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Ranger Direct Lending Fund updates on Princeton

26 June 2017 09:37

Ranger Direct Lending Fund has provided an update regarding its investment in Princeton Alternative Income Fund Ltd.

Princeton was incorporated in the British Virgin Islands and invested in a Delaware master fund, which was a party to the underlying lines of credit.

Ranger Alternative Management II, LP (the 'Investment Manager'), the Ranger Specialty Income Fund, LP and the Company (collectively, Ranger) have initiated arbitration proceedings with JAMS (a dispute resolution provider) against the Princeton Master Fund and its general partner Princeton Alternative Funding, LLC.

The purpose of the proceedings was to seek to enforce Ranger's rights against the Princeton Master Fund and the General Partner.

Among other claims, Ranger sought to enforce rights concerning redemption and the provision of financial information.

Ranger's costs (including legal fees) of the proceedings would be advanced by both the company and the Ranger Specialty Income Fund, LP pro rata to their respective exposures to the Princeton investments.

"The terms of the Princeton Master Fund partnership agreement provide that the Arbitrator "will award" all fees and costs (including legal fees) to the prevailing party against the party who does not prevail."

The company would continue to update shareholders on its progress in realising the investment in Princeton through the monthly fact sheets produced at the time of publication of each net asset value.

At 9:37am: (LON:RDL) Ranger Direct Lending Fund Plc share price was +1.5p at 856.5p

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