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NEW YORK, January 10, 2025--(BUSINESS WIRE)--Insight Select Income Fund (NYSE:INSI) ("INSI" or the "Fund") announced today that, at a Special Meeting of the Fund’s shareholders (the "Shareholders"), the Shareholders of the Fund have approved the Agreement and Plan of Reorganization ("Reorganization Agreement") providing for the transfer at net asset value of all of the assets and certain liabilities of INSI to KKR Income Opportunities Fund ("KIO") (the "Reorganization").
Subject to the satisfaction of certain customary closing conditions, the Reorganization is expected to close on February 7, 2025, or as soon as practicable thereafter (the "Closing Date"). No assurance can be given as to the exact closing date of the transaction.
Under the terms of the Reorganization Agreement, Shareholders will be entitled to receive consideration from the transaction with respect to their shares of the Fund in the form of KIO common stock ("Stock Consideration") and will have the opportunity to elect to receive a portion of such consideration in cash ("Cash Consideration"), subject to adjustment and proration as further described in the Proxy Statement/Prospectus and the Reorganization Agreement. Shareholders that do not make an affirmative election before January 31, 2025 (the "Election Deadline Date") will be deemed to have elected to receive Stock Consideration. Following the closing of the Reorganization, the Fund will distribute to Shareholders Stock Consideration and/or Cash Consideration, in accordance with the Shareholders’ elections and the terms of the Reorganization Agreement.
It is anticipated that shares of the Fund will cease trading on the New York Stock Exchange as of 4:00 p.m. on the Election Deadline Date.
Distributions of Stock Consideration and Cash Consideration are expected to be made on February 12, 2025, or as soon as practicable thereafter, subject to the closing of the Reorganization.
Following the Reorganization, the Acquired Fund will be dissolved and terminated as soon as reasonably practicable in accordance with its organizational documents and the 1940 Act.
Investors that purchase Fund shares in the market for which an election for Cash Consideration has already been made and do not subsequently make a valid election prior to the Election Deadline Date will receive only Stock Consideration. Only Shareholders on the Closing Date are entitled to receive distributions pursuant to the Reorganization Agreement. Shareholders that hold Fund shares in a brokerage account should contact their broker for more information on how to elect Stock Consideration or Cash Consideration.