BOSTON, Dec. 23, 2020 (GLOBE NEWSWIRE) -- Eagle Growth and Income Opportunities Fund (the "Fund") (formerly NYSE: EGIF) today announced an additional liquidating distribution to its shareholders. On or about December 31, 2020, the Fund will distribute $961,462, or $0.14 per share, in a cash liquidating distribution to shareholders entitled to such distribution.
Including this liquidating distribution, since the Fund announced its liquidation on May 27, 2020 (the "Liquidation Date"), the Fund will have made four cash liquidating distributions to its shareholders totaling $89,896,649, or $13.09 per share. This represents a return to shareholders of 93.84% of the Fund's net asset value per share as of the Liquidation Date.
Consistent with prior liquidating distributions, the Fund has retained a limited amount of cash, as it continues to wind down its operations, in order to satisfy ongoing and estimated payment obligations in order to complete its liquidation and termination process, including matters associated with the reserve established by the Fund's Board of Trustees in July 2020 to provide for certain contingent liabilities of the Fund, which was subsequently released last month. Since the Fund announced its liquidation, those payment obligations have constituted approximately $0.77 per share based on the Fund's net asset value on the Liquidation Date.
The Fund also continues to seek reimbursement of certain expenses from its insurers and the payment of certain foreign tax reclaims. The Fund cannot predict the timing or amount of any insurance reimbursements or the receipt of those tax reclaims, but is actively working to resolve those matters in order to complete its liquidation and return any remaining net assets to its shareholders in the first quarter of 2021 prior to its termination.
Shareholders may recognize gain or loss for U.S. tax purposes as a result of the liquidation. Gain or loss will generally be measured as the difference between the sum of the cash liquidating distributions and the shareholder's tax basis in the shares of the Fund. The Fund does not provide tax advice and investors should consult their individual tax adviser regarding the tax treatment applicable to a liquidating distribution and any other payments received in connection with the liquidation.
In addition, on December 23, 2020, the Fund's application to deregister as an investment company under the Investment Company Act of 1940, as amended (the "1940 Act"), was approved by the Securities and Exchange Commission. As of that date, the Fund is no longer subject to registration or regulation under the 1940 Act. The Fund anticipates that, as a result of its deregistration, it will be able to seek to complete its wind down and termination with reduced expenses as it will no longer be required to operate as a registered investment company during its liquidation process.
About Eagle Growth and Income Opportunities Fund
Until December 23, 2020, the Fund was a diversified, closed-end management investment company. The Fund is advised by First Eagle Alternative Credit, LLC.
About First Eagle Alternative Credit, LLC
First Eagle Alternative Credit is an alternative credit investment manager for both direct lending and broadly syndicated investments through public and private vehicles, collateralized loan obligations, separately managed accounts and co-mingled funds. First Eagle Alternative Credit maintains a variety of advisory and sub-advisory relationships across its investment platforms. First Eagle Alternative Credit is a wholly owned subsidiary of First Eagle Investment Management, LLC.
Forward-Looking Statements
Statements included herein may constitute "forward-looking statements", which relate to future events or our future performance or financial condition. These statements are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in our filings with the Securities and Exchange Commission. The Fund undertakes no duty to update any forward-looking statements made herein.
Contact the Fund at 1.833.845.7513 or visit the Fund's website at http://feacegif.com for additional information.
Contact
Andrew Park
First Eagle Alternative Credit, LLC
212.829.3126