M&A - Angel Oak Strategic Credit Fund

Form Type: DEF 14A

Filing Date: 2025-05-14

Corporate Action: Acquisition

Type: New

Accession Number: 000199937125006076

Filing Summary: On May 14, 2025, a definitive proxy statement was filed for a Special Meeting of Shareholders scheduled for June 26, 2025. The primary matters on the agenda include the approval of new investment advisory agreements due to a transaction involving Brookfield Asset Management Ltd. acquiring a majority of Angel Oak Companies, LP. This transaction, expected to close by September 30, 2025, necessitates shareholder approval to continue the existing management structure without interruption. The proposal will not lead to any material changes to management or increase fees. Additionally, shareholders will vote on the election of Clayton Triick as a Trustee for the Board. Details regarding voting procedures and the importance of attending or voting by proxy were emphasized, and shareholders are encouraged to respond prior to voting deadlines.

Form Type: PRE 14A

Filing Date: 2025-04-30

Corporate Action: Acquisition

Type: New

Accession Number: 000199937125005116

Filing Summary: The document outlines the proxy statement for a Special Meeting of Shareholders for Angel Oak Strategic Credit Fund scheduled on June 26, 2025. It primarily addresses shareholder voting on two critical issues. The first proposal seeks shareholder approval of new investment advisory agreements with Angel Oak Capital Advisors, LLC, necessitated by Brookfield Asset Management Ltd.'s announcement to acquire a majority stake in Angel Oak Companies, LP, the Adviser's parent. This transaction, expected to close by September 30, 2025, constitutes a 'change in control' under the Investment Company Act, thereby terminating existing advisory agreements unless new ones are approved. The second proposal involves electing Clayton Triick as a Trustee. The Board recommends voting in favor of both proposals as there are no expected changes to the management or fees of the Funds due to the acquisition. Shareholders of record as of April 28, 2025, are eligible to vote, and responses should be submitted by June 25, 2025, to ensure proper representation at the meeting.