KKR Income Opportunities Fund Announces Adjournment of Special Meeting
KKR Income Opportunities Fund (NYSE: KIO) has announced the adjournment of its special meeting of shareholders originally scheduled for January 10, 2025. The meeting's purpose was to vote on the issuance of additional common shares related to the proposed reorganization with Insight Select Income Fund. The adjournment aims to allow for additional shareholder solicitation and voting time.
The special meeting will reconvene on January 15, 2025, at 10:00 AM Eastern Time at Dechert LLP's offices in New York. The proposal involves the transfer of all assets and certain liabilities from Insight Select Income Fund to KIO at net asset value.
Il KKR Income Opportunities Fund (NYSE: KIO) ha annunciato il rinvio della sua riunione straordinaria degli azionisti originariamente programmata per il 10 gennaio 2025. Lo scopo della riunione era votare sull'emissione di azioni ordinarie aggiuntive relative alla proposta di riorganizzazione con l'Insight Select Income Fund. Il rinvio ha lo scopo di consentire ulteriore tempo per la sollecitazione degli azionisti e il voto.
La riunione straordinaria si riconvocherà il 15 gennaio 2025, alle 10:00 ora orientale presso gli uffici di Dechert LLP a New York. La proposta prevede il trasferimento di tutti gli attivi e di alcune passività dall'Insight Select Income Fund al KIO al valore netto degli attivi.
El KKR Income Opportunities Fund (NYSE: KIO) ha anunciado la suspensión de su reunión especial de accionistas originalmente programada para el 10 de enero de 2025. El propósito de la reunión era votar sobre la emisión de acciones ordinarias adicionales relacionadas con la propuesta de reorganización con el Insight Select Income Fund. La suspensión tiene como objetivo permitir más tiempo para la solicitud y votación de los accionistas.
La reunión especial se reanudará el 15 de enero de 2025, a las 10:00 AM, hora del Este en las oficinas de Dechert LLP en Nueva York. La propuesta implica la transferencia de todos los activos y ciertos pasivos del Insight Select Income Fund al KIO al valor neto de los activos.
KKR 수익 기회 펀드(NYSE: KIO)가 원래 2025년 1월 10일로 예정된 주주 특별 회의 연기를 발표했습니다. 회의의 목적은 Insight Select Income Fund와의 제안된 재조직과 관련하여 추가 보통주 발행에 대해 투표하는 것이 었습니다. 연기의 목적은 추가적인 주주 소집 및 투표 시간을 허용하기 위함입니다.
특별 회의는 2025년 1월 15일 오전 10시(동부 표준시)에 뉴욕에 있는 Dechert LLP 사무실에서 재개될 예정입니다. 이 제안은 Insight Select Income Fund에서 KIO로 모든 자산과 특정 부채를 순 자산 가치로 이전하는 것을 포함합니다.
Le KKR Income Opportunities Fund (NYSE: KIO) a annoncé le report de sa réunion spéciale d'actionnaires initialement prévue pour le 10 janvier 2025. L'objectif de la réunion était de voter sur l'émission d'actions ordinaires supplémentaires liées à la réorganisation proposée avec le Insight Select Income Fund. Le report vise à permettre un temps supplémentaire pour la sollicitation et le vote des actionnaires.
La réunion spéciale se réunira à nouveau le 15 janvier 2025 à 10h00, heure de l'Est dans les bureaux de Dechert LLP à New York. La proposition implique le transfert de tous les actifs et de certaines passifs de l'Insight Select Income Fund au KIO à la valeur nette des actifs.
Der KKR Income Opportunities Fund (NYSE: KIO) hat die Vertagung seiner Sonderversammlung der Aktionäre angekündigt, die ursprünglich für den 10. Januar 2025 angesetzt war. Zweck der Sitzung war es, über die Ausgabe zusätzlicher Stammaktien im Zusammenhang mit der vorgeschlagenen Reorganisation mit dem Insight Select Income Fund abzustimmen. Die Vertagung soll weiteren Zeitrahmen für die Aktionärsbeteiligung und Abstimmung ermöglichen.
Die Sonderversammlung wird am 15. Januar 2025 um 10:00 Uhr Eastern Time in den Büros von Dechert LLP in New York wieder einberufen. Der Vorschlag umfasst die Übertragung aller Vermögenswerte und bestimmter Verbindlichkeiten vom Insight Select Income Fund an KIO zum Nettowert der Vermögenswerte.
- Potential expansion of asset base through merger with Insight Select Income Fund
- Delayed shareholder approval process for the reorganization
- Potential share dilution for existing KIO shareholders
Insights
The adjournment of KKR Income Opportunities Fund's special meeting represents a standard procedural move in fund reorganizations. The proposed merger with Insight Select Income Fund is a strategic consolidation that could potentially create economies of scale and improve operational efficiency. The additional solicitation period suggests current voting levels may not have reached the required threshold for approval.
For existing KIO shareholders, the issuance of additional shares through this reorganization could impact the fund's trading dynamics. The transfer of assets at NAV aims to protect shareholder value during the merger, but the increased share count could affect supply-demand dynamics in secondary market trading. The short adjournment period to January 15 indicates the fund manager's desire to maintain momentum while ensuring proper shareholder participation in this governance process.
KKR Income Opportunities Fund Announces Adjournment of Special Meeting of Shareholders Relating to the Issuance of Additional Shares in Connection with the Proposed Reorganization of Insight Select Income Fund with and into KKR Income Opportunities Fund
Forward Looking Statements
This press release contains certain statements that may include "forward-looking statements" within the meaning of the federal securities laws. All statements, other than statements of historical fact, included herein are "forward-looking statements." The forward-looking statements are based on KIO and KKR's beliefs, assumptions and expectations of future performance, taking into account all information currently available to KIO and KKR. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to the KIO or KKR or are within their control. KIO and KKR do not undertake any obligation to update any forward-looking statements to reflect circumstances or events that occur after the date on which such statements were made except as required by law. You should exercise caution in interpreting and relying on forward-looking statements because they are subject to uncertainties and other factors which are, in some cases, beyond the Fund’s control and could cause actual results to differ materially from those set forth in the forward-looking statements. This document is not an offer to sell securities and is not soliciting an offer to buy securities in any jurisdiction where the offer or sale is not permitted. Investors should consider KIO’s investment objectives, risks, charges and expenses carefully before investing. An investment in the KIO should not constitute a complete investment program.
KKR Income Opportunities Fund
KKR Income Opportunities Fund is a diversified, closed-end management investment company managed by KKR Credit Advisors (US) LLC (“KKR Credit”), an indirect subsidiary of KKR & Co. Inc. (“KKR”). The Fund’s primary investment objective is to seek a high level of current income with a secondary objective of capital appreciation. The Fund will seek to achieve its investment objective by investing primarily in first- and second-lien secured loans, unsecured loans and high yield corporate debt instruments. It seeks to employ a dynamic strategy of investing in a targeted portfolio of loans and fixed-income instruments of
KIO invests in loans and other types of fixed‐income instruments and securities. Such investments may be secured, partially secured or unsecured and may be unrated, and whether or not rated, may have speculative characteristics. The market price of KIO’s investments will change in response to changes in interest rates and other factors. Generally, when interest rates rise, the values of fixed‐income instruments fall, and vice versa.
Use of leverage creates an opportunity for increased income and return for common shareholders of KIO but, at the same time, creates risks, including the likelihood of greater volatility in the NAV and market price of, and distributions on, the common shares of KIO. In particular, leverage may magnify interest rate risk, which is the risk that the prices of portfolio securities will fall (or rise) if market interest rates for those types of securities rise (or fall). As a result, leverage may cause greater changes in KIO’s NAV, which will be borne entirely by KIO’s common shareholders.
Derivative investments have risks, including the imperfect correlation between the value of such instruments and the underlying assets of KIO. The risk of loss from a short sale is unlimited because KIO must purchase the shorted security at a higher price to complete the transaction and there is no upper limit for the security price. The use of options, swaps, and derivatives by KIO has the potential to significantly increase KIO’s volatility. In addition to the normal risks associated with investing, international investments may involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles or from social, economic or political instability in other nations. KIO’s investments in securities or other instruments of non‐U.S. issuers or borrowers may be traded in undeveloped, inefficient and less liquid markets and may experience greater price volatility and changes in value.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250110767850/en/
Media Contacts
For KIO
Julia Kosygina 212.750.8300 media@kkr.com
Source: KKR Income Opportunities Fund
FAQ
When is KIO's rescheduled special meeting of shareholders in 2025?
What is the purpose of KIO's special shareholder meeting?
Why was KIO's January 10, 2025 special meeting adjourned?
What assets will be transferred in the KIO reorganization?
