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NexPoint Strategic Opportunities Fund (NYSE: NHF) has extended the offering period for its tender offer to acquire shares of United Development Funding IV (UDFI) at $1.10 per share. The new expiration date is set for February 12, 2021. This extension follows UDFI's recent decision to reduce the ownership limit for shareholders from 9.8% to 5.0%, a move perceived as an attempt to hinder the offer. The offer's success is contingent on various conditions, including regulatory approvals and UDFI maintaining its REIT status.
NexPoint Strategic Opportunities Fund (NYSE:NHF) announced the completion of its tender offer, acquiring 8,750,121 common shares at $12.00 each for a total of approximately $105 million. Shareholders received about 20% cash and 80% newly-issued Series A Preferred Shares with a 5.50% annual dividend. Egan-Jones assigned a BBB- rating to the Series A Preferred Shares. The fund is transitioning to a diversified REIT and expects to meet REIT qualification by Q1 2021, pending SEC approval.
NexPoint Strategic Opportunities Fund (NYSE: NHF) announced the successful completion of its tender offer, acquiring 9,011,832 common shares at $12.00 each, totaling approximately $108 million. Shareholders will receive 20% in cash and 80% in Series A Cumulative Preferred Shares valued at $25.00 each. The preferred shares are set to be listed on the NYSE and carry a 5.50% cumulative annual dividend, payable quarterly beginning March 31, 2021. This move coincides with NHF's ongoing conversion to a diversified REIT, expected to conclude by Q1 2021.
NexPoint Strategic Opportunities Fund (NYSE: NHF) announced a monthly distribution of $0.05 per share, payable on January 29, 2021, to shareholders of record by January 22, 2021. The fund is transitioning to a diversified REIT, with shareholder approval obtained for this change. NHF aims to realign its portfolio to qualify for REIT status by Q1 2021 and seeks SEC deregistration as an investment company in the first half of 2021.
NexPoint Strategic Opportunities Fund (NYSE:NHF) has announced its intention to purchase all Shares of Beneficial Interest from United Development Funding IV (UDFI) at $1.10 per share. This offer aims to enhance NHF's holdings while providing liquidity to UDFI shareholders, as they have faced limited trading opportunities since February 2016. NHF, the largest shareholder of UDFI, emphasizes long-term value creation despite the recent delisting and deregistration struggles of UDFI. Shareholders are encouraged to carefully review the Offer documents, with the Offer expiring on January 13, 2021.
NexPoint Strategic Opportunities Fund (NYSE: NHF) announced strong participation in its tender offer, with $121 million in common shares tendered, representing 81% of the 15 million share offer. The company will exchange approximately 20% cash and 80% Series A Preferred Shares. Due to this strong response, the expiration date for the offer has been extended to January 4, 2021. The offer aims to provide shareholders a premium exchange opportunity while increasing the NAV per share for non-participants. Egan-Jones assigned a BBB- rating to the Series A Preferred Shares, expected to trade competitively post-offer.
NexPoint Strategic Opportunities Fund (NYSE: NHF) has announced a monthly distribution of $0.05 per share, payable on December 31, 2020. Shareholders of record will be those on December 22, 2020. The Fund is transitioning to a diversified REIT, following shareholder approval of the conversion proposal on August 28, 2020. It aims to realign its portfolio to cease being classified as an investment company by Q1 2021, pending SEC approval for its deregistration.
NexPoint Strategic Opportunities Fund (NHF) has received an investment-grade corporate rating of BBB- for its 5.50% Series A Cumulative Preferred Shares from Egan-Jones Ratings Company. This rating is expected to enhance the competitiveness of the shares in the secondary market. As part of a tender offer to buy back up to 15 million common shares for a maximum of $150 million, the consideration will comprise 20% cash and 80% newly issued preferred shares valued at $25.00 each, with dividends payable quarterly starting March 31, 2021.
NexPoint Strategic Opportunities Fund (NYSE: NHF) has announced a monthly distribution of $0.05 per share, payable on November 30, 2020. Shareholders of record by November 23, 2020 will receive this payment. The company is transitioning towards a diversified real estate investment trust (REIT) model, following shareholder approval on August 28, 2020. NHF aims to qualify for REIT status by early 2021. The conversion process is subject to regulatory approval and may take up to 24 months.
NexPoint Strategic Opportunities Fund (NYSE:NHF) has initiated a tender offer to buy back up to 15 million Common Shares for a total of $150 million. The offer consists of approximately 20% cash and 80% newly issued 5.50% Series A Cumulative Preferred Shares, valued at $25.00 each. The tender offer operates under a Modified Dutch Auction, allowing shareholders to set their selling price between $10.00 and $12.00. This initiative aims to provide a premium to current market prices and enhance net asset value for remaining shareholders. The offer runs until December 10, 2020.
