Fifth Street Senior Floating Rate Corp. Announces Preliminary Results of Annual Meeting of Stockholders
April 08 2016 - 1:54PM
Results Indicate Stockholders Support FSFR’s
Director Nominee Ivelin Dimitrov
Fifth Street Senior Floating Rate Corp. (NASDAQ:FSFR) (“FSFR” or
the “Company”) announced today that, based on the preliminary
report of the independent inspector of elections, IVS Associates,
Inc. (“IVS”) regarding the Company’s 2016 Annual Meeting of
Stockholders held on April 7, stockholders have elected FSFR
nominee and CEO Ivelin Dimitrov and Ironsides Partners Special
Situations Master Fund II L.P (“Ironsides”) nominee Richard Cohen
to the FSFR Board of Directors.
Commenting on the preliminary results, FSFR issued the following
statement:
The FSFR Board and management team would like to reiterate our
gratitude for our stockholders’ support over the past several
months. We would also like to take this opportunity to thank Brian
Dunn for his service on FSFR’s Board.
The outcome of our 2016 Annual Meeting provides stockholders
with both continuity and a new perspective as we welcome Richard
Cohen to our Board. While a number of different views were
expressed throughout this process, all directors, nominated by
either FSFR or Ironsides, share a common goal of enhancing value
for all FSFR stockholders. The FSFR Board and management team plan
to work constructively with our newest director and continue
engaging with our stockholders as we successfully execute on the
Company’s strategy.
With the Annual Meeting now behind us, our management team
continues to focus on generating consistent results and driving
strong credit performance across our portfolio. We look forward to
continuing our efforts to enhance value for all FSFR
stockholders.
As previously announced on April 7, 2016, preliminary voting
results indicated that the proposal to terminate the Company’s
investment advisory agreement with Fifth Street Management LLC
(“FSM”) was not approved.
The Company will file a Current Report on Form 8-K with the
Securities and Exchange Commission with the full preliminary
results of the Annual Meeting shortly.
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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