RANGER Direct Lending’s (RDL) ongoing legal dispute with its Princeton holding pushed its net asset value (NAV) return down to 0.43 per cent in January, the investment trust has revealed.
RDL has been locked in arbitration proceedings with Princeton since last year over its exposure to bankrupt lender Argon Credit, and without these costs it said its returns would have been 0.68 per cent.
The update shows its NAV is down from 0.48 per cent in December.
The alternative finance-focused investment trust entered arbitration with Princeton last November and expects the final witness testimonies to be concluded this week, with a ruling expected 30 days later.
It is also in the process of finding interested parties to bid for management of the fund from May to help reverse poor returns, mainly from marketplace lending.
RDL, which is listed on the London Stock Exchange, 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 when the current deal expires in May.
The investment trust is currently on a discount to NAV of 23.7 per cent.