Fifth Street Senior Floating Rate Corp. Comments on Voting at Annual Meeting of Stockholders
April 07 2016 - 9:52AM
Proposal to Terminate Investment Advisory
Agreement Defeated
Fifth Street Senior Floating Rate Corp. (NASDAQ:FSFR) (“FSFR” or
the “Company”) announced today that, based on the preliminary
voting results provided by its proxy solicitor, the Company
believes that the proposal to terminate the investment advisory
agreement with Fifth Street Management LLC was not approved, and
the outcome of the election of directors at today’s Annual Meeting
of Stockholders is too close to call at this time.
Commenting on today’s Annual Meeting, FSFR issued the following
statement:
The FSFR Board and management team sincerely thank our
stockholders for their support and patience throughout this
process. We value the input we have received from our stockholders,
and look forward to continuing to execute our strategy to enhance
value for all FSFR stockholders moving forward.
The Company is awaiting the preliminary report of the
independent inspector of elections, IVS Associates, Inc., before
releasing any further statements about the vote. The inspector has
indicated that it expects to issue a preliminary tabulation of the
vote results within the next several business days, following which
the Company will file a Current Report on Form 8-K with the
Securities and Exchange Commission reporting the voting
results.
About Fifth Street Senior Floating Rate
Corp.
Fifth Street Senior Floating Rate Corp. is a specialty finance
company that provides financing solutions in the form of floating
rate senior secured loans to mid-sized companies, primarily in
connection with investments by private equity sponsors. FSFR's
investment objective is to maximize its portfolio's total return by
generating current income from its debt investments while seeking
to preserve its capital. The Company has elected to be regulated as
a business development company and is externally managed by a
subsidiary of Fifth Street Asset Management
Inc. (NASDAQ:FSAM), a nationally recognized credit-focused
asset manager with over $5 billion in assets under
management across multiple public and private vehicles. With a
track record of over 17 years, Fifth Street's platform has the
ability to hold loans up to $250 million and structure
and syndicate transactions up to $500 million. Fifth Street
received the 2015 ACG New York Champion's Award for "Lender Firm of
the Year," and other previously received accolades include the ACG
New York Champion's Award for "Senior Lender Firm of the Year,"
"Lender Firm of the Year" by The M&A Advisor and "Lender of the
Year" by Mergers & Acquisitions. FSFR's website can be
found at fsfr.fifthstreetfinance.com.
Forward-Looking Statements
Certain of the statements in this press release, and certain
oral statements made by our representatives from time to time, may
constitute forward-looking statements, because they relate to
future events or our future performance or financial
condition. Forward-looking statements may include statements
as to the results of the proposals voted on at the Company’s 2016
Annual Meeting of Stockholders, future operating results, dividends
and business prospects of FSFR. Words such as “anticipates,”
“believes,” “expects,” “seeks,” “plans,” “should,” “estimates,”
“projects,” and “intends” indicate forward-looking statements,
although not all forward-looking statements include these
words. These forward-looking statements involve risks and
uncertainties. Actual results could differ materially from
those implied or expressed in these forward-looking statements for
any reason. Such factors are identified from time to time in
FSFR’s filings with the Securities and Exchange Commission and
include changes in the economy and the financial markets and future
changes in laws or regulations and conditions in the Company’s
operating areas. FSFR undertakes no obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by
law.
CONTACT:
Investor Contact:
Robyn Friedman, Senior Vice President, Head of Investor Relations
(203) 681-3720
ir@fifthstreetfinance.com
Media Contact:
James Golden / Andrew Squire
Joele Frank Wilkinson Brimmer Katcher
(212) 355-4449
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