RANGER Direct Lending (RDL) saw its net asset value (NAV) slide 2.95 per cent over 2017 due to its ongoing Princeton legal arbitration.
The investment trust’s December update showed its NAV return was 4.53 per cent in 2017 but the ongoing legal dispute with its Princeton investment over bankrupt lender Argon pushed it into negative territory.
On a monthly basis, RDL’s NAV was actually at a six-month high to 0.48 per cent.
The stock exchange announcement, made late on Tuesday, said the firm still expects the fourth quarter dividend to be higher than the third. It will be revealed later this month.
The fund has been hit by poor returns in its marketplace lending holdings and its ongoing dispute over Princeton’s level of exposure to Argon.
RDL said it expects the dispute to be close to resolution in April.
RDL announced that the final witness testimonies should be held on 9 March, with a decision up to 30 days later.
It also announced last year that it was looking for a co-manager to help boost performance. It has appointed corporate advisers Kinmont as part of this process to resolve the management arrangements from May.
The investment trust is currently trading on a discount to NAV of 22 per cent.