20th Jun 2018 09:55
LONDON (Alliance News) - Oaktree Capital Management LP said late Tuesday it "welcomed" the results of Ranger Direct Lending Fund PLC's annual general meeting as it saw the appointment of two directors nominated by Oaktree.
At the AGM on Tuesday, Dominik Dolenec and Greg Share were appointed to Ranger's board.
"Oaktree is confident the refreshed board will have the requisite experience to oversee Ranger Direct Lending Fund and ensure a smooth and successful wind-down of the company for the benefit of stakeholders," Patrick McCaney, managing director and portfolio manager of Oaktree's value equities strategy, said.
Last Monday, Ranger Direct had said it will move to realise its assets after Ares Capital Management III LLC said it will not be taking up the appointment as investment manager to the fund.
Last week, Oaktree, which owns an 18.6% stake in Ranger Direct, said a board change was "imperative for proper oversight" in the winding down process after it put forward nominations for Dolenec and Share.
Yesterday, Ranger said Chairman Christopher Waldron, Independent Director Matthew Mulford and Non-Independent Director Scott Canon were to step down before the AGM.
Separately, LIM Advisors Ltd, at 9.2% shareholder in Ranger Direct, last month proposed removing Waldron and adding Brendan Hawthorne and Eric Long as new directors.
However, Ranger said resolution 11, concerning Long's appointment, was not passed.
Ranger shares were untraded Wednesday, last quoted at 810.00 pence each.
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