Ironsides Suffers Setback In Fifth Street Senior Floating Rate Vote
Fifth Street Senior Floating Rate Corp (NASDAQ: FSFR) said the results provided by its proxy solicitor indicated its proposal to cancel the investment advisory deal with Fifth Street Management LLC failed to get the shareholders approval.
Fifth Street Senior Floating Rate was also not sure about the outcome of the directors' election at today's annual shareholders meeting. According to the company, the results could be too close to call at this time.
The Company indicated it was waiting for the preliminary report of the independent inspector of elections, IVS Associates, Inc. The company would react further based on the vote. According to the company, the inspector expects to issue a preliminary vote results in the next several days. After which, the Company will file a Current Report on Form 8-K with the SEC.
It was not Fifth Street Senior Floating Rate proposal to terminate the advisory agreement, but rather a dissident stockholder proposal. The company recommended voting against the proposal.
On Thursday morning, the stock lost 2.27 percent.
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