Angel Oak Capital Advisors Announces Board Approval of Merger of Angel Oak and Vivaldi Closed-End Funds
Angel Oak Capital Advisors, LLC (Angel Oak), an investment management firm that specializes in value-driven fixed income investment solutions, announces that the Board of Trustees of Angel Oak Financial Strategies Income Term Trust (NYSE: FINS) approved the merger of the Vivaldi Opportunities Fund (NYSE: VAM) with and into FINS, subject to approval of the reorganization by VAM's shareholders and of the issuance of additional FINS common shares by FINS's shareholders. The proposed merger showcases Angel Oak's continued growth efforts and commitment to seeking to provide value for FINS shareholders.
The proposed merger, which is expected to be completed in the second quarter of 2020, subject to required shareholder approvals and the satisfaction of applicable regulatory requirements and other customary closing conditions, includes the transfer of all the assets of VAM to FINS in exchange solely for newly issued common shares of beneficial interest of FINS at a ratio of the net asset value of each fund. There will be no change to the investment objectives, investment strategies or investment policies of FINS as a result of the proposed merger, and the entire management team for FINS will remain the same.
"We are excited about the proposed merger as we work to provide value for all shareholders and seek to grow FINS," says Johannes Palsson, Managing Director and Senior Portfolio Manager at Angel Oak. "We continue to maintain a strong commitment to community bank subordinated debt, and we see room for even more growth in the sectors we focus on."
Angel Oak's experienced community bank team looks forward to continuing the success of FINS following this merger, if it is approved by shareholders, as they work to uncover value and yield in the community banking and non-bank financial sectors.
For more information, please visit www.angeloakcapital.com.
Important Information
The information in this press release is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities or the solicitation of any vote or approval in any jurisdiction pursuant to or in connection with the proposed transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
In connection with the proposed merger, FINS plans to file with the Securities and Exchange Commission a combined joint prospectus/proxy statement and a proxy statement. When the combined prospectus/proxy statement or proxy statement, as the case may be, becomes available, shareholders are advised to read it because it will contain important information about the proposed transaction and related matters. The combined prospectus/proxy statement and proxy statement, when available, will be available for free at the Commission's website, www.sec.gov.
About Angel Oak Capital Advisors, LLC
Angel Oak is an investment management firm focused on providing compelling fixed income investment solutions for its clients. Backed by a value-driven approach, Angel Oak seeks to deliver attractive, risk-adjusted returns through a combination of stable current income and price appreciation. Its experienced investment teams seek the best opportunities in fixed income investments, with a specialization in mortgage-backed securities and other areas of structured and corporate credit.
As of December 31, 2019, Angel Oak had approximately $17.7 billion in assets under management1 through a combination of public funds, closed-end funds, private funds and separately managed accounts.
For more information, please visit www.angeloakcapital.com.
1As of 12/31/19. Assets under management represents the sum of the total assets managed, including leverage, undrawn financing facilities (available to funds, including uncommitted amounts subject to restrictions and contingencies), committed but uncalled capital, and the unpaid balance of underlying collateral for sponsored mortgage securitizations (reduced by the amount of retained securities). The net asset value under management plus uncalled committed capital as of 12/31/19 was $11.0 billion.
Investors should consider the investment objective, risks, fees and expenses of FINS carefully before investing. An investment in FINS involves risks, is not appropriate for all investors and is not intended to be a complete investment program. The prospectus contains this and other information. Angel Oak, a registered investment adviser, is investment manager to FINS. Destra Capital Advisors, LLC, a registered investment adviser, is providing secondary market servicing for FINS. Please contact your securities representative or call 1-877-855-3434 for information about FINS.
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