June 12, 2018 / 6:11 AM / 3 months ago

BRIEF-Board of Ranger Direct Lending Fund to pursue wind-down

June 12 (Reuters) - Ranger Direct Lending Fund PLC:

* RANGER BOARD ANNOUNCED TODAY THAT ARES HAS WITHDRAWN ITS PROPOSAL TO BE APPOINTED COMPANY’S INVESTMENT MANAGER AND THAT BOARD WILL NOW PURSUE A WIND-DOWN.

* WE ARE PLEASED THAT SIGNIFICANT SHAREHOLDER SUPPORT FOR BOARD CHANGE HAS LED ARES TO WITHDRAW THEIR PROPOSAL AND BOARD TO COME TO CONCLUSION THAT REALIZING ASSETS OF COMPANY IN AN ORDERLY MANNER IS BEST WAY TO PROTECT SHAREHOLDER VALUE.

* WE URGE BOARD TO PUT INTEREST OF SHAREHOLDERS FIRST AND DO RIGHT THING BY IMMEDIATELY ENTERING INTO DISCUSSION WITH OAKTREE TO ADD OAKTREE’S NOMINEES INSTEAD OF CONTINUING WITH A COSTLY, DISTRACTING AND MISGUIDED EFFORT TO BLOCK HIGHLY-QUALIFIED, SHAREHOLDER-SUPPORTED NOMINEES.

* OAKTREE’S NOMINEES, DOMINIK DOLENEC AND GREG SHARE, PROVIDE MUCH-NEEDED ADDITIONAL OVERSIGHT AND EXPERIENCE TO THIS COMPLEX PROCESS. Source text for Eikon: Further company coverage: (Reporting By Sinead Cruise)

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