12th Aug 2015 09:11
LONDON (Alliance News) - Ranger Direct Lending Fund PLC, which invests in debt instruments issued by direct lending platforms, on Wednesday said it hopes to be able to consider increasing the size of the company as it moves into 2016.
"It is clear from the board's discussions with the investment team that the direct lending opportunity remains compelling and although Ranger's priority for the second half of 2015 has to be the continuing deployment of its cash, the demand for borrowing from SMEs continues to be strong and so we hope to be in a position to consider increasing the size of the company as we move into 2016," Chairman Christopher Waldron said in a statement.
Ranger Direct Lending Fund issued 13.5 million shares at 1,000 pence each in its initial public offering, valuing it at GBP135 million by market capitalisation when it listed on May 1. It had invested about 19% of the proceeds of the IPO by the end of June.
The company had a net asset value of USD15.14 per share when it listed. It grew to USD15.16 on June 30.
Shares in Ranger Direct Lending Fund were flat at 1,040.00 pence on Wednesday morning.
By Samuel Agini; [email protected]; @samuelagini
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