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Peer2Peer Finance News | July 19, 2019

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RDL suspends share trading due to account delays

RDL suspends share trading due to account delays
Marc Shoffman

SHARES in RDL Realisation have been temporarily suspended as the company was late in filing its annual report.

The alternative finance-focused investment trust, which rebranded from Ranger Direct Lending in February, said that the report was delayed due to a loan impairment.

“This unforeseen delay is among other things due to additional testing required by our auditors following the impairment of the company’s exposure to the Vehicle Services Contract platform,” the investment trust’s manager said in a stock market update.

“The delay to the publication of the company’s full year accounts, and the resultant trading suspension, is frustrating and disappointing for all connected with the company.

“The board is committed to improving our reporting now that the transition away from Ranger Alternative Management II, is completed.”

Read more: Ranger Direct investment manager brings departure date forward

The suspension will be lifted once the accounts, which were due at the end of April, are filed.

“The company is working together with Deloitte to finalise the audit and expects that the audited accounts will be published on 10 May 2019, but no later than 17 May 2019,” RDL said.

The fund, which is in the process of being wound down, also gave an update on its ongoing legal dispute with its Princeton holding, which is currently in bankruptcy proceedings.

RDL will receive $2.5m (£1.9m) out of the liquidation proceeds in priority to other investors.