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Saturday, 08/21/2021 10:08:04 AM

Saturday, August 21, 2021 10:08:04 AM

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Highland Income Fund (HFRO) Announces Adjournment of Special Meeting of Shareholders (8/20/21)

Special Meeting of Shareholders Adjourned to September 24, 2021, to Allow Shareholders to Review Recent Updates to Holding Company Conversion Proposal

DALLAS, Aug. 20, 2021 (GLOBE NEWSWIRE) -- The Highland Income Fund (NYSE: HFRO) (“HFRO” or the “Fund”), a closed-end fund managed by Highland Capital Management Fund Advisors, L.P. (the “Adviser”), today announced that the special meeting of shareholders (“Special Meeting”) held on August 20, 2021 has been adjourned to provide shareholders with additional time to consider the proposal to convert the Fund to a diversified holding company. The Special Meeting will reconvene on September 24, 2021 at 8:30 a.m. CDT.

At the Special Meeting, shareholders are being asked to vote on the proposal to convert the Fund from a registered investment company to a diversified holding company and to amend certain fundamental investment restrictions (collectively, the “Business Change Proposal”), and if the Business Change Proposal is approved, to approve the amendment and restatement of the Fund’s Agreement and Declaration of Trust (together with the Business Change Proposal, the “Proposals”).

Since announcing the conversion, the Adviser has continuously collected feedback from investors, which it has used to refine the Proposals—adding features intended to deliver additional benefits to shareholders. Those include the addition of a tender offer, which was announced on August 13, 2021. Under the terms of the tender offer, the Fund will purchase for cash up to $50 million in aggregate value of Common Shares at a price equal to 95% of the net asset value per Common Share as of the close of business on the business day before the tender offer expires (the “Tender Offer”). The Tender Offer is contingent upon the Fund obtaining shareholder approval of the Proposals.

The Proposals aim to increase shareholder value and better position HFRO in the current and future market environment. The Fund’s Board of Trustees (the “Board”), a majority of the members of which are not interested persons of the Fund, reviewed the Proposals at length, and believes they are in the best interest of shareholders. As such, the Board, even prior to the Tender Offer announcement, unanimously recommended that shareholders vote “FOR” the Proposals. The updates to the Proposals have been well received, and the Adviser expects the Tender Offer to garner further support from HFRO shareholders.

The Adviser created additional materials to reflect the changes to the Proposals and feedback from investors. Those materials, which were filed with the Securities and Exchange Commission (“SEC”), include information on the Tender Offer and updates on the conversion process.

The adjournment of the Special Meeting provides additional time for shareholders to consider the updates made to the Proposals and review all recent materials before submitting their vote.

Voting information, recent materials, and other shareholder resources can be found on the HFRO conversion website at www.hfroconversion.com/resources.

https://www.globenewswire.com/news-release/2021/08/20/2284170/0/en/Highland-Income-Fund-HFRO-Announces-Adjournment-of-Special-Meeting-of-Shareholders.html

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