Peer2Peer Finance News
The UK's first peer-to-peer finance magazine for investors and the industry
  • Home
  • News
    • Personal Finance News
    • Industry News
    • SME News
    • Global News
  • Property
  • IFISA
    • IFISA Guide
  • Video
  • Open Banking
  • Cryptocurrency
  • Features
    • Joint Ventures and Promoted Content
  • Comment & Analysis
  • What is P2P?
  • Partners
  • Events
    • Past Events
  • P2P Power 50
    • Power 50 2020
    • Power 50 2019
    • Power 50 2018
    • Power 50 2017
  • Sign up to our e-newsletters
  • Magazine
  • Directory
  • Jobs
  • My Account
    • Manage Account
    • Change Password
    • Log In
    • Log Out
shutterstock_1243002457
January 14 2019

Ranger Direct raises £30m in refinancing as part of fund closure

Marc Shoffman Industry News, News alternative finance, investment trust, loans, p2p, Ranger Direct

RANGER Direct Lending (RDL) has raised $38m (£29.5m) by refinancing one of its investments from its portfolio, as part of the wind-down of the beleaguered investment trust.

In connection with this process, the International MCA Platform has refinanced and paid off its notes issued by RDL.

A stock market update said the fund was still in “active discussions with potential counterparties” about the orderly sale and/or re-financing of the company’s investment portfolio.

RDL announced in June 2018 that it would be closing down, amid concerns over its performance and management changes. Two of the fund’s largest shareholders, Oaktree Capital Management and LIM Advisors, had been calling for the fund to be wound down for several months.

Analysts backed the latest move.

“It is positive to see a substantial amount of cash by realised by Ranger at the current valuation,” Numis said.

“The fund has recently returned excess cash via two special dividends, and we would expect a further return of capital given these proceeds.

“The outlook remains highly uncertain for the rest of the portfolio and as more investments are realised and cash returned, the portfolio will become more concentrated on the difficult to realise investments. “

However, Numis warned that the fund continues to have exposure to the bankruptcy of its Princeton holding.

Chairman Christopher Waldron has departed and a new board, tasked with winding down the fund, was appointed at the annual shareholder meeting in July.

Octopus Choice diversification sees investors backing 130 loans on average RateSetter reaches £3bn lending landmark

Related Posts

Young african american shopkeeper woman wearing medical mask working at clothing store

Industry News, News, Top 3

Fintech sector showed resilience during Covid-19

nikhil-rathi-high-res

Industry News, News, Top 3

Nikhil Rathi unveils new hires amid FCA restructure

Auditor with magnifying glass checking financial report.

Industry News, News, Top 3

Kalifa review to call for independent fintech body

Popular posts:

  • Funding Circle strikes another CBILS securitisation
  • RateSetter to stop investment withdrawals from 26 March
  • Metro Bank plans to offer RateSetter lending through…
  • FCA puts the brakes on Buy2Let Cars
  • RateSetter confident of growing Metro Bank’s…
  • Octopus Choice has permanently closed
Back To Top
  • Home
  • Contact
  • About
  • Team
  • Advertising
  • Subscribe
  • Privacy
  • T&Cs
  • Disclaimer

Follow Us on Social Media

© Peer2Peer Finance News 2020
• Additional design by