TROUBLED investment trust Ranger Direct Lending (RDL) saw its net asset value (NAV) fall for a second consecutive month during June.
The alternative finance-focused fund is in the process of being wound up and saw its NAV fall 0.14 per cent during June, following a 0.07 per cent drop a month before.
It comes as the prospect of a settlement in RDL’s ongoing dispute with its Princeton holding – over exposure to bankrupt lender Argon – came closer after an arbitration panel awarded the investment trust and the fund it uses to invest in Princeton net damages totalling $30.7m (£23.8m), plus pre-judgement interest accruing from 30 November 2016.
However, it will have to wait until Princeton’s own bankruptcy proceedings are complete to see if it has enough assets to comply with the judgement.
“The company will continue to pursue its claims in full against Princeton through the bankruptcy proceedings and it views the arbitration panel decision as a positive development that gives independent confirmation of the failings of Princeton and the general partner to abide by their contractual and legal obligations,” RDL said in a stock market update.
RDL announced plans to close the investment trust in June 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 in July.