11th Jun 2018 12:07
LONDON (Alliance News) - Ranger Direct Lending Fund PLC said on Monday it will move to realise its assets in an orderly manner, following the notification by Ares Capital Management III LLC that it will not be taking up the appointment as investment manager to the fund.
This was in the backdrop of shareholders such as Oaktree Capital Management LP and LIM Advisors recommending that either Ranger Direct's board be reshuffled, or the company wound up completely.
However, Ranger Direct has still recommended that shareholders vote against Oaktree's and LIM Advisors' proposals to appoint new directors of their choice to the fund's board.
"The independent directors do not believe that Oaktree's nominees would best protect the interests of longer term shareholders in the company in implementing a realisation of the portfolio. The board therefore continues to recommend shareholders vote against the appointment of their nominees at the annual general meeting," Ranger said in a statement.
"The Ares presentation included all of the detail of the proposed Ares investment strategy which is no different from the strategy that LIM has subsequently criticised in public letters. While LIM is of course permitted to change its views as a shareholder, the board does not accept its claims around the process and merits of the Ares proposition, merits that LIM previously endorsed," the fund added.
Shares in Ranger Direct Lending Fund were up 1.4% at 803.00 pence on Monday.
Related Shares:
RDL.L