INVESTORS in the C share class version of Ranger Direct Lending are set to see their stake converted into ordinary shares next month.
The investment trust, which focuses on platforms providing secured finance to businesses mainly in the US, announced that the conversion of the existing C shares would take place on 7 April 2017 based on the fund’s net asset value (NAV) as of 28 February 2017.
The C share class was launched in December 2016 and its NAV has returned 0.1 per cent so far this year.
The fund is currently trading on a premium to NAV of 1.1 per cent, compared with 0.8 per cent in the ordinary share class.
Meanwhile, the investment company’s latest monthly update showed the NAV of the ordinary share class returned 0.62 per cent in February, down from 0.82 per cent in January. This was attributed to more money being set aside to cover losses.
The C share class was up at 0.46 per cent from 0.31 per cent a month before.
“The Ranger Direct Lending Fund is pleased to announce the twenty-first consecutive month of positive returns through February 2017,” the update said.
“In February, the NAV for the company’s ordinary shares appreciated by 0.87 per cent, and after applying a loss reserve of 0.25 per cent netted a 0.62 per cent appreciation.”
The investment company has already announced an interim dividend of 28.51p per ordinary share for the three-month period to 31 December 2016 to be paid on 7 April 2017.