Voya Prime Rate Trust Emphasizes the Need to Protect Against Short-term Activist Campaigns & Preserve Investment Returns for ...
June 15 2020 - 2:00PM
Business Wire
The Board Asks Shareholders to Vote the
“WHITE” Proxy Card
Voya Prime Rate Trust (NYSE: PPR) (the “Trust”) today sent a
letter to shareholders highlighting the results of a focused
investment thesis that has delivered consistently paid dividends
for decades and performed well in periods of heightened volatility
and credit risk. This strategy has been overseen by an experienced
Board that is committed to protecting investment returns in the
Fund and has a track record of acting in the best interests of ALL
shareholders.
The letter also notes the recent action taken by the Securities
and Exchange Commission (SEC) to protect closed-end funds against
activist investors, like Saba Capital Management, which seek to
leverage their outsized influence to generate short-term profits at
the expense of long-term shareholders. As former SEC Commissioner
Robert Jackson said in testimony before the U.S. House of
Representatives last year, “One of the things that is most
troubling about [closed-end fund activism] is that closed-end funds
ordinarily are held by retail investors...who bought the fund with
the understanding that it wouldn’t be attacked in just this
way.”
The Board has determined that the Board nominees and shareholder
proposal put forward by a hedge fund managed by Saba Capital
Management are adverse to the interests of the Trust’s long-term
shareholders and urges shareholders to cast their vote using the
“WHITE” proxy card “FOR” the Board-approved nominees
and “AGAINST” the proposal requesting a tender offer.
The Annual Meeting of Shareholders will be held on July 9,
2020.
The full text of Voya Prime Rate Trust’s letter to shareholders
can be found here.
About Voya Investment Management
A leading, active asset management firm, Voya Investment
Management manages, as of March 31, 2020, more than $210 billion
for affiliated and external institutions as well as individual
investors. With over 40 years of history in asset management, Voya
Investment Management has the experience and resources to provide
clients with investment solutions with an emphasis on equities,
fixed income, and multi-asset strategies and solutions. Voya
Investment Management was named in 2015, 2016, 2017, 2018 and 2019
as a “Best Places to Work” by Pensions and Investments magazine.
For more information, visit voyainvestments.com. Follow Voya
Investment Management on Twitter @VoyaInvestments.
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version on businesswire.com: https://www.businesswire.com/news/home/20200615005651/en/
Media Contact: Kristopher Kagel (212) 309-6568
Kristopher.Kagel@voya.com
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