RANGER Direct Lending’s new manager has made its mark immediately by changing the investment trust’s name.
The alternative finance-focused investment fund will now be called RDL Realisation Plc and its London Stock Exchange ticker will remain as RDL.
“Shareholders should note that shareholdings will be unaffected by the change of name and existing share certificates should be retained as they will remain valid for all purposes and no new share certificates will be issued,” a stock market update from RDL said.
RDL, which is in the process of being wound down, announced in November 2018 that its investment manager Ranger Alternative Management was stepping down early and this month said International Fund Management (IFM) would take over with immediate effect.
The investment trust has been hit by poor performance and an ongoing dispute with its Princeton holding, which has subsequently gone bankrupt.
RDL has said it expects to recover just $15m (£11.7m) of its $28.5m investment in the Princeton Alternative Income fund.
It is focusing on selling off the remaining assets in the portfolio, leaving analysts uncertain on its outlook.
“The fund has adopted a managed wind-down strategy and is seeking to realise the portfolio and return capital to shareholders,” an analyst note from Numis said.
“It recently returned excess cash via two special dividends.
“The outlook remains highly uncertain for the remaining portfolio and as more investments are realised and cash returned, the portfolio will become more concentrated on the difficult to realise investments.”