The Board of Voya Prime Rate Trust Reiterates Commitment to Act in the Best Interests of All Shareholders
June 22 2020 - 10:00AM
Business Wire
Shareholders Should Vote the “WHITE”
Proxy Card
Voya Prime Rate Trust (NYSE: PPR) (the “Fund”), today sent a
letter to shareholders highlighting the expertise and commitment of
the Fund’s current Board to act in the interests of ALL of the
Fund’s shareholders and support the continuity and stability of the
Fund’s operations during a time of increased volatility.
The letter also points out a number of critical facts,
including:
- Voya Prime Rate Trust has paid income consistently to investors
since inception.
- The Fund is managed to outperform in periods of increased risk.
In three major recent market drawdowns (Q4 2018, Energy Crisis
2016, Financial Crisis 2008), the Fund’s performance has ranked in
the top quintile of its Morningstar category peers.
- A self-tender of the size that is being proposed by one of Saba
Capital Management’s activist hedge funds would require the Fund to
dispose of more than half of its assets in uncertain market
conditions, with the losses and costs being borne largely by
shareholders other than Saba.
The Board urges shareholders to cast their vote using the
“WHITE” proxy card “FOR” the Board-approved nominees and
“AGAINST” Saba’s self-serving proposal.
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/20200622005367/en/
Media Contact: Kristopher Kagel (212) 309-6568
Kristopher.Kagel@voya.com
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