Results Indicate Stockholders Support FSFR’s Director Nominee Ivelin Dimitrov
Stockholders Support Continuation of Investment Advisory Agreement with FSM
GREENWICH, CT, April 08, 2016 (GLOBE NEWSWIRE) -- Fifth Street Senior Floating Rate Corp. (NASDAQ:FSFR) (“FSFR” or the “Company”) announced today that, based on the preliminary report of the independent inspector of elections, IVS Associates, Inc. (“IVS”) regarding the Company’s 2016 Annual Meeting of Stockholders held on April 7, stockholders have elected FSFR nominee and CEO Ivelin Dimitrov and Ironsides Partners Special Situations Master Fund II L.P (“Ironsides”) nominee Richard Cohen to the FSFR Board of Directors.
Commenting on the preliminary results, FSFR issued the following statement:
The FSFR Board and management team would like to reiterate our gratitude for our stockholders’ support over the past several months. We would also like to take this opportunity to thank Brian Dunn for his service on FSFR’s Board.
The outcome of our 2016 Annual Meeting provides stockholders with both continuity and a new perspective as we welcome Richard Cohen to our Board. While a number of different views were expressed throughout this process, all directors, nominated by either FSFR or Ironsides, share a common goal of enhancing value for all FSFR stockholders. The FSFR Board and management team plan to work constructively with our newest director and continue engaging with our stockholders as we successfully execute on the Company’s strategy.
With the Annual Meeting now behind us, our management team continues to focus on generating consistent results and driving strong credit performance across our portfolio. We look forward to continuing our efforts to enhance value for all FSFR stockholders.
As previously announced on April 7, 2016, preliminary voting results indicated that the proposal to terminate the Company’s investment advisory agreement with Fifth Street Management LLC (“FSM”) was not approved.
The Company will file a Current Report on Form 8-K with the Securities and Exchange Commission with the full preliminary results of the Annual Meeting shortly.
About Fifth Street Senior Floating Rate Corp.
Fifth Street Senior Floating Rate Corp. is a specialty finance company that provides financing solutions in the form of floating rate senior secured loans to mid-sized companies, primarily in connection with investments by private equity sponsors. FSFR's investment objective is to maximize its portfolio's total return by generating current income from its debt investments while seeking to preserve its capital. The Company has elected to be regulated as a business development company and is externally managed by a subsidiary of Fifth Street Asset Management Inc. (NASDAQ:FSAM), a nationally recognized credit-focused asset manager with over $5 billion in assets under management across multiple public and private vehicles. With a track record of over 17 years, Fifth Street's platform has the ability to hold loans up to $250 million and structure and syndicate transactions up to $500 million. Fifth Street received the 2015 ACG New York Champion's Award for "Lender Firm of the Year," and other previously received accolades include the ACG New York Champion's Award for "Senior Lender Firm of the Year," "Lender Firm of the Year" by The M&A Advisor and "Lender of the Year" by Mergers & Acquisitions. FSFR's website can be found at fsfr.fifthstreetfinance.com.
Forward-Looking Statements
Certain of the statements in this press release, and certain oral statements made by our representatives from time to time, may constitute forward-looking statements, because they relate to future events or our future performance or financial condition. Forward-looking statements may include statements as to the results of the proposals voted on at the Company’s 2016 Annual Meeting of Stockholders, future operating results, dividends and business prospects of FSFR. Words such as “anticipates,” “believes,” “expects,” “seeks,” “plans,” “should,” “estimates,” “projects,” and “intends” indicate forward-looking statements, although not all forward-looking statements include these words. These forward-looking statements involve risks and uncertainties. Actual results could differ materially from those implied or expressed in these forward-looking statements for any reason. Such factors are identified from time to time in FSFR’s filings with the Securities and Exchange Commission and include changes in the economy and the financial markets and future changes in laws or regulations and conditions in the Company’s operating areas. FSFR 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.