25th Sep 2018 12:25
LONDON (Alliance News) - Ranger Direct Lending Fund PLC on Tuesday reduced is interim payout following a decline in net asset value in the first half of 2018.
NAV per share declined to 967 pence in the first six months of 2018 from 990p reported at the end of 2017.
Share price at the end of the period stood at 800p, representing an 18% discount to NAV. The stock was trading 0.4% lower on the day Tuesday at 775.20p per share.
The company said it intends to continue to pay dividends, but cuts its interim payout to 43.93p per share from 55.44p paid for the first half in 2017.
Looking forward, the company said it plans to commence capital returns in the coming months, which will be generated on the back of orderly asset disposals.
"The new board has endeavoured to create a positive and stable working environment with the existing management team and think this has been a positive development in stabilising the company," said Chairman Dominik Dolenec.
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