Gowling WLG has advised Liberum Capital and Fidante Partners Europe on the open offer to shareholders and placing of C Shares in Ranger Direct Lending Fund to raise up to £40m.
The issue forms part of a placing programme whereby Ranger will look to raise £200m. Ranger invests in debt instruments originated or issued by direct lending platforms and its shares are admitted to the premium segment of the official list and to trading on the main market of the London Stock Exchange.
This transaction is one of a rapid succession of transactions by Ranger where Gowling WLG has advised Liberum. Ranger’s initial IPO was in 2015, raising £135m. In December 2015, Gowling WLG advised Liberum on a “tap” issue by Ranger that raised £14.1m. Then, in two separate transactions in August 2016 and November 2016, Ranger’s wholly owned subsidiary (Ranger Direct Lending ZDP) issued £53m of zero dividend preference shares by way of placings undertaken by Liberum – again advised by Gowling WLG.
Nick Heather, corporate partner at Gowling WLG, advised Liberum and Fidante on the current transaction and advised Liberum on the previous issues by Ranger.
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