Apollo Senior Floating Rate Fund Inc. and Apollo Tactical Income Fund Inc. Preliminary Results of AIF Special Meeting; Adjournment of AFT Special Meeting
Apollo Tactical Income Fund Inc. (NYSE: AIF) stockholders approved the additional issuance of common stock as part of the reorganization with Apollo Senior Floating Rate Fund (NYSE: AFT), with AIF remaining as the surviving entity. This decision was made during a Joint Special Meeting held on June 28, 2021. AFT's stockholders will have their meeting adjourned until August 9, 2021, to finalize voting on the proposed reorganization. Investors are encouraged to read the Proxy Statement for comprehensive details regarding investment objectives, risks, and expenses.
- Stockholders of AIF approved the issuance of additional shares, potentially enhancing liquidity.
- The reorganization may streamline operations and improve fund performance by consolidating AIF and AFT.
- Approval of additional shares may lead to shareholder dilution.
- Pending approval from AFT stockholders introduces uncertainty regarding the completion of the reorganization.
NEW YORK, June 29, 2021 (GLOBE NEWSWIRE) -- Apollo Credit Management, LLC (“Apollo”) announced today that at a Joint Special Meeting of stockholders on June 28, 2021 of Apollo Tactical Income Fund Inc. (NYSE: AIF) and Apollo Senior Floating Rate Fund (NYSE: AFT) (AIF and AFT together, the “Funds”), stockholders of AIF have approved the issuance of additional shares of AIF common stock in connection with the reorganization of AFT with and into AIF, with AIF continuing as the surviving Fund (the “Reorganization”). Stockholders of AIF also approved the amendment of AIF’s fundamental investment restriction with respect to making loans as described in the Joint Proxy Statement/Prospectus of AIF dated May 18, 2021 (the “Proxy Statement”).
Apollo also announced today that the Joint Special Meeting with respect to AFT has been adjourned until August 9, 2021 at 9:00 a.m. (Eastern Time) to allow stockholders of AFT additional time to submit their voting instructions regarding the proposals described in the Proxy Statement and to permit additional solicitation of AFT stockholders. To participate in the Meeting, AFT stockholders as of the record date, April 13, 2021, should visit https://www.viewproxy.com/ApolloFundsSM/2021 and follow the instructions outlined on the website. The Reorganization remains subject to approval by AFT stockholders.
Additional Information about the Reorganization and Where to Find It
The Funds and their respective directors, officers and employees, and Apollo and its affiliates and its and their shareholders, officers and employees and other persons may be deemed to be participants in the solicitation of proxies with respect to the Reorganization. Investors and shareholders may obtain more detailed information regarding the direct and indirect interests of the Funds’ respective directors, officers and employees, and Apollo and its shareholders, officers and employees and other persons by reading the Proxy Statement.
INVESTORS AND SECURITY HOLDERS OF THE FUNDS ARE URGED TO READ THE PROXY STATEMENT AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY BECAUSE THESE DOCUMENTS CONTAIN IMPORTANT INFORMATION ABOUT THE REORGANIZATION. INVESTORS SHOULD CONSIDER THE INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES OF THE FUNDS CAREFULLY. THE PROXY STATEMENT CONTAINS INFORMATION WITH RESPECT TO THE INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES OF THE FUNDS.
The Proxy Statement does not constitute an offer to buy or sell securities in any state where such offer or sale is not permitted. Security holders may obtain free copies of the Proxy Statement and other documents filed with the SEC at the SEC’s web site at www.sec.gov or by visiting https://www.apollofunds.com/apollo-funds-shareholder-meetings. In addition, free copies of the Proxy Statement and other documents filed with the SEC may also be obtained by directing a request to:
Apollo Contact Information:
Product Literature
877-864-4834
Investors
Taylor Reinhardt
Investor Relations Director
Apollo Global Management, Inc.
917-472-4030
treinhardt@apollo.com
Forward-Looking Statements
This press release may contain statements that are forward looking, as that term is defined by the Private Securities Litigation Reform Act of 1995 or by the Securities and Exchange Commission in its rules, regulations and releases. These statements include, but are not limited to, discussions related to each Fund’s expectations regarding the performance of its business, its liquidity and capital resources and the other non-historical statements in the discussion and analysis. These forward-looking statements are based on management’s beliefs, as well as assumptions made by, and information currently available to, management. When used in this release, the words “believe,” “anticipate,” “estimate,” “expect,” “intend” and similar expressions are intended to identify forward-looking statements. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. These statements are subject to certain risks, uncertainties and assumptions, including risks relating to our dependence on certain key personnel, our ability to raise new Private Equity or Capital Markets funds, market conditions, generally, our ability to manage our rapid growth, fund performance, changes in our regulatory environment and tax status, the variability of our revenue, net income and cash flow, our use of leverage to finance our businesses and investments by our funds and litigation risks, among others.
FAQ
What was approved by Apollo Tactical Income Fund stockholders on June 28, 2021?
When is the adjourned meeting for Apollo Senior Floating Rate Fund stockholders?
What is the significance of the reorganization for AIF?
Where can investors find more information about the reorganization of AIF?
