7th Jun 2019 12:08
LONDON (Alliance News) - RDLZ Realisation PLC on Friday reported a widened annual loss in 2018 as the company continues its winding down plans.
In 2018, RDLZ made a pretax loss of GBP2.1 million compared to GBP1.9 million in 2017.
RDLZ is a wholly owned subsidiary of RDL Realisation PLC, formerly Ranger Direct Lending Fund PLC. RDLZ was established solely to issue zero dividend preference shares in Ranger Direct.
RDLZ has carried out two placing of zero dividend preference shares, issuing a total of 53 million ZDP shares, raising GBP53.8 million.
The entirety of this was lent to Ranger Direct under a loan agreement that stipulated Ranger Direct repay ZDP shareholders a final capital entitlement of GBP1.2763 per share at the end of July in 2021.
Last June, Ranger Direct decided it was going to sell its assets and return the capital to shareholders, and reimburse ZDP shareholders.
Last week, Ranger Direct set a final entitlement price of 121.8887 pence per ZDP share to be paid on June 20.
The offer is conditional on ZDP shareholders agreeing to the terms at a meeting, to be held on June 20. The company currently has acceptances from 64.5% of ZDP shareholders for the offer.
The offer is lower than the existing final capital entitlement of 127.63p per ZDP share but is higher than the 115.1433p per ZDP share which would have otherwise have been accrued at June 20.
At the end of 2018, RDLZ said its accrued capital entitlement stood at GBP59.3 million, or GBP1.1184 per ZDP share.
Related Shares:
RDL.L