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XFLT Announces August 6th as New Date for Special Meeting of Shareholders to Approve the King Street Sub-Advisory Agreement

XFLT
  • XAI Floating Rate & Alternative Income Trust (XFLT) announced July 30, 2026, as the start date for the King Street Sub-Adviser to serve in an interim capacity.
  • The adjourned Special Meeting of Shareholders is scheduled for August 6, 2026, to vote on the long-term King Street Sub-Advisory Agreement using a WHITE proxy card.
  • Institutional Shareholder Services (ISS) & Glass Lewis have issued "FOR" recommendations for the proposed sub-advisory agreement.
  • Approval requires an affirmative vote of 67% of shares present at the meeting; preliminary results show abstentions are preventing the threshold from being met.
  • Votes to abstain count as votes against the proposal, prompting the Board to urge shareholders to change their votes to "FOR".
  • The proposed agreement includes a liquidity plan featuring an Initial Tender Offer for up to 12.5% of shares at 98% of Net Asset Value (NAV) within 45 days.
  • Two contingent tender offers for an additional 12.5% of shares are planned if discount or NAV performance conditions are not met.
  • Contingent offers trigger if the market discount remains above 15% for three consecutive days or if the Fund fails to achieve a $0.25 NAV increase plus distributions totaling $2.95 over 12 months.
  • King Street Capital Management brings a 30-year track record in U.S. & global credit markets with professionals located in the U.S., London, Singapore, & Dubai.
  • Shareholders can vote via Internet, phone, or mail using the control number on the WHITE proxy card, or by contacting Okapi Partners LLC for assistance.