Ready Capital (RC) Prnewswire·2024-12-12 23:38Core Viewpoint - NexPoint expresses strong disapproval of UDF IV's decision not to reconvene the Annual Meeting after failing to meet quorum, highlighting governance failures and concerns regarding the proposed acquisition by Ready Capital [2][4]. Group 1: Governance and Shareholder Engagement - UDF IV's failure to reconvene the Annual Meeting raises serious concerns about the Board's ability to protect shareholder interests, particularly in light of the proposed acquisition by Ready Capital [2][4]. - NexPoint calls for UDF IV to reconvene the Annual Meeting within 120 days and provide necessary disclosures for shareholders to assess the proposed transaction [3]. - The independent proxy advisory firm Glass Lewis shares concerns about UDF IV's governance and the timing of the Ready Capital deal, suggesting it may be an attempt to avoid accountability [4][5]. Group 2: Financial Disclosure and Accountability - NexPoint urges UDF IV to disclose the costs incurred by shareholders related to the Annual Meeting and efforts to avoid it, emphasizing the need for transparency [6]. - Shareholders are entitled to information to make informed decisions about the current Trustees and the proposed merger, and NexPoint encourages them to demand accountability [7]. Group 3: Shareholder Sentiment - NexPoint believes the vote at the Annual Meeting was much closer than reported, indicating significant shareholder dissatisfaction with UDF IV's leadership [4]. - The Company is accused of manipulating the Annual Meeting's purpose to sway votes in favor of the merger, which raises further concerns about governance practices [4][5].