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NexPoint Credit Strategies Fund announces reverse stock split


NexPoint Credit Strategies Fund is to execute a 1-for-4 reverse stock split of the fund's issued and outstanding shares to take effect on 6 October, 2015.  

As a result of the reverse stock split, every four outstanding Fund shares will be converted into one share, thereby reducing by a factor of four the number of shares outstanding. Each stockholder will hold the same percentage of the Fund's outstanding common stock immediately following the reverse stock split as such stockholder held immediately prior to the reverse stock split, subject to adjustments for fractional shares resulting from the reverse stock split. Stockholders will be paid cash for any fractional shares resulting from the reverse stock split. 

The reverse split is intended to provide a per share value that is more consistent with the Fund's size, potential economics and total market capitalisation.

Stockholders will receive a letter with additional information regarding the reverse stock split.  Holders of certificates representing pre-split shares of the Fund's common stock will receive, upon surrender of their certificates representing such pre-split shares, uncertificated post-split shares of the Fund's common stock (ie, a stockholder's holdings of post-split shares will be reflected only in the Fund's record books).

Although it is not mandatory for holders to exchange their pre-split certificates, stockholders will not be able to trade their shares or to receive any dividends or other distributions until the surrender of the certificates representing such pre-split shares of the Fund's common stock. The reverse stock split will occur for holders of uncertificated shares without further action by such stockholders, and the changes resulting from the reverse stock split will be automatically reflected in the Fund's record books.

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