AIF - MidCap Financial Investment Corporation Announces Stockholder Approval of the Proposal Related to the Proposed Mergers with Apollo Senior Floating Rate Fund Inc. (AFT) and Apollo Tactical Income Fund Inc. (AIF) and AFT and AIF Announce Adjournment of
Stockholders of AFT and AIF Who Have Voted Thus Far Have Strongly Supported the Merger Proposals
Both Leading Independent Proxy Advisors, Institutional Shareholder Services ("ISS") and Glass Lewis & CO ("Glass Lewis"), Recommend AFT and AIF Stockholders Vote "FOR" the Merger Proposals
NEW YORK, May 28, 2024 (GLOBE NEWSWIRE) -- MidCap Financial Investment Corporation (NASDAQ:MFIC) today announced that it has received stockholder approval of the proposal related to the previously announced proposed mergers with Apollo Senior Floating Rate Fund Inc. (NYSE:AFT) and Apollo Tactical Income Fund Inc. (NYSE:AIF).
AFT announced today the adjournment of its Special Meeting of Stockholders (the "AFT Special Meeting"), convened on May 28, 2024, to provide stockholders with additional time to vote on the proposed merger of AFT with and into MFIC (the "AFT Merger Proposal"). The AFT Special Meeting will be reconvened on June 21, 2024 at 10:30 a.m. Eastern Time and will take place via live audio webcast at www.virtualshareholdermeeting.com/AFT2024SM. At the time the AFT Special Meeting was adjourned, stockholders representing approximately 47.08% of AFT's common shares outstanding and entitled to vote had submitted proxies or votes in favor of the AFT Merger Proposal. Under AFT's organizational documents, the AFT Merger Proposal requires support from a majority of common shares outstanding. Therefore, an additional 2.92% of AFT's outstanding shares are needed to vote "FOR" the AFT Merger Proposal in order to achieve the necessary threshold. The Board of Directors of AFT unanimously recommends that stockholders vote "FOR" the AFT Merger Proposal.
AIF announced today the adjournment of its Special Meeting of Stockholders (the "AIF Special Meeting"), convened on May 28, 2024, to provide stockholders with additional time to vote on the proposed merger of AIF with and into MFIC (the "AIF Merger Proposal"). The AIF Special Meeting will be reconvened on June 21, 2024 at 11:00 a.m. Eastern Time and will take place via live audio webcast at www.virtualshareholdermeeting.com/AIF2024SM. At the time the AIF Special Meeting was adjourned, stockholders representing approximately 46.02% of AFT's common shares outstanding and entitled to vote had submitted proxies or votes in favor of the AIF Merger Proposal. Under AIF's organizational documents, the AIF Merger Proposal requires support from a majority of common shares outstanding. Therefore, an additional 3.98% of AIF's outstanding shares are needed to vote "FOR" the AIF Merger Proposal in order to achieve the necessary threshold. The Board of Directors of AIF unanimously recommends that stockholders vote "FOR" the AIF Merger Proposal.
In addition, AFT and AIF are pleased to announce that ISS and Glass Lewis have recommended that stockholders vote "FOR" the AFT Merger Proposal and the AIF Merger Proposal, respectively.
The record date for determining stockholders entitled to vote at the AFT Special Meeting and the AIF Special Meeting will remain the close of business on March 28, 2024. Stockholders as of the record date can vote, even if they have subsequently sold their shares. Stockholders who have already voted do not need to recast their votes. Proxies previously submitted will be voted at the reconvened meetings unless properly revoked.
During the adjournment period, AFT and AIF and their independent proxy solicitor, Broadridge Financial Solutions ("Broadridge"), will continue to solicit votes from stockholders. AFT and AIF encourage any stockholder that has not yet voted to contact their broker, bank or Broadridge at 1-855-200-8397. The Boards of Directors of AFT and AIF respectively request stockholders vote their proxies as soon as possible to ensure that the Special Meetings can occur without further delay. Voting today will help us reduce the risk of an additional meeting adjournment and the incurrence of additional solicitation costs.
About MidCap Financial Investment Corporation
MidCap Financial Investment Corporation (NASDAQ:MFIC) is a closed-end, externally managed, diversified management investment company that has elected to be treated as a business development company ("BDC") under the Investment Company Act of 1940 (the "1940 Act"). For tax purposes, the Company has elected to be treated as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). The Company is externally managed by Apollo Investment Management, L.P. (the "MFIC Adviser"), an affiliate of Apollo Global Management, Inc. and its consolidated subsidiaries ("Apollo"), a high-growth global alternative asset manager. The Company's investment objective is to generate current income and, to a lesser extent, long-term capital ...