Manager resigns at Ranger Direct Lending- Ranger Direct Lending (RDL) today has announced that the manager will resign on 12 February 2019. The manager announced its resignation following the publication of the decision to change Ranger’s investment strategy. The voting on the new investment strategy will take place at the extraordinary general meeting on 16 November 2018. His resignation comes after Ranger already served the manager with a termination notice that would go into effect 1 May 2019. The board is currently evaluating how to carry on from here following the resignation of the manager.
The resignation of the manager and the wind up of Ranger Direct Lending follows Ranger Direct Lending making a bad investment into Princeton Alternative Fund, which is currently in the process of going through bankruptcy, and the failed takeover from Oaktree Capital Management this past summer. The board decided that the fund was not performing how it hoped it would and that the best thing to do is to wind up Ranger Direct Lending.
RDL-Manager resigns at Ranger Direct Lending