Ranger Direct hits back at shareholders ‘imposing own agenda’

RANGER Direct Lending (RDL) has accused two of its shareholders of attempting to impose their own agenda on the future of the investment trust.

It comes as Oaktree Capital issued a third letter to RDL expressing disappointment over performance and management of the investment trust and has proposed that two new board members would introduce “a greater degree of oversight, a broader range of views and a much deeper base of relevant experience”.

Oaktree, which holds a 18.56 per cent stake in RDL, has nominated Ambina Partners co-founder Greg Share and Emona Capital managing partner Dominik Dolenec to sit on the RDL board.

“These two nominees would bring extensive relevant experience and valuable resources to supplement the current board – a development that we believe should be supported by all shareholders,” Oaktree said.

Meanwhile, LIM Advisers, which holds a 9.2 per cent stake in RDL, has proposed a vote on the removal of the chairman of the RDL board Christopher Waldron at the next general meeting.

RDL described the moves as “further evidence of certain shareholders seeking to impose their own agenda for the future of the company”.

The investment trust announced last week that it has proposed alternative investment firm Ares takes over management of the fund.

It said Oaktree has declined the offer of a discussion with Ares.

Read more: Ranger Direct hoping for end to “difficult period”