SADDLE BROOK, N.J.--(BUSINESS WIRE)--Bulldog Investors, LLC (“Bulldog”) today announced that it is shocked and dismayed by the announcement by Voya Prime Rate Trust (NYSE: PPR) (the “Fund”) of a tender offer for 15% of its outstanding common shares at 99% of net asset value (“NAV”).
At the Fund’s annual meeting on July 9, 2020, shareholders overwhelmingly voted in favor of a proposal for a self-tender offer for at least 40% of the Fund’s shares at or close to NAV. Moreover, at the same annual meeting, shareholders, including Bulldog, voted to elect a new slate of Trustees based upon a proxy solicitation conducted by Saba Capital in which it stated: “We are convinced that NOW is the time to take action to close the Fund’s discount and we urge shareholders to elect our slate of nominees, who, if elected, would serve the best interests of all shareholders.”
The Board has had more than four months to consider the voting results and it surely knows that a tender offer for only 15% of the Fund’s shares will be heavily oversubscribed. Therefore, Bulldog urges the Trustees to abide by the wishes of the shareholders that elected them by authorizing a tender offer for at least 40% of the Fund’s outstanding shares.
About Bulldog Investors
Bulldog Investors LLC is an SEC-registered investment adviser that manages the Bulldog Investors group of private funds, Special Opportunities Fund, Inc. (NYSE:SPE), a registered closed-end investment company, and separately managed accounts.