Ranger Direct proposes a share buy back- Ranger Direct Lending Fund plc (RDL) has announced today that they have made a proposal to the zero dividend preference share holders about a potential buy back of shares. They are seeking an agreement that will address both the needs of ZDP share holders and the share holders of Ranger Direct Lending. This proposal is all apart of Ranger Direct Lending wanting to wind up the fund which we have previously reported on here.
Ranger Direct has made the following proposal: Ranger Direct is prepared to make an offer of 116p in cash to the share holders of ZDP shares. The offer is conditional acceptance of at least 61% of ZDP share holders in issue. The 13.73% of the ZDP shares already held by Ranger Direct will not be counted. Ranger Direct will also agree to not use the ZDP shares that they have purchased to vote to keep the company going. Any offer that Ranger Direct wants to pursue must be settle by 31 December 2018.
RDL- Ranger Direct proposes a share buy back