18th Jun 2018 12:39
LONDON (Alliance News) - Ranger Direct Lending Fund PLC said Monday its chairman and two other directors will resign at Tuesday's annual general meeting, following pressure from two activist shareholders and ahead of the company's wind-down.
Last Monday, Ranger Direct had said it will move to realise its assets in an orderly manner, after Ares Capital Management III LLC said it will not be taking up the appointment as investment manager to the fund.
Chairman Christopher Waldron, who lead the review process concluded with Ares being selected as the preferred candidate to be put to shareholders in general meeting, will resign before the company's annual general meeting on Tuesday.
Independent Director Matthew Mulford and Non-Independent Director Scott Canon also will step down before the meeting.
Jonathan Schneider will continue as independent director, after a vote for his re-election will be put to shareholders.
"As shareholders are aware, various new directors are proposed for election at the AGM. Following the conclusion of the AGM, the board members at that time will determine what additional representation or experience is required on the company's board taking into account the views of shareholders as it sees appropriate," the company said.
Last week, Oaktree Capital Management LP, which owns an 18.6% stake in Ranger Direct, said that a board change was "imperative for proper oversight" in the winding down process. It has nominated Dominik Dolenec and Greg Share as directors.
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.
Ranger Direct shares were trading 0.9% higher at 807.30 pence each.
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