Ironsides Urges FSFR Stockholders to Vote GREEN Today “FOR” Ironsides’ Nominees and Termination of External Manager FSM
April 06 2016 - 8:30AM
Business Wire
Annual Meeting A Day Away – Vote by Phone and
Internet Immediately – Every Vote Counts
Immediate Action Necessary To Send Message To
FSFR Board To Sell The Company Given Prolonged Underperformance
Ironsides Partners LLC and its affiliates, one of the largest
stockholders of Fifth Street Senior Floating Rate Corp.
(NASDAQ:FSFR), today reminded FSFR stockholders that every vote
counts and urged them to vote by phone or internet immediately to
support Ironsides’ nominees and the termination of FSFR’s external
manager, FSM, at FSFR’s upcoming Annual Meeting to be held this
Thursday, April 7, 2016.
Ironsides’ main goal is to create stockholder value through a
sale of the Company or a business combination that it believes will
materially eliminate the discount to Net Asset Value (NAV) at which
the shares trade. Even if FSFR were acquired at a 10% discount to
NAV, Ironsides believes that the result would be an immediate 35%
gain to stockholders.
Independent expert and leading proxy advisory firm,
Institutional Shareholder Services Inc., issued a report
recommending that FSFR stockholders vote “FOR” all of Ironsides’
proposals. ISS criticized FSFR’s “prolonged underperformance,
pervasive discount to NAV, and excessive management fees” and
concluded that a vote for “nominees Robert Knapp and Richard Cohen
is warranted” and a “vote FOR the binding shareholder proposal to
terminate the investment manager is warranted.” ISS reaffirmed its
recommendations over the weekend.
Ironsides urges all stockholders to follow the ISS
recommendation by voting GREEN
today “FOR” the election of Ironsides’ nominees and “FOR” the
termination of the agreement with FSM, which Ironsides believes
will move the Company one step closer to being sold – the best way
to deliver value to all FSFR stockholders.
Note: Permission neither sought nor obtained from ISS.
For questions or assistance in voting your
shares by Phone or the Internet, please contact:
OKAPI PARTNERS LLC1212 Avenue of the
Americas, 24th FloorNew York, N.Y. 10036(212)
297-0720Stockholders Call Toll-Free at: (855)
305-0856E-mail: fixFSFR@okapipartners.com
About Ironsides
Ironsides Partners LLC is an investment management firm and
SEC-registered investment adviser based in Boston, Massachusetts.
The firm was founded in 2007 by Robert C. Knapp, who serves as
Managing Director.
Ironsides has filed with the SEC, and mailed to stockholders, a
definitive proxy statement with respect to its solicitation of
proxies for the 2016 annual meeting of Fifth Street Senior
Floating Rate Corp. The definitive proxy statement and other
documents filed by Ironsides with the SEC may be obtained free of
charge at the SEC's website at www.sec.gov or by
contacting Okapi Partners at fixFSFR@okapipartners.com.
Investors should read the definitive proxy statement and related
materials carefully before making any voting decision because they
contain important information.
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version on businesswire.com: http://www.businesswire.com/news/home/20160406005341/en/
Media:Sard Verbinnen & Co.Paul Caminiti/Meghan
Gavigan/Amanda Klein212-687-8080orInvestors:Okapi Partners
LLCBruce Goldfarb/Charles
Garske212-297-0720fixFSFR@okapipartners.com
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