Fifth Street Senior Floating Rate ( FSFR ) shares were slightly higher on Monday after Ironsides Partners and affiliates owning approximately 6.4% of the company urged fellow shareholders to vote in favor of its director nominees and by extension for the sale of the company.
Ironsides said the letter asks shareholders to support nominees Robert Knapp and Richard Cohen to the board as well as for the termination of the investment advisory agreement with Fifth Street Senior Floating Rate external manager Fifth Street Management LLC ( FSAM ) at the annual meeting on April 7.
"In addition, the letter stresses that immediate change is needed at FSFR and that a sale of the company is the best way to deliver value to FSFR stockholders," Ironsides Partners said in a statement.
FSFR trade in the lower half of the 52-week range between $6.53 and $11.04. FSAM was lower nearly 7%, near the bottom of the 52-week range between $1.31 and $11.55.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
