Outgoing directors of an embattled fund, named after an 18th century pirate, altered loans with related parties on the eve of a successful shareholder rebellion, investors have been told.

The ASX-listed Benjamin Hornigold fund’s new directors have also said they are probing why the old board appeared to have changed financial terms at the 11th hour. That included allegedly extending the repayment date of a loan to an entity associated with former managing director Stuart McAuliffe.