RDL ranger direct lending

I too have shares in RDL.


From my calculations from Dec 21 report


Portfolio $7.6m, Cash $5.8m, as this was before the dividend payment reduce cash by $3.1m (15,555,555 shares when I last checked) Cash now $3.1m, total assets $10.3m, $0.66 per share. I believe the portfolio is based on expected recovery not total of loans.


As you said it is in wind down and as far as I know the intention is to get as much money back from the loans either through negotiation, selling on the loans or through the courts. I spoke to the CEO a little while ago and he said that the loans that are left are the more difficult ones and it will take a time to get these repaid as many are going through the courts and there is a delay due to Covid backlog. This means the dividends from repayments are infrequent and it will take some time before all available money is returned to shareholders. Of course we as shareholders have no idea of much of the portfolio will eventually be returned or used up in costs.


One thing I find strange is the dividends that have been paid are ordinary dividends (I check with the registrars) so are subject to dividend tax, I would have expected these to be a capital repayments. If this continues until wind down then all of the cost of these shares will be written off for capital gains tax purpose.



You mentioned "I bought tiny share in their fund - the price rose a little recently", I would be interested in where you bought these shares (I kept them after they were de-listed) and where you are getting the price on these shares.