Ranger Direct Lending Fund has been urged by investor Oaktree Capital Management to allow shareholders to vote on any proposed change to its investment management arrangements.
Oaktree had previously written to the company's board recommending that that the company be wound down. But Ranger Direct rejected that request.
'At such an important time for the company, we believe it is imperative for you to give all Ranger shareholders a voice in determining the path forward,' Oaktree wrote in a new letter to the company.
In its response, Ranger said reiterated its view that the appointment of a new investment manager did not require shareholder approval. 'The board sees no need to change that approach including in the context of the views and shareholding of Oaktree,' it said.
Oaktree agreed that a vote wasn't necessarily needed by law, but claimed that holding one would demonstrate that the board took its fiduciary obligations to the company seriously.
'Conversely, we believe it would raise significant governance questions if the board were to adopt a new long-term investment management arrangement - thereby locking in new fees and potentially risking disruption to the existing portfolio - without allowing all shareholders a voice on the matter in an open and transparent way,' Oaktree said.
At 1:47pm: (LON:RDL) Ranger Direct Lending Fund Plc share price was -6p at 800p