Vote on King Street sub-adviser ahead of Aug. 6 meeting
XAI Floating Rate & Alternative Income Trust urged shareholders to back King Street’s long-term sub-advisory appointment ahead of an Aug. 6 special meeting.
Preliminary results showed more than two-thirds of engaged, non-abstaining votes supported the proposal; abstentions blocked passage at a July 30 vote.
Approval would trigger the board’s liquidity plan, starting with an initial tender offer followed by two contingent tenders about 13 and 25 months later.
ISS and Glass Lewis recommended voting for the board’s proposal.
Octagon was terminated on July 30; the trust said a vote against would not reinstate it or implement its proposals.
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