Flat Rock Opportunity Fund
11/04/2024 | Press release | Distributed by Public on 11/04/2024 08:22
Notification of Periodic Repurchase Offer Form N 23C3A
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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Form N-23c-3
Notification of Repurchase Offer
Pursuant to Rule 23c-3
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Date of Notification: November4, 2024
1.Investment Company Act File Number:
811-23328
2.Exact name of Investment Company as specified in registration statement:
Flat Rock Opportunity Fund
3.Address of principal executive office: (number, street, city, state, zip code)
Flat Rock Opportunity Fund
680 S. Cahce Street, Suite 100
P.O. Box 7403
Jackson, Wyoming 83001
4.Check one of the following:
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A. |
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The notification pertains to a periodic repurchase offer under paragraph (b) of Rule 23c-3. |
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B. |
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The notification pertains to a discretionary repurchase offer under paragraph (c) of Rule 23c-3. |
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C. |
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The notification pertains to a periodic repurchase offer under paragraph (b) of Rule 23c-3 and a discretionary repurchase offer under paragraph (c) of Rule 23c-3. |
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By: |
/s/ Robert K. Grunewald |
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Robert K. Grunewald, |
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Chief Executive Officer |
FLAT ROCK OPPORTUNITY FUND
NOTICE OF QUARTERLY REPURCHASE OFFER
If you do not wish to sell shares at this time, please disregard this Notice.
November4, 2024
Dear Flat Rock Opportunity Fund Shareholder,
The purpose of this Notice is to announce the quarterly repurchase offer for Shares of Flat Rock Opportunity Fund (the "Fund"). The Fund will offer to repurchase Shares only during each regularly scheduled quarterly repurchase offer. The purpose of these quarterly repurchase offers is to provide shareholders with access to their assets and a degree of liquidity.
The repurchase offer period will begin on November4, 2024 and end on December4, 2024.
If you are not interested in tendering your shares for repurchase at this time, you may disregard this letter and take no action.
If you wish to tender shares, please complete the attached Repurchase Request Form. If you hold your shares through a broker-dealer or advisor, please contact your financial consultant for assistance and provide all of the information that they require on or prior to the Repurchase Request Deadline specified in the attached Repurchase Offer document.
The Repurchase Request Deadline will be strictly observed. If you (or another person acting on your behalf) fails to submit the required information to the Fund's Transfer Agent or to take any other required action on or before 4:00 p.m., Eastern Time, on Wednesday, December4, the Fund will not repurchase any of your shares until a subsequent quarterly repurchase offer, at which time you must submit a new repurchase request for that offer.
If you have any questions and you do not hold your shares through a broker-dealer or advisor, a service representative at the Transfer Agent is available by calling 307-500-5200. If you hold your shares through a broker-dealer or advisor, please contact your financial consultant.
For additional details of the offer, please refer to the attached Repurchase Offer document.
As always, we value our relationship with you and hope to continue to serve your investment needs.
Sincerely,
Flat Rock Opportunity Fund
FLAT ROCK OPPORTUNITY FUND
REPURCHASE OFFER
1.The Offer. Flat Rock Opportunity (the "Fund") is offering to repurchase, for cash, five percent (5%) of its issued and outstanding Shares (the "Shares") at a price equal to the net asset value ("NAV") as of the close of regular business hours on the New York Stock Exchange on the Repurchase Pricing Date (as defined below). The purpose of this offer is to provide a level of liquidity to shareholders since no secondary market exists for these Shares. This offer is not conditioned on the tender of any minimum number of Shares. This offer is made subject to the terms and conditions made in this Repurchase Offer and the Fund's current prospectus and statement of additional information.
2.Net Asset Value. On October28, 2024,the NAV of the Shares (FROPX) was $19.27 per share. The NAV at which the Fund will repurchase Shares will not be calculated until the Repurchase Pricing Date (as defined below). The NAV of the Shares can fluctuate. Therefore, the NAV on the Repurchase Pricing Date may be higher or lower than the NAV stated above or the date on which you return your Repurchase Request Form. The current NAV may be obtained by visiting the Fund's website (https://flatrockglobal.com/flat-rock-opportunity-fund/) or by calling the Fund's transfer agent, Ultimus Fund Solutions, LLC (the "Transfer Agent"), at 877-792-0924 and asking for the most recent price. The Shares are not traded on any organized market or securities exchange.
3.Repurchase Request Deadline. All Repurchase Requests must be received in proper form by 4:00 p.m., Eastern Time, on December4, 2024.
4.Repurchase Pricing Date. The NAV used to calculate the repurchase price will be determined on December4, 2024 (the "Repurchase Pricing Date"). This may be higher or lower than the NAV on the date on which you return your Repurchase Request Form.
5.Payment for Shares Repurchased. The Fund will pay repurchase proceeds within seven (7) calendar days from the Repurchase Pricing Date. The Fund will not charge a repurchase fee.
6.Increase in Number of Shares Repurchased; Pro Rata Purchase. If shareholders tender for repurchase more than the Repurchase Offer Amount, the Fund may, but is not required to, repurchase an additional amount of shares not to exceed 2% of the outstanding shares of the Fund on the Repurchase Request Deadline. If the Fund determines not to repurchase more than the Repurchase Offer Amount, or if shareholders tender shares in an amount exceeding the Repurchase Offer Amount plus 2% of the outstanding shares on the Repurchase Request Deadline, the Fund will repurchase the shares on a pro rata basis. However, the Fund may accept all shares tendered for repurchase by shareholders who own less than 100shares and who tender all of their shares, before prorating other amounts tendered. With respect to any required minimum distributions from an IRA or other qualified retirement plan, it is the obligation of the shareholder to determine the amount of any such required minimum distribution and to otherwise satisfy the required minimum.
7.Withdrawal or Modification.Tenders of Shares may be withdrawn or modified at any time prior to 4:00 p.m., Eastern Time, on December4, 2024.
8.Suspension or Postponement of Repurchase Offer. The Fund may suspend or postpone this Repurchase Offer only with the approval of a majority of the members of the Board of Trustees, including a majority of the Trustees who are not "interested persons" of the Fund, as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended, and only in the following limited circumstances:
•If making or effecting the repurchase of Shares would cause the Fund to lose its status as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code");
•For any period during which the New York Stock Exchange or any other market in which the securities owned by the Fund are principally traded is closed, other than customary weekend and holiday closings, or during which trading in such market is restricted;
•For any period during which an emergency exists as a result of which disposal by the Fund of securities owned by it is not reasonably practicable, or during which it is not reasonably practicable for the Fund fairly to determine the value of its net assets; and
•For such other periods as the Securities and Exchange Commission may by order permit for the protection of shareholders of the Fund.
9.Tax Consequences. You should review the tax information in the Fund's current prospectus and statement of additional information and consult with your tax adviser regarding any specific consequences, including state and local tax consequences, of participating in this Repurchase Offer. Generally, any tender of Shares to the Fund would be treated as a taxable event and any gain or loss would be treated as a capital gain or loss, either short or long term, depending on the length of time the Shares have been held by the shareholder.
10. Documents in Proper Form.All questions as to validity, form, eligibility (including time and receipt) and acceptance of tenders of Shares will be determined by the Fund in its sole discretion. The determination by the Fund shall be final and binding. The Fund reserves the absolute right to reject any or all tenders of Shares (even if such tenders are determined to be in good and proper form) and to refuse to accept for payment, purchase, or to pay for any Shares if, in the opinion of the Fund's counsel, accepting, purchasing or paying for such Shares would be unlawful. The Fund also reserves the absolute right to waive any of the conditions of this offer or any defect in any tender of Shares, whether generally or with respect to any particular Shares or shareholders. The Fund's interpretations of the terms and conditions of this offer shall be final and binding. Unless waived, any defects or irregularities in connection with tenders of Shares must be corrected within such times as the Fund shall, in its absolute discretion, decide. Tenders of Shares will not be deemed to have been made until any defects or irregularities have been corrected or waived.
None of the Fund, Flat Rock Global, LLC (the "Adviser"), the Transfer Agent, Ultimus Fund Distributors, LLC, (the "Distributor"), nor any other person or entity is or will be obligated to give notice of any defects or irregularities in tenders, nor shall any of them incur any liability for failure to give any such notice.
None of the Fund, the Adviser, nor the Distributor is or will be obligated to ensure that your financial advisor, or any broker/dealer or any other third party through which your Shares may be held or registered, submits to you this Repurchase Offer or submits your tender of Shares to the Fund on your behalf.
Neither the Fund nor its Board of Trustees makes any recommendation to any shareholder as to whether to tender or refrain from tendering Shares. Each shareholder must make an independent decision as to whether or not to tender Shares and, if so, how many Shares to tender.
No person has been authorized to make any recommendation on behalf of the Fund as to whether shareholders should tender Shares pursuant to this offer. No person has been authorized to give any information or to make any representations in connection with this offer other than those contained herein or contained in the Fund's current prospectus or statement of additional information. If given or made, such recommendation and such information and representation may not be relied upon as having been authorized by the Fund.
For additional information about this offer, contact your financial advisor or review the Fund's current prospectus and statement of additional information.
FLAT ROCK OPPORTUNITY FUND
REPURCHASE REQUEST FORM
MUST BE RECEIVED BY 4:00 P.M., EASTERN TIME, ON DECEMBER 4, 2024.
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Regular Mail: |
Overnight Delivery: |
Please accept this tender of shares as designated below for repurchase at a price equal to their net asset value on the Repurchase Pricing Date.
I understand that this quarterly repurchase offer is limited to five percent (5%) of the Fund's outstanding shares and that, if the offer is oversubscribed, the Fund may not purchase the full amount of the shares that I am requesting, in which case the Fund will repurchase shares on a pro rata basis.
Name(s) of Registered Shareholders:
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Account Number: _________________________________ |
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_____________________________________ |
Daytime Telephone Number: ________________________ |
Amount of Shares Tendered (check only ONE option and fill in number or dollar amount as appropriate):
Shares to be tendered:
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Full Tender: |
Please tender all shares in my account. |
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Partial Tender: |
Please tender ___________ shares from my account. |
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Dollar Amount: |
Please tender enough shares to net $____________ |
RETIREMENT ACCOUNTS ONLY - Withholding Notice and Election Form Form W-4R/OMB No. 1545-0074 Department of Treasury, Internal Revenue Service
If no withholding election is indicated below, IRS regulations require that 10% Federal income tax withholding be taken from your distributions. We encourage you to consult with your accountant or tax advisor regarding your IRA distributions. Even if you elect not to have Federal income tax withheld, you are liable for payment of Federal income tax on the taxable portion of your distribution. You may be subject to tax penalties under the estimated tax payment rules if your payments of estimated tax and withholdings are not adequate.
_____ Federal Income Tax Withholding is to be withheld at ____% (If a percentage is not specified, 10% will automatically be withheld)
_____ I elect NOT to have Federal Income Tax Withheld
Payment and Delivery Instructions:
Unless alternative instructions are given below, the check will be issued to the name(s) of the registered shareholders and mailed to the address of record.
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Alternative mailing instructions: |
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Medallion Signature Guarantee may be required if (i) repurchase offers are greater than or equal to $100,000; (ii) proceeds of the repurchase are to be made payable via check to someone other than the registered account owner; or (iii) proceeds are to be made payable as the account is registered but mailed to an address other than the address of record on the account. Please contact the Fund at 877-792-0924to determine if a Medallion Signature Guarantee is necessary for your repurchase.
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Signature: |
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Date: |
____________________________ |
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Signature Guarantee:
ALL signatures MUST be guaranteed by an employee of a member firm of a regional or national securities exchange or of the Financial Industry Regulatory Authority, Inc., by an employee of a commercial bank or trust company having an office, branch or agency in the United States or any other "eligible guarantor institution" as that term is defined in Rule 17 Ad-15(a)(2) of the Securities Exchange Act of 1934.
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Signature Guaranteed By: |
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