FinTech & Blockchain