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Today, Angel Oak Financial Strategies Income Term Trust (NYSE:FINS), a Delaware-incorporated company with a market capitalization of $324 million and an attractive dividend yield of 10.1%, announced the initiation of a rights offering to its shareholders. According to InvestingPro data, the trust has maintained profitability over the last twelve months while trading near its 52-week low. The offering is based on a dealer manager agreement with Angel Oak Capital Advisors, LLC and UBS Securities LLC, effective as of today.
The Trust is issuing transferable rights to its shareholders of record as of the close of business today, allowing them to subscribe for up to 8,354,213 common shares of beneficial interest. Shareholders will receive one right for each share they own on the record date, with each right providing the option to purchase one new common share for every three rights held. With a current P/E ratio of 8.3 and beta of 0.2, InvestingPro analysis indicates the stock generally trades with low price volatility.
Those who exercise their rights completely are also eligible to subscribe for additional shares, should any remain unclaimed. This offering is made possible through a prospectus supplement dated today and a prospectus dated November 20, 2024, both part of the Trust’s shelf registration statement previously filed with the SEC.
The rights offering also involves agreements with Equiniti Trust Company, LLC and EQ Fund Solutions, LLC to manage subscription and information services, respectively. These agreements were also executed today.
This move by Angel Oak Financial Strategies Income Term Trust is based on a press release statement and aims to provide existing shareholders an opportunity to increase their investment in the Trust under the terms set forth in the offering documents. The legal aspects of the offering have been confirmed by Dechert LLP, whose opinion is included in the Trust’s filings with the SEC.
The Trust has filed all relevant documents with the SEC, including the dealer manager agreement, subscription agent agreement, and information agent agreement, which are available for public review. For investors seeking deeper insights into FINS’s financial health and additional ProTips, InvestingPro offers comprehensive analysis and real-time metrics.
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