Corporate ActionJul 30, 2026, 04:18 PM
XFLT: King Street Interim Sub-Adviser; Tender Offers Announced
AI Summary
XAI Octagon Floating Rate & Alternative Income Trust (XFLT) announced that the King Street Sub-Adviser has begun serving as interim sub-adviser as of July 30, 2026. The Fund has adjourned its Special Meeting of Shareholders to August 6, 2026, to allow more time for shareholders to vote on the long-term King Street Sub-Advisory Agreement, which requires a 67% affirmative vote. The Board is urging shareholders to vote "FOR" the agreement, highlighting potential for increased distributions, improved performance, and a liquidity plan including an initial tender offer for up to 12.5% of shares at 98% NAV, followed by two contingent tender offers.
Key Highlights
- King Street Sub-Adviser began interim role for XFLT as of July 30, 2026.
- Special Meeting adjourned to August 6, 2026, for vote on King Street Sub-Advisory Agreement.
- Agreement requires 67% affirmative vote of shares present at the meeting.
- Initial tender offer for up to 12.5% of common shares at 98% of NAV within 45 days.
- Two contingent tender offers for up to an additional 12.5% of shares.
- Contingent offers at 98% NAV unless discount narrows below 15% or NAV increases by $0.25/share.
- Total value creation of at least $2.95 per share over 12 months for contingent offers.
- King Street Capital Management manages $30 billion in assets.
Price Impact
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