Oaktree Nominates Two Additional Directors for Upcoming Ranger Shareholder Annual General Meeting
May 08 2018 - 1:00AM
Business Wire
Further to its May 4, 2018 letter to shareholders of Ranger
Direct Lending Fund PLC (LON:RDL) (“Ranger” or the “Company”),
funds managed by Oaktree Capital Management, L.P. (“Oaktree”), an
approximately 19% shareholder of Ranger, today released an open
letter to Ranger’s shareholders announcing that it has nominated
two highly qualified directors to the Board, for election at the
Company’s Annual General Meeting on June 19, 2018 (the “AGM”). This
letter follows Oaktree’s formal written request to the Company
requisitioning these resolutions to be included for consideration
by shareholders at the AGM.
The full text of the letter is as follows:
May 8, 2018
Dear fellow Ranger shareholders,
As outlined in our open letter on May 4, 2018, we have been
deeply disappointed by Ranger’s Board of Directors (the “Board”),
which we believe has repeatedly demonstrated that it lacks the
expertise and credibility required to make important upcoming
decisions on behalf of shareholders.
A series of the Board’s poor decisions in recent months,
including (i) presiding over the Princeton debacle, (ii) conducting
what was, in our view, a flawed and biased strategic review and
(iii) exhibiting many examples of poor corporate governance in how
these processes have been conducted, have resulted in the
destruction of shareholder value and a decided lack of confidence
in the current Board. Since we made our April 11 letter to the
Board available to all shareholders on April 24, we have heard from
many of you supporting our advocacy of the wind-down option and
expressing a lack of confidence in the current Ranger Board.
We strongly believe that the Board’s weaknesses can only be
resolved by adding to the Board and introducing a greater degree of
oversight, a broader range of views and a much deeper base of
relevant experience at this important strategic time for the
Company. That is why we have nominated two additional, highly
qualified directors for you to consider adding to the current Board
at the Company’s upcoming AGM: Greg Share and Dominik Dolenec.
These two nominees would bring extensive relevant experience and
valuable resources to supplement the current Board – a development
that we believe should be supported by all shareholders. Combined,
they bring over 40 years of experience in financial services and
asset management and are highly qualified to help the current Board
determine and subsequently oversee the best course of action going
forward.
We urge all shareholders to vote in favor of these nominations
to the Board at the upcoming AGM.
About the Director Nominees
Mr. Share is Managing Partner and Co-Founder of Ambina Partners,
LLC, an investment firm focused on investing in software and
financial services companies. Mr. Share also has over twenty years
of private equity experience in the U.S. and Europe, which included
leadership positions at Moelis Capital Partners LLC, Fortress
Investment Group LLC and Madison Dearborn Partners, LLC where he
focused on the software and financial services sectors. He began
his career in investment banking and private equity at Lazard
Frères & Co. He holds a B.S. degree in Economics, magna cum
laude from the Wharton School of University of Pennsylvania.
Mr. Dolenec is Managing Partner and Founder of Emona Capital
LLP, a London-based investment and advisory firm focusing on
special situation and disruptive technology investments. Mr.
Dolenec has over 20 years of investment and advisory experience,
including assisting principals in complex restructurings,
turnarounds, financings and other corporate events. Before founding
Emona Capital in 2013, he was an Associate Portfolio Manager with
Elliott Advisors (UK) Ltd in London where he specialized in both
equity and credit investments. Earlier in his career Mr. Dolenec
worked in private equity with Insight Venture Partners, LLC and
General Atlantic Partners, LLC in Europe and the U.S. He started
his career as one of the early members of the corporate finance
practice at McKinsey & Company. He holds an MBA from INSEAD and
graduated summa cum laude from the Management and Technology
Program at the University of Pennsylvania.
Sincerely,
/s/ Patrick M. McCaneyPatrick M. McCaneyManaging Director and
Portfolio ManagerValue EquitiesOaktree Capital Management, L.P.
About Oaktree
Oaktree is a leader among global investment managers
specializing in alternative investments, with $121 billion in
assets under management as of March 31, 2018. The firm emphasizes
an opportunistic, value-oriented and risk-controlled approach to
investments in credit, private equity, real assets and listed
equities. The firm has over 900 employees and offices in 18 cities
worldwide. For additional information, please visit Oaktree’s
website at http://www.oaktreecapital.com/.
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Sard Verbinnen & CoJohn Christiansen+1 (415)
618-8750jchristiansen@sardverb.comORConrad Harrington+44 (0) 20
3178 8914charrington@sardverb.com
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