Bulldog Investors Backs King Street Sub-Advisory Deal for XFLT
XFLT sits 23% above its 52-week low of $14.925.
Summary
Bulldog Investors, a notable activist shareholder, has publicly endorsed the proposed sub-advisory agreement with King Street, adding weight to the Board's recommendation ahead of the July 30 special meeting. This follows a heated proxy battle where Octagon, the terminated sub-adviser, has pushed an alternative plan, while proxy advisors ISS and Glass Lewis backed the Board. The endorsement could sway undecided shareholders in a closely contested vote. The Board has also sweetened the deal with a contingent tender offer for 12.5% of shares at 98% of NAV, disclosed today.
At the time of this announcement, XFLT was trading at $18.35 on NYSE in the Finance sector, with a market capitalization of approximately $267.6M. The 52-week trading range was $14.93 to $28.50. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Reuters.