Apollo Senior Floating Rate Fund Inc. and Apollo Tactical Income Fund Inc.
20 November 2020 - 8:57AM
(NYSE: AFT) - Apollo Senior Floating Rate Fund Inc. and (NYSE: AIF)
- Apollo Tactical Income Fund Inc. (the “Funds”) announced today
that the Board of each Fund has elected that each Fund be subject
to the Maryland Control Share Acquisition Act (the “MCSAA”),
effective immediately. Each Board believes that electing to be
subject to the MCSAA protects the interests of the Funds and their
stockholders. The objective of the MCSAA is to protect the
interests of all stockholders of a Maryland corporation. Maryland
lawmakers instituted the MCSAA to limit the ability of any single
stockholder to exert undue influence in pursuit of short-term gains
at the expense of long-term value for fund stockholders and a
fund’s ability to achieve its investment objective.
The election to become subject to the MCSAA
limits the ability of holders of “control shares” to vote those
shares above various threshold levels that start at 10% unless the
other stockholders of a Fund reinstate or approve those voting
rights at a meeting of stockholders as provided in the MCSAA. The
bylaws for each Fund provide that the provisions of the MCSAA do
not apply to the voting rights of the holders of any shares of
preferred stock of the Fund (but only with respect to such
preferred stock).
The above description of the MCSAA is only a
high-level summary and does not purport to be complete. Investors
should refer to the actual provisions of the MCSAA and each Fund’s
bylaws for more information, including definitions of key terms,
various exclusions and exemptions from the statute’s scope, and the
procedures by which stockholders may approve the reinstatement of
voting rights to holders of “control shares.”
An investment in a Fund involves risk, including
loss of principal. Investment return and the value of shares will
fluctuate. Any commentary provided in this press release is for
informational purposes only.
Apollo Contact Information:
Product Literature877-864-4834
InvestorsPeter MintzbergHead of Investor
RelationsApollo Global Management,
Inc.212-822-0538pmintzberg@apollo.com
Forward-Looking Statements
This press release may contain statements that
are forward looking, as that term is defined by the Private
Securities Litigation Reform Act of 1995 or by the Securities and
Exchange Commission in its rules, regulations and releases. These
statements include, but are not limited to, discussions related to
the Fund’s expectations regarding the performance of its business,
its liquidity and capital resources and the other non-historical
statements in the discussion and analysis. These forward-looking
statements are based on management’s beliefs, as well as
assumptions made by, and information currently available to,
management. When used in this release, the words “believe,”
“anticipate,” “estimate,” “expect,” “intend” and similar
expressions are intended to identify forward-looking statements.
Although management believes that the expectations reflected in
these forward-looking statements are reasonable, it can give no
assurance that these expectations will prove to have been correct.
These statements are subject to certain risks, uncertainties and
assumptions, including risks relating to our dependence on certain
key personnel, our ability to raise new Private Equity or Capital
Markets funds, market conditions, generally, our ability to manage
our rapid growth, fund performance, changes in our regulatory
environment and tax status, the variability of our revenue, net
income and cash flow, our use of leverage to finance our businesses
and investments by our funds and litigation risks, among
others.
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