XFLT Urges Shareholder Vote 'FOR' King Street Sub-Adviser & Liquidity Plan
XAI Octagon Floating Rate & Alternative Income Trust (XFLT) is urging shareholders to vote "FOR" the long-term appointment of King Street Sub-Adviser on the WHITE proxy card ahead of the August 6th Special Meeting. This recommendation follows endorsements from leading independent proxy advisory firms ISS and Glass Lewis. Approval of the King Street Sub-Advisory Agreement will activate a liquidity plan, which includes an initial tender offer for up to 12.5% of common shares at 98% of net asset value (NAV) and subsequent contingent tender offers designed to protect shareholders.
Key Highlights
- Shareholders urged to vote "FOR" King Street Sub-Adviser on WHITE proxy card.
- King Street Capital Management manages $30 billion in assets.
- King Street operates a $12 billion CLO platform.
- Liquidity plan includes initial tender offer for up to 12.5% of shares at 98% NAV.
- Two contingent tender offers for up to an additional 12.5% of shares at 98% NAV.
- Contingent offers triggered if discount remains wide or NAV performance condition not met.
- NAV performance condition requires $0.25 per share NAV increase plus distributions.
- Example total value creation of approximately $2.95 per share over 12 months.
- ISS and Glass Lewis recommend voting "FOR" the King Street Sub-Adviser.
Price Impact
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