Seeking Alpha Group Backs XFLT Board, Citing 25% Buyback Plan Ahead of Key Vote
XFLT sits 24% above its 52-week low of $14.925.
Summary
Seeking Alpha's High Dividend Opportunities group flipped its recommendation to support the King Street sub-advisory agreement, a notable shift ahead of the August 6 special meeting. The group highlighted a 25% share buyback offer and a two-year price support mechanism as key reasons. This follows a heated proxy battle where the Board already secured ISS and Glass Lewis endorsements and adjourned the July 30 meeting after abstentions blocked the 67% threshold. The Board also refined the contingent tender offer discount condition to less than 15% on 15 of 20 trading days, addressing shareholder feedback. With a majority of engaged shareholders already voting in favor, this new endorsement could sway remaining votes and help reach the supermajority needed to finalize the sub-adviser change and unlock the liquidity plan.
At the time of this announcement, XFLT was trading at $18.45 on NYSE in the Finance sector, with a market capitalization of approximately $285.1M. 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: GlobeNewswire.