XAI Octagon Floating Rate & Alternative Income Term Trust
(the “Trust”) (NYSE: XFLT) announced today that its special meeting
of shareholders (the “Special Meeting”) has been adjourned to
January 24, 2024 at 10:00 a.m. Central time with respect to all
proposals to allow more time for shareholders to vote.
At the Special Meeting, Trust shareholders are being asked (i)
to approve a new investment sub-advisory agreement among the Trust,
XA Investments LLC and Octagon Credit Investors, LLC (“Proposal 1”)
and (ii) to approve an amendment to the Trust’s Agreement and
Declaration of Trust to cause the Trust to become a perpetual fund
by eliminating the requirement that it terminate operations on or
about December 31, 2029, unless extended as permitted by the
Declaration of Trust (“Proposal 2” and, together with Proposal 1,
the “Proposals”).
The reconvened Special Meeting will be held at offices of the
Trust’s investment adviser, XA Investments LLC, 321 North Clark
Street, Suite 2430, Chicago, Illinois 60654.
The October 25, 2023 record date for shareholders entitled to
vote at the adjourned Special Meeting remains unchanged.
Information about the reconvened Special Meeting appears below.
At the time the Special Meeting was adjourned, proxies had been
submitted by shareholders representing approximately 40.35% of the
Trust’s shares outstanding and entitled to vote. At the time the
Special Meeting was adjourned, approximately 92.66% of the votes
cast on Proposal 1 were voted in favor of its approval, and
approximately 92.08% of the votes cast on Proposal 2 were voted in
favor of its approval.
During the adjournment, the Trust continues to solicit votes
from its shareholders with respect to the Proposals. Proxies
previously submitted with respect to the Special Meeting will be
voted on the Proposals at the reconvened Special Meeting unless
properly revoked in accordance with the procedures described in the
Trust’s proxy statement, and shareholders who have previously
submitted a proxy or otherwise voted need not take any action.
If, as of October 25, 2023, you were a Trust shareholder and
have not yet voted, the Trust urges you to submit your vote in
advance of the reconvened Special Meeting. Shareholders can vote by
any of the following convenient methods:
- Vote by phone with a representative: You may cast your
vote by telephone with a proxy representative by calling
toll-free (800) 431-9645. Representatives are available
Monday through Friday, 9 a.m. to 10 p.m. Eastern time.
- Vote by touch-tone phone: You may cast your vote by
telephone using an automated system by calling the toll-free number
found on your proxy card(s).
- Vote online: You may cast your vote by visiting
www.proxyvote.com and following the instructions on the
website.
- Vote by mail: You may cast your vote by signing, dating,
and mailing the enclosed proxy card(s) in the
postage-prepaid return envelope provided with your proxy
materials.
The Trust’s proxy statement is available online at
https://vote.proxyonline.com/XAI/docs/proxy2023.pdf.
Shareholders who have any proxy-related
questions or would like to cast their vote by phone can call (800)
431-9645 for assistance. Representatives are available
Monday through Friday, 9 a.m. to 10 p.m. Eastern time. Shareholders
may also email votemyproxy@equiniti.com with any questions and a
representative from the Trust’s proxy solicitor, EQ Fund Solutions,
will contact you to answer your questions.
* * *
About XA Investments
XA Investments LLC (“XAI”) serves as the Trust’s investment
adviser. XAI is a Chicago-based firm founded by XMS Capital
Partners in April, 2016. In addition to investment advisory
services, the firm also provides investment fund structuring and
consulting services focused on registered closed-end funds to meet
institutional client needs. XAI offers custom product build and
consulting services, including development and market research,
sales, marketing, fund management and administration. XAI believes
that the investing public can benefit from new vehicles to access a
broad range of alternative investment strategies and managers. XAI
provides individual investors with access to institutional-caliber
alternative managers. For more information, please visit
www.xainvestments.com.
About XMS Capital Partners
XMS Capital Partners, LLC, established in 2006, is a global,
independent, financial services firm providing M&A, corporate
advisory and asset management services to clients. It has offices
in Chicago, Boston and London. For more information, please visit
www.xmscapital.com.
About Octagon Credit Investors
Octagon Credit Investors, LLC (“Octagon”) serves as the Trust’s
investment sub-adviser. Octagon is a 29 year-old, $35B
below-investment grade corporate credit investment adviser focused
on leveraged loan, high yield bond and structured credit (CLO debt
and equity) investments. Through fundamental credit analysis and
active portfolio management, Octagon’s investment team identifies
attractive relative value opportunities across below-investment
grade asset classes, sectors, and issuers. Octagon’s investment
philosophy and methodology encourage and rely upon dynamic internal
communication to manage portfolio risk. Over its history, the firm
has applied a disciplined, repeatable, and scalable approach in its
effort to generate attractive risk-adjusted returns for its
investors. For more information, please visit
www.octagoncredit.com.
* * *
The Trust has filed a proxy statement related to the Special
Meeting with the Securities and Exchange Commission (“SEC”).
Because the proxy statement contains important information about
the Proposals, the Trust’s shareholders are urged to read the proxy
statement and accompanying materials carefully. Shareholders can
obtain, free of charge, copies of these documents at the SEC’s
website at www.sec.gov and can obtain copies by visiting
https://vote.proxyonline.com/XAI/docs/proxy2023.pdf, calling (800)
431-9645, or by writing the Trust at 321 North Clark Street, Suite
2430, Chicago, Illinois 60654.
XAI does not provide tax advice; please consult a professional
tax advisor regarding your specific tax situation. Income may be
subject to state and local taxes, as well as the federal
alternative minimum tax.
Investors should consider the investment objectives and
policies, risk considerations, charges and expenses of the Trust
carefully before investing. For more information on the Trust,
please visit the Trust’s webpage at
www.xainvestments.com.
This press release shall not constitute an offer to sell or a
solicitation to buy, nor shall there be any sale of these
securities in any state or jurisdiction in which such offer or
solicitation or sale would be unlawful prior to registration or
qualification under the laws of such state or jurisdiction.
This press release contains certain statements that may include
“forward-looking statements.” Forward-looking statements can be
identified by the words “may,” “will,” “intend,” “expect,”
“estimate,” “continue,” “plan,” “anticipate,” and similar terms and
the negatives of such terms. By their nature, all forward-looking
statements involve risks and uncertainties, and actual results
could differ materially from those contemplated by the
forward-looking statements. Many factors that could materially
affect the Trust’s actual results are the performance of the
portfolio of securities held by the Trust, the conditions in the
U.S. and international financial and other markets, the price at
which the Trust’s shares trade in the public markets and other
factors discussed in the Trust’s annual and semi-annual reports
filed with the SEC.
Although the Trust believes that the expectations expressed in
such forward-looking statements are reasonable, actual results
could differ materially from those expressed or implied in such
forward-looking statements. The Trust’s future financial condition
and results of operations, as well as any forward-looking
statements, are subject to change and are subject to inherent risks
and uncertainties. You are cautioned not to place undue reliance on
these forward-looking statements, which are made as of the date of
this press release. Except for the Trust’s ongoing obligations
under the federal securities laws, the Trust does not intend, and
the Trust undertakes no obligation, to update any forward-looking
statement.
NOT FDIC INSURED
NO BANK GUARANTEE
MAY LOSE VALUE
Foreside Fund Services, LLC - Distributor
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version on businesswire.com: https://www.businesswire.com/news/home/20231219208586/en/
Media Contact: Kimberly Flynn, Managing Director XA
Investments LLC Phone: 888-903-3358 Email: KFlynn@XAInvestments.com
www.xainvestments.com
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