THREE directors nominated by rebel Ranger Direct Lending (RDL) shareholders have been voted onto the investment trust’s board.
RDL has been in an ongoing dispute with two of its main shareholders, Oaktree Capital Management and LIM Advisers, amid concerns about the fund’s performance and direction.
The wrangles culminated in the withdrawal of the investment trust’s proposed new manager Ares and a decision to wind up the investment trust.
The trust’s chairman Christopher Waldron had said he would resign ahead of the annual general meeting this week and previous board members Matthew Mulford and K Scott Canon also stood down.
Oaktree and LIM Advisers had put forward their own nominees for the board to help wind down the fund.
Investors backed all the new members except Hawthorne, while another director, Jonathan Schneider, was voted back onto the board.
This means the RDL board is now made up of two Oaktree-backed names in Dolenec and Share, LIM Advisers’ preferred candidate Long and existing director Schneider.
“Oaktree is confident that the refreshed board will have the requisite experience to oversee RDL and ensure a smooth and successful wind-down of the company for the benefit of stakeholders,” said Patrick M. McCaney, managing director of Oaktree’s Value Equities strategy.
“On behalf of all shareholders, Oaktree would like to thank outgoing Ranger chairman Christopher Waldron and board members Matthew Mulford and Scott Canon for their contributions.”