Fifth Street Asset Management Inc. Announces A Final Liquidating Distribution of $0.014665

Rhea-AI Summary

Fifth Street Asset Management (OTCPK:FSAM) has declared a final liquidating distribution of $0.014665 per share, payable on June 30, 2021, to stockholders of record as of June 28, 2021. Since the asset sale on October 17, 2017, FSAM has declared total distributions of $5.17 per share. Investors should note that selling shares before the payment date will forfeit the distribution. A final audit of FSAM's consolidated financial statements is underway and will be released to investors upon completion.

Positive

• Declared final liquidating distribution of $0.014665 per share.
• Total distributions since asset sale amount to $5.17 per share.

Negative

• FSAM has limited to no revenue generating operations.
• Future dividends and distributions must be declared by the Board, introducing uncertainty.
• Ongoing operational and wind-down costs may reduce amounts available for distribution.

WEST PALM BEACH, Fla., June 24, 2021 (GLOBE NEWSWIRE) -- Fifth Street Asset Management (OTCPK:FSAM) (“FSAM” or the “Company”) today announced that on June 23, 2021 its Board of Directors declared a final liquidating distribution of $0.014665 per share payable on June 30, 2021, to stockholders of record of its Class A Common Stock as of June 28, 2021.

NASD UPC (Uniform Practice Code) rule 11140 provides that, in respect to dividends or distributions that are 25 percent or greater of the value of the subject security, the ex-dividend date shall be the first business day following the payable date. Accordingly, an FSAM investor that sells shares of FSAM common stock prior to the payment date of June 30, 2021 will not receive the distribution for the FSAM shares that are sold.

Since FSAM’s asset sale on October 17, 2017, FSAM declared total distributions of $5.17 per share (which includes cash and marketable securities).

FSAM is conducting a final audit of its consolidated financial statements, which the Company plans to release on its website to all investors once complete.

About Fifth Street Asset Management Inc.

Prior to the closing of the asset sale to Oaktree Capital Management, L.P. on October 17, 2017, Fifth Street Asset Management Inc. was a nationally recognized credit-focused asset manager.

Forward-Looking Statements

Some of the statements in this press release may include, and certain oral statements made by our representatives from time to time may include, forward-looking statements that reflect current views with respect to future events and financial performance. Statements that include the words “should,” “expect,” “will,” “intend” and similar statements of a future or forward-looking nature identify forward-looking statements in this press release or similar oral statements for purposes of the U.S. federal securities laws or otherwise, although not all forward-looking statements include such words. Such statements are “forward looking” statements, as such term is defined in the Private Securities Litigation Reform Act of 1995, and involve assumptions, risks and uncertainties, all of which can change over time. Actual results could differ materially from those expressed or implied in these forward-looking statements for any reason.  Risks and uncertainties specific to FSAM include (a) that FSAM has limited to no revenue generating operations, (b) that future dividends and distributions of proceeds relating to the transaction with Oaktree to FSAM Class A stockholders must be declared by the FSAM Board, subject to applicable law, (c) that any amounts distributed to FSAM Class A stockholders may not be reflective of the price at which any investor has purchased, or may purchase, shares of FSAM Class A common stock and (d) that ongoing operational costs at FSAM and its subsidiaries and potential wind-down costs may impact amounts that may be available for distribution by FSAM to its Class A stockholders. FSAM undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

CONTACT:

Investor Contact:
Robyn Friedman
(561) 510-2293
rfriedman@fifthstreetfinance.com

FAQ

What is the final liquidating distribution amount for FSAM?

The final liquidating distribution for FSAM is $0.014665 per share.

When will the FSAM distribution be paid?

The FSAM distribution will be paid on June 30, 2021.

What is the total distribution amount declared by FSAM since 2017?

FSAM has declared total distributions of $5.17 per share since the asset sale on October 17, 2017.

What should investors know about selling FSAM shares before the payment date?

Investors selling FSAM shares before June 30, 2021, will not receive the distribution.

Is FSAM generating revenue currently?

No, FSAM has limited to no revenue generating operations.