An investor group comprising and otherentities have agreed to sell their 6.6% stake in to Leonard Tannenbaum and Fifth Street Holdings LP.
Tannenbaum is the founder, chairman and CEO of .
Tannenbaum and Fifth Street Holdings will purchase all1,942,641 shares of Fifth Street Senior Floating Rate owned by IronsidesPartners and its entities at a purchase price of $9.00 per share for anaggregate purchase price of about $17.5 million. The purchase is expected toclose Nov. 30.
The investor group also agreed to observe certain standstillprovisions with respect to Fifth Street Senior Floating Rate, and FifthStreet Asset Management for a certain period.
If Fifth Street Holdings fails to acquire any of the FifthStreet Senior Floating Rate shares from the investor group, Tannenbaum willpurchase all such remaining shares.
Ironsides Partners and its affiliates had the termination of Fifth StreetSenior Floating Rate's investment advisory agreement with andnominated Robert Knapp and Richard Cohen for election to the board of FifthStreet Senior Floating Rate.
The proposal to terminate the investment advisory agreementwas not approved atthe annual meeting of stockholders and Richard Cohen was to Fifth Street Senior's board.