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MarketScreener Homepage  >  Equities  >  Nyse  >  Apollo Senior Floating Rate Fund Inc.    AFT

APOLLO SENIOR FLOATING RATE FUND INC.

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APOLLO SENIOR FLOATING RATE FUND INC. : Amendments to Articles of Inc. or Bylaws; Change in Fiscal Year, Financial Statements and Exhibits (form 8-K)

11/24/2020 | 04:34pm EST

Item 5.03 Amendments to Articles of Incorporation or By-Laws; Change in Fiscal Year.

Apollo Senior Floating Rate Fund Inc. (the "Fund") announced on November 19, 2020 that the Board has elected that the Fund be subject to the Maryland Control Share Acquisition Act (the "MCSAA"), effective immediately. The Board believes that electing to be subject to the MCSAA protects the interests of the Fund and its stockholders. The objective of the MCSAA is to protect the interests of all stockholders of a Maryland corporation. Maryland lawmakers instituted the MCSAA to limit the ability of any single stockholder to exert undue influence in pursuit of short-term gains at the expense of long-term value for fund stockholders and a fund's ability to achieve its investment objective.

The election to become subject to the MCSAA limits the ability of holders of "control shares" to vote those shares above various threshold levels that start at 10% unless the other stockholders of the Fund reinstate or approve those voting rights at a meeting of stockholders as provided in the MCSAA. The bylaws for the Fund provide that the provisions of the MCSAA do not apply to the voting rights of the holders of any shares of preferred stock of the Fund (but only with respect to such preferred stock).

The above description of the MCSAA is only a high-level summary and does not purport to be complete. Investors should refer to the actual provisions of the MCSAA and the Fund's bylaws for more information, including definitions of key terms, various exclusions and exemptions from the statute's scope, and the procedures by which stockholders may approve the reinstatement of voting rights to holders of "control shares."

An investment in the Fund involves risk, including loss of principal. Investment return and the value of shares will fluctuate. Any commentary provided in this press release is for informational purposes only.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.



Exhibit No.       Description:

5.03                Amended and Restated By-Laws of Apollo Senior Floating Rate
                  Fund Inc. dated November 19, 2020




                                     - 2 -

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