M&A - Angel Oak Financial Strategies Income Term Trust

Form Type: DEFC14A

Filing Date: 2025-05-09

Corporate Action: Acquisition

Type: New

Accession Number: 000199937125005739

Filing Summary: Angel Oak Financial Strategies Income Term Trust is soliciting votes for an Annual Meeting of Shareholders scheduled for June 26, 2025. Shareholders are asked to approve a New Investment Advisory Agreement with Angel Oak Capital Advisors, LLC as a result of Brookfield Asset Management Ltd. acquiring a majority of Angel Oak Companies, LP. This change is anticipated to close by September 30, 2025, and is not expected to materially alter the Fund's management or fees. The meeting will also address re-election of Class II Trustees Keith M. Schappert and Andrea N. Mullins, and ratification of Cohen & Company, Ltd. as the independent registered public accounting firm for fiscal year ending January 31, 2026. Shareholders are encouraged to participate, with measures outlined for remote voting via proxy.

Form Type: PREC14A

Filing Date: 2025-04-25

Corporate Action: Acquisition

Type: New

Accession Number: 000199937125004796

Filing Summary: The document is a Preliminary Proxy Statement for the Angel Oak Financial Strategies Income Term Trust, filed in anticipation of an Annual Meeting scheduled for June 26, 2025. The main agenda includes a proposal to approve a New Investment Advisory Agreement between the Fund and Angel Oak Capital Advisors, LLC, necessitated by a transaction where Brookfield Asset Management Ltd. plans to acquire a majority stake in Angel Oak Companies, LP. This acquisition, if finalized by September 30, 2025, would otherwise terminate the existing advisory agreement unless the new one is approved. Shareholders will also consider the re-election of Trustees Keith M. Schappert and Andrea N. Mullins, whose terms are expiring, and the ratification of Cohen & Company, Ltd. as the independent registered public accounting firm for the fiscal year ending January 31, 2026. The overall management and operational structure of the Fund is expected to remain unchanged post-acquisition, with no increase in fees or change in day-to-day management personnel. Shareholder participation is emphasized, urging votes to ensure necessary quorum and procedural adherence in this significant governance event.

Form Type: 8-K

Filing Date: 2025-04-01

Corporate Action: Acquisition

Type: New

Accession Number: 000119312525069744

Filing Summary: On April 1, 2025, Angel Oak Financial Strategies Income Term Trust announced a strategic partnership with Brookfield Asset Management Ltd., in which Brookfield has agreed to acquire a majority of Angel Oak Companies, LP. This transaction is expected to close by September 30, 2025, and is not anticipated to materially change the day-to-day management of the Fund. However, the completion of the transaction is subject to certain conditions, and there is no assurance that these conditions will be met or that the transaction will close as planned. A change of control of Angel Oak is anticipated if the transaction is successful.