8th Jun 2023 20:20
Fair Oaks Income Ltd - Guernsey-based closed-ended investor in collateralised loan obligations - Annual general meeting proposal on issue of shares does not pass, as fails to receive support of 75% needed. Just over 66% approve proposal to grant firm authority to issue up to 39.4 million 2021 shares. Does not put through proposal on issue of up to a further 39.4 million 2021 shares as a result. Fair Oaks adds: "The board believes the passing of this resolution would have been in the best interests of shareholders given shares would only have been issued at a premium to the company's prevailing net asset value. However, given that the company's shares are currently trading at a discount to the company's net asset value, the directors do not believe that the failure to pass the issuance resolution will be restrictive to the company in the near term." Read More
