DALLAS, Jan. 13, 2021 /PRNewswire/ -- NexPoint
Strategic Opportunities Fund (NYSE: NHF) ("NHF") today announced
the extension of the offering period for its previously announced
offer to purchase any and all Shares of Beneficial Interest (the
"Shares") of United Development Funding IV ("UDFI" or the
"Company") at a price of $1.10 per
Share upon the terms and subject to the conditions set forth
in the Offer to Purchase and in the related Assignment Form for the
offer (which together constitute the "Offer" and the "Tender Offer
Documents"). The Offer is now scheduled to expire at 12:00
midnight, Eastern Standard Time, at the end of the day on
February 12, 2021, unless the Offer
is extended or earlier terminated. The Tender Offer Documents are
available at www.UDFITenderOffer.com, or from the information agent
for the Offer, as discussed below.
NexPoint extends the offering period for the offer to purchase
shares of United Development Funding IV (UDFI)
As previously announced on December 14,
2020, the Offer is conditioned upon, among other things, the
satisfaction or waiver of the following conditions: (i) there shall
not have been threatened, instituted, or pending any action or
proceeding before any court or any governmental or administrative
agency (a) challenging the acquisition of shares pursuant to the
Offer or otherwise relating in any manner to the Offer, or (b) in
the sole judgment of NHF, otherwise materially adversely affecting
the Company; (ii) NHF shall have received all required governmental
approvals, if any, for the Offer; (iii) NHF shall have had the
opportunity to conduct sufficient due diligence to determine
whether the offered price per share is reasonable given the current
financial condition and results of operations of UDFI; (iv) the
Board of Trustees of UDFI shall have waived in writing the
ownership limitations set forth in Article VII of the Declaration
of Trust of UDFI as such limitations would otherwise apply to the
Offer; and (v) NHF shall have received satisfactory evidence that
UDFI has continued to qualify as a real estate investment trust
("REIT") under federal tax laws and thereby to avoid any
entity-level federal income or excise tax.
On January 8, 2021, UDFI announced
that it had reduced the percentage of outstanding Shares that a
shareholder may own from 9.8% to 5.0%. The Company took such action
in an effort to frustrate the Offer. It also announced it amended
the Company's bylaws to require that certain legal actions could be
brought on behalf of or against UDFI only in certain courts in
Maryland. NHF and its advisors are
reviewing these actions and their legality under applicable
law.
Shareholders should read the Offer to Purchase and the related
materials carefully because they contain important information.
Shareholders may obtain a free copy of the Offer to Purchase and
the Assignment Form from D.F. King & Co., Inc., the information
agent for the Offer (the "Information Agent"), by calling toll-free
at (800) 331-7543. THE OFFER WILL EXPIRE AT 12:00 MIDNIGHT,
EASTERN STANDARD TIME, AT THE END OF THE DAY ON FEBRUARY 12, 2021, UNLESS THE OFFER IS EXTENDED
OR EARLIER TERMINATED.
About the NexPoint Strategic Opportunities Fund (NHF)
The NexPoint Strategic Opportunities Fund (NYSE:NHF) is a
closed-end fund managed by NexPoint Advisors, L.P. that is in the
process of converting to a diversified REIT. The Company is in the
process of realigning its portfolio so that it is no longer an
"investment company" under the Investment Company Act of 1940 (the
"1940 Act") and continues to expect the Company to be able to
transition its investment portfolio sufficient to qualify as a REIT
for tax purposes by the first quarter of 2021 and to apply to the
Securities and Exchange Commission (the "SEC") for an order under
the 1940 Act declaring that the Company has ceased to be an
investment company (the "Deregistration Order") in the first
quarter of 2021. For more information visit www.
www.nexpointgroup.com/nexpoint-strategic-opportunities-fund/.
About NexPoint Advisors, L.P.
NexPoint Advisors, L.P. (the "Investment Adviser") is an
SEC-registered adviser on the NexPoint alternative investment
platform. It serves as the adviser to a suite of funds and
investment vehicles, including a closed-end fund, interval fund,
business development company, and various real estate vehicles. For
more information visit www.nexpointgroup.com.
Risks and Disclosures
This document is for informational purposes only and is neither
an offer to purchase nor a solicitation of an offer to sell any
common stock of UDFI or any other securities. The offer to purchase
common stock of UDFI will only be made pursuant to the Offer to
Purchase, the Assignment Form and related documents. THE TENDER
OFFER MATERIALS (INCLUDING THE OFFER TO PURCHASE, THE ASSIGNMENT
FORM AND CERTAIN OTHER TENDER OFFER DOCUMENTS) WILL CONTAIN
IMPORTANT INFORMATION. STOCKHOLDERS OF UDFI ARE URGED TO READ THESE
DOCUMENTS CAREFULLY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL
CONTAIN IMPORTANT INFORMATION THAT SUCH STOCKHOLDERS SHOULD
CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR
SHARES. Investors and security holders may obtain a free copy of
these statements (when available) by directing such requests to the
Information Agent, by calling toll-free at (800) 331-7543.
Media Contact
mediarelations@nexpointadvisors.com
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SOURCE NexPoint Strategic Opportunities Fund