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Angel Oak Financial Strategies Income Term Trust (NYSE: FINS) has announced the preliminary results of its transferable rights offering, which ran from September 20, 2021 to October 14, 2021. The offering allowed rights holders to subscribe for up to 5,076,333 common shares at a final subscription price of $16.06 per share, reflecting a strong investor demand that led to the offering being over-subscribed. The total gross proceeds are expected to be approximately $81.6 million. Portfolio Manager Johannes Palsson expressed satisfaction with the results, highlighting growth opportunities in the non-bank financial sector.
Angel Oak Financial Strategies Income Term Trust (NYSE: FINS) has approved issuing transferable rights to its common shareholders as of September 20, 2021. Shareholders may subscribe for additional shares at a discount to the market price. The Board has expanded the Fund's investment mandate to include a broader range of U.S. financial sector assets. This change aims to enhance diversification, liquidity, and tax efficiency while reducing risk. The subscription period is expected to run until October 14, 2021, and a $0.1085 distribution per share has been declared for October 2021.
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