Vivaldi Opportunities Fund (NYSE: VAM) & Angel Oak Financial Strategies Income Term Trust (NYSE: FINS) Announce Shareholder A...
May 27 2020 - 3:55PM
Business Wire
Vivaldi Opportunities Fund (NYSE: VAM) has announced that a
merger proposal with Angel Oak Financial Strategies Income Term
Trust (NYSE: FINS) was approved at a Special Meeting of VAM
shareholders held on May 26, 2020. Similarly, Angel Oak Financial
Strategies Income Term Trust announced that the issuance of
additional common shares of beneficial interest of FINS in
connection with the merger proposal was approved by its
shareholders at a Special Meeting of FINS shareholders held
today.
With shareholder approval, the closing of the transaction is
anticipated for the close of business on Friday, June 5, 2020.
After June 5, 2020, VAM shares will no longer be available to
purchase or sell on the New York Stock Exchange. Holders of VAM
shares will exchange their shares for FINS shares based on the
funds’ relative net asset values (“NAV”) at the close of business
on June 5, 2020. When the New York Stock Exchange opens on June 8,
2020, the shareholders of VAM will hold newly issued common shares
of FINS, issued at FINS NAV as of close of business on June 5,
2020, with the same value as their VAM shares, with any fractional
shares to be paid out in cash.
In anticipation of the reorganization transaction, the VAM Board
of Directors voted to cease any further distributions after the May
2020 distribution that was paid on May 15, 2020. The first
post-closing monthly distribution by FINS is anticipated to have an
ex-dividend date of June 15, 2020.
For more information about VAM, visit www.vivaldifunds.com. For
more information about FINS, visit www.angeloakcapital.com.
About VAM
Vivaldi Asset Management, LLC is the Investment Manager to the
Fund. Angel Oak Capital Advisors, LLC and RiverNorth Capital
Management, LLC each serve as a Sub-Advisor to the Fund.
About Vivaldi Asset Management, LLC
Vivaldi Asset Management, LLC is an SEC-registered investment
adviser which, together with its affiliates, has approximately $3
billion of assets under management. Founded in 2013, Vivaldi
specializes in structuring and managing both single and
multi-strategy registered public funds. Vivaldi prides itself on
its ability to combine rigorous research and risk management
processes with disciplined portfolio construction and management.
Vivaldi is headquartered in Chicago, Illinois. For more information
about Vivaldi and their other registered fund solutions, please
visit vivaldifunds.com.
About FINS
Led by Angel Oak’s experienced financial services team, FINS
invests predominantly in community bank debt as well as selective
opportunities in nonbank financial services debt. Under normal
circumstances, at least 50% of FINS’s depository institution debt
investments are publicly rated investment grade or, if unrated,
scored as investment grade by Angel Oak.
About Angel Oak Capital Advisors, LLC
Angel Oak Capital Advisors is an investment management firm
focused on providing compelling fixed-income investment solutions
to its clients. Backed by a value-driven approach, Angel Oak
Capital Advisors 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.
VAM and FINS (together, the “Funds”) are closed-end funds and do
not continuously issue shares for sale as open-end mutual funds do.
Investors wishing to buy or sell shares need to place orders
through an intermediary or broker. The share price of a closed-end
fund is based on the market’s value for each Fund’s share.
An investment in a Fund is not appropriate for all investors and
is not intended to be a complete investment program. The Funds are
designed as a long-term investment and not as a trading vehicle.
Investing in the Funds involves risks, including the risk that you
may receive little or no return on your investment or that you may
lose part or even all of your investment. A Fund’s net asset value
will vary, its distribution rate may vary, and both may be affected
by numerous factors, including changes in the market spread over a
specified benchmark, market interest rates, and performance of the
broader equity markets. Fluctuations in net asset value may be
magnified as a result of a Fund’s use of leverage. Therefore,
before investing you should carefully consider the risks that you
assume when you invest in a Fund’s common shares.
Each Fund’s investment objective and policies are not designed
to seek to return the initial investment to investors that purchase
shares. Past performance is no guarantee of future results.
An investor should consider a Fund’s investment objectives, risks,
charges, and expenses carefully before investing. To obtain an
annual report, semi-annual report or prospectus which contains this
and other information for VAM, visit www.vivaldicef.com or call
866-668-6567. For more information regarding FINS, please contact
your investment representative or Destra Capital Investments LLC at
877.855.3434. Please read documents carefully before investing.
NOT FDIC INSURED | May Lose Value | No Bank Guarantee
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version on businesswire.com: https://www.businesswire.com/news/home/20200527005888/en/
CONTACTS FOR VAM MEDIA RELATIONS:
Monica Mehta, Director info@vivaldifunds.com 312-248-8300
VAM TRANSFER AGENT: American Stock Transfer & Trust Company,
LLC 866-668-6567
DISTRIBUTOR: Foreside Fund Services, LLC
CONTACTS FOR FINS Randy Chrisman
Chief Marketing Officer, Angel Oak Capital Advisors P: 404.953.4969
E: randy.chrisman@angeloakcapital.com
FINS TRANSFER AGENT: U.S. Bank Global Fund Services
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