Angel Oak Capital Advisors’ Closed-End Funds Announce Board Approval of Proposed Reorganization
05 4월 2022 - 5:00AM
Business Wire
The Boards of Trustees of Angel Oak Financial Strategies Income
Term Trust (NYSE: FINS) and Angel Oak Dynamic Financial Strategies
Income Term Trust (NYSE: DYFN) have approved a proposal to
reorganize DYFN with and into FINS. The reorganization is intended
to provide potential benefits to shareholders, including lower
operating expenses and greater secondary market liquidity, among
other things.
The proposed reorganization, which is expected to be completed
in the second half of 2022, is subject to certain conditions,
including necessary approval by FINS’s shareholders and the
satisfaction of applicable regulatory requirements and other
customary closing conditions. The proposed reorganization would be
accomplished through the transfer of all the assets of DYFN to FINS
in exchange solely for newly issued common shares of beneficial
interest of FINS at a ratio of the net asset value of each Fund.
There will be no change to the investment objectives, investment
strategies or investment policies of FINS as a result of the
proposed reorganization.
ABOUT FINS
FINS is a closed-end fund that invests predominantly in U.S.
financial sector debt as well as in selective opportunities across
financial sector preferred and common equity. Under normal
circumstances, at least 50% of FINS’s portfolio is publicly rated
as investment grade or, if unrated, is judged by Angel Oak Capital
Advisors, LLC (“Angel Oak”) to be of investment grade quality.
ABOUT DYFN
DYFN is a closed-end fund that invests predominantly in U.S.
financial sector debt as well as selective opportunities across
financial sector preferred and common equity. Under normal
circumstances, at least 50% of DYFN’s portfolio is publicly rated
investment grade or, if unrated, judged by Angel Oak to be of
investment grade quality.
Information regarding the Funds, including the Funds’ annual and
semi-annual reports and other regulatory filings of the Funds, is
accessible on the Securities and Exchange Commission’s (“SEC”)
website at www.sec.gov and on Angel Oak’s website at
https://angeloakcapital.com.
ABOUT ANGEL OAK CAPITAL ADVISORS, LLC
Angel Oak is an investment management firm focused on providing
compelling fixed-income investment solutions to its clients. Backed
by a value-driven approach, Angel Oak seeks to deliver attractive,
risk-adjusted returns through a combination of stable current
income and price appreciation. Its experienced investment team
seeks the best opportunities in fixed income, with a specialization
in mortgage-backed securities and other areas of structured
credit.
ADDITIONAL INFORMATION
The information in this press release is for informational
purposes only and shall not constitute an offer to sell or the
solicitation of an offer to sell or the solicitation of an offer to
buy any securities or the solicitation of any vote or approval in
any jurisdiction pursuant to or in connection with the proposed
transaction or otherwise, nor shall there be any sale, issuance or
transfer of securities in any jurisdiction in contravention of
applicable law. No offer of securities shall be made except by
means of a prospectus meeting the requirements of Section 10 of the
Securities Act of 1933, as amended.
In connection with the proposed reorganization, FINS plans to
file with the SEC a combined information statement/prospectus and a
proxy statement. When the combined information statement/prospectus
or proxy statement, as the case may be, becomes available,
shareholders are advised to read it because it will contain
important information about the proposed transaction and related
matters. The combined information statement/prospectus and proxy
statement, when available, will be available for free on the SEC's
website at www.sec.gov.
Past performance is neither indicative nor a guarantee of future
results. Investors should consider the investment objective, risks,
fees and expenses of FINS and DYFN carefully before investing.
There can be no assurance that the Funds will achieve their
investment objectives. Investments in the Funds involve operating
expenses and fees. The net asset value of the Funds will fluctuate
with the value of the underlying securities. An investment in FINS
or DYFN involves risks, is not appropriate for all investors and is
not intended to be a complete investment program. Shares of
closed-end funds are subject to investment risks, including the
possible loss of principal invested. Closed-end funds frequently
trade at a discount to their net asset value. Angel Oak, a
registered investment adviser, is investment manager to each of
FINS and DYFN. Destra Capital Advisors, LLC, a registered
investment adviser, provides secondary market servicing for FINS
and DYFN. Please contact your securities representative or call
1-877-855-3434 for information about FINS or DYFN.
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version on businesswire.com: https://www.businesswire.com/news/home/20220404005524/en/
Media: Trevor Davis, Gregory FCA for Angel Oak Capital Advisors
443-248-0359 trevor@gregoryfca.com
Company: Randy Chrisman, Chief Marketing & Corporate IR
Officer, Angel Oak Capital Advisors 404-953-4969
randy.chrisman@angeloakcapital.com
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