THE NEW Ranger Direct Lending (RDL) board has said it will “aggressively pursue” all legal avenues in the investment trust’s ongoing proceedings with its Princeton holding.
RDL has been in a legal dispute over Princeton’s level of exposure to bankrupt lender Argon since last year.
But proceedings have been held up by Princeton also filing for bankruptcy.
The arbitration panel is likely to make a ruling by the end of August but any decision can’t be enforced without an order from the bankruptcy court.
RDL has appointed an examiner to investigate the affairs of Princeton and has asked the bankruptcy court to consider letting a trustee displace the current management.
The bankruptcy court is awaiting the arbitration panel decision before ruling on RDL’s proposal, a stock market update from the investment trust said.
“The company and its newly constituted board are committed to aggressively pursuing all legal avenues to recover the capital investment in Princeton and will continue to work with the manager and its legal counsel in order to do so,” RDL said.
It comes as RDL announced plans to close the investment trust amid concerns over its performance and management changes.
Chairman Christopher Waldron has departed and a new board, tasked with winding down the fund, was appointed at the RDL annual general meeting last month.
RDL revealed in its latest monthly update for May that its net asset value (NAV) was down 0.07 per cent, hit by the Princeton legal costs and management review expenses.
It is currently on a discount to NAV of 21.4 per cent.