TROUBLED investment trust Ranger Direct Lending (RDL) has announced that Jonathan Schneider has stepped down as a director.
The alternative finance-focused fund, which is in the process of being closed down, said on Monday that Schneider is leaving with immediate effect after assisting with the transition of new board members appointed in July to begin the winding-down process.
“Schneider remained on the board following the company’s annual general meeting earlier this year in order to assist with the transition to the then newly appointed directors and now that this transition is complete, he believes it is an appropriate time to step down from the board,” RDL said in a stock market update on Monday.
The trust announced in June that it would be closing down, following investor outrage over management and performance.
RDL said it does not intend to appoint a replacement for Schneider and Brendan Hawthorne will replace him on as chair of the audit committee.
Schneider currently holds a number of other roles, some of which are in the alternative finance space. He founded corporate finance firm Capital Step and financial advice firm JMS Capital, where he holds the roles of executive chairman and chairman respectively. He is also non-executive director of working capital provider Iwoca.
RDL has had a turbulent path to closure, made even more rocky by a lengthy legal dispute with its Princeton holding, over exposure to bankrupt lender Argon.
Princeton itself has now filed for bankruptcy.
In a separate announcement on Monday, RDL reported an increase in its net asset value (NAV) for a second successive month, of 0.15 per cent for September.