Activist investor tops up Ranger Direct Lending holding

By Daniel Lanyon on Tuesday 15 May 2018

Editor's PickAlternative Lending

The Hong-Kong based fund manager is one of Ranger’s largest shareholders and is calling for a portfolio wind-up.

Activist investor tops up Ranger Direct Lending holding
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LIM Advisors has increased its holding in the troubled Ranger Direct Lending fund by £2m, according to regulatory filings.

The £215m Ranger portfolio has been the subject of a series of open letters in recent weeks between its board and another activist shareholder Oaktree Capital with LIM also calling – via an open letter – last week for the portfolio to be wound up.

The board proposed that Ares take over the portfolio which has seen its fair share of woes in the past 18 months but Oaktree and LIM would prefer to have the portfolio wound up and is proposing to shareholders to appoint new board members and, in the case of LIM, sack the current chairman Christopher Waldron.

Now LIM, which holds Ranger in its LIM Asia Special Situations Master Fund portfolio has increased its holding in a transition dated 11 May. It now holds 10.19 per cent of the portfolio, having owned 9.2 per cent before last week’s purchase.

Oaktree and LIM Advisors own approximately 29 of the share capital of Ranger, while the board says 39 per cent of the share capital will support the appointment of Ares as new manager.

Analysts at Numis say the on-going debate has made the fund’s future uncertain.

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Companies in this Article:

LIM Advisors