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_252511228
July 8 2019

RDL Realisation portfolio value falls by £5m in May

Jordan Bintcliffe Industry News, News Microbilt, Princeton, Ranger Direct Lending, RDL Realisation

WINDING-DOWN investment trust RDL Realisation reduced the value of its portfolio by $6.5m (£5.2m) in May, according to its latest portfolio update.

The alternative finance-focused fund reported on Monday that its portfolio was valued at $98.3m as of 31 May 2019, down from $104.8m on 30 April 2019.

Meanwhile, its cash balance increased to $92.4m from $88.3m over the period.

RDL Realisation, previously named Ranger Direct Lending, is in the process of being wound down after suffering poor performance and an ongoing dispute with its Princeton holding, which has subsequently gone bankrupt.

Read more: Ranger Direct Lending: What really happened

The company said on Monday (8 July) that it had received one large loan pay-off in May of $4.5m from its real estate loan platform. The figure is included in the cash total. However, the month also saw a $2.4m decrease in the cash balance due to currency headwinds and the settlement of $1m of accounts payables.

In February, RDL said it expects to recover just $15m of its $28.5m investment in the Princeton Alternative Income fund, following the bankruptcy of Princeton Alternative Funding (PAF). At the time the company said the amount could change and it would “not be surprised to see further impairments”.

Read more: Ranger warns of $13.5m hit from Princeton as it appoints new manager

RDL said that it believes an alternative winddown plan for PAF presented by Microbilt is “vague” and will instead support the plan filed by the chapter 11 trustee.

“Microbilt Corporation recruited an informal group of minority investors to support its alternative chapter 11 plan, which is vague in structure and content,” RDL said. “Among other things, the Microbilt plan leaves the fund in bankruptcy for an indeterminate period of time.

“The company believes that the Microbilt plan is not in the best interest of the company or other investors. The company will support the plan filed by the chapter 11 trustee and seek its confirmation before the bankruptcy court.”

Read more: RDL Realisation names LIM Advisors’ Nick Paris as non-executive director

RDL also said that its directors had approved the payment of a dividend of $0.2171 per ordinary share at a total cost of $3.5m. The dividend will be paid on 12 July.

RateSetter chief welcomes 10 per cent investor limit Three quarters of P2P property investors unsure of risks

Related Posts

Nausicaa Delfas

Industry News, News, Top 3

FCA director says “there is more change to come”

couple buying renting house signing mortgage contract agreement with realtor real estate agent.

Industry News, News, Personal Finance News, Top 3

Investors unsure if financial advice is worth the money

fca office

Industry News, News, Top 3

FCA reminds consumer lenders to alter post-Brexit loan contracts

Popular posts:

  • SMEs warned they could be excluded from recovery loan scheme
  • JP Morgan chief predicts shift to non-bank lending
  • Metro Bank starts offering RateSetter loans in its branches
  • Arrest made in Buy2Let Cars investigation
  • P2P veteran joins bridging lender
  • Every IFISA that is open for investment right now
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