XAI Floating Rate & Alternative Income Trust urges vote for King Street sub-adviser ahead of Aug. 6 meeting
XFLT•Shareholders urged to approve King Street agreement
XAI Floating Rate & Alternative Income Trust urged shareholders to back King Street’s long-term sub-advisory agreement at an Aug. 6 reconvened meeting.
- ISS and Glass Lewis recommended voting “for” the appointment, with King Street already serving under an interim contract since July 30.
- The board tied approval to a liquidity plan featuring a tender offer for up to 12.5% of shares at 98% of NAV within 45 days.
- The plan adds up to 12.5% more in contingent tenders unless the discount stays below 15% or NAV value creation hits $2.95 per share.
