Ranger Direct confirms new management and valuation arrangements
By Josh White
Date: Tuesday 12 Feb 2019
(Sharecast News) - Ranger Direct Lending Fund updated the market on its management on Tuesday - the day its investment management agreement with Ranger Alternative Management II terminated, as it had previously indicated.
The London-listed company confirmed it had appointed International Fund Management (IFM) as its replacement alternative investment fund manager, with immediate effect.
Following the appointment of IFM, the firm's executive directors said they would continue performing the functions they had been carrying out during the current management arrangements.
"In particular, any investment or divestment decisions relating to the company's portfolio will not be implemented without prior board approval," the board said in its statement.
In preparation for the changes, as it announced on 15 January, Ranger Direct's executive board had been strengthened with the appointment of Joe Kenary.
"Joe has also been appointed as a director of Ranger Direct Lending ZDP, and will balance the two appointments as appropriate," the directors explained.
"Dominik Dolenec and Brett Miller will continue to act as executive chairman and executive director of the company, respectively."
IFM would be paid an annual management fee of £70k, and was also being paid an initial set-up fee of £17.5k, with entitlements to be reimbursed for properly incurred expenses attributable to the performance of its services.
Each of the company and IFM had also provided the other with customary indemnities.
The board said it would continue to consult with major shareholders in respect of any future changes to the firm's management arrangements.
Going forward, Ranger Direct added that it intended to engage an independent third party valuation agent for the purposes of valuing the company's portfolio.
"Given the realisation process currently being undertaken, the directors of the company are of the view that it is appropriate to carry out half yearly rather than monthly valuations with immediate effect, such calculations being carried out as at 30 June and 31 December in each year," the board explained.
"The company will announce its net asset value and net asset value per ordinary share as soon as practicable following each half year valuation date."
Ranger Direct said it could also undertake additional valuations in respect of part or all of the portfolio in connection with potential sales of investments.
"The company will continue comply with its obligations under the ZDP share undertaking, and in particular will continue to calculate the cover in respect of ZDP shares monthly using all applicable information relevant to that calculation, including items such as currency movements and disposals of investments which arise subsequent to any valuation."
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