DALLAS, Feb. 25, 2022 /PRNewswire/ -- NexPoint Advisors,
L.P., investment adviser to the NexPoint Diversified Real Estate
Trust (together "NexPoint"), today announced the extension of the
offering period for its previously announced offer to purchase any
and all Shares of Beneficial Interest (the "Shares") of United
Development Funding IV ("UDFI" or the "Company") at a price of
$1.10 per Share upon the terms
and subject to the conditions set forth in the Offer to Purchase
and in the related Assignment Form for the offer (which together
constitute the "Offer" and the "Tender Offer Documents"). The Offer
is now scheduled to expire at 12:00 midnight, Eastern Time, at the
end of the day on March 25, 2022,
unless the Offer is extended or earlier terminated. The Tender
Offer Documents are available at www.UDFITenderOffer.com, or from
the information agent for the Offer, as discussed below.
As previously announced on December 14,
2020, the Offer is conditioned upon, among other things, the
satisfaction or waiver of the following conditions: (i) there shall
not have been threatened, instituted, or pending any action or
proceeding before any court or any governmental or administrative
agency (a) challenging the acquisition of shares pursuant to the
Offer or otherwise relating in any manner to the Offer, or (b) in
the sole judgment of NexPoint, otherwise materially adversely
affecting the Company; (ii) NexPoint shall have received all
required governmental approvals, if any, for the Offer; (iii)
NexPoint shall have had the opportunity to conduct sufficient due
diligence to determine whether the offered price per share is
reasonable given the current financial condition and results of
operations of UDFI; (iv) the Board of Trustees of UDFI shall have
waived in writing the ownership limitations set forth in Article
VII of the Declaration of Trust of UDFI as such limitations would
otherwise apply to the Offer; and (v) NexPoint shall have received
satisfactory evidence that UDFI has continued to qualify as a real
estate investment trust ("REIT") under federal tax laws and thereby
to avoid any entity-level federal income or excise tax.
On January 8, 2021, UDFI announced
that it had reduced the percentage of outstanding Shares that a
shareholder may own from 9.8% to 5.0%. The Company took such action
in an effort to frustrate the Offer. It also announced it amended
the Company's bylaws to require that certain legal actions could be
brought on behalf of or against UDFI only in certain courts in
Maryland. NexPoint is reviewing
these actions and their legality under applicable law.
Shareholders should read the Offer to Purchase and the related
materials carefully because they contain important information.
Shareholders may obtain a free copy of the Offer to Purchase and
the Assignment Form from D.F. King & Co., Inc., the information
agent for the Offer (the "Information Agent"), by calling toll-free
at (800) 331-7543. THE OFFER WILL EXPIRE AT 12:00 MIDNIGHT,
EASTERN TIME, AT THE END OF THE DAY ON MARCH
25, 2022, UNLESS THE OFFER IS EXTENDED OR EARLIER
TERMINATED.
About the NexPoint Diversified Real Estate Trust
(NXDT)
The NexPoint Diversified Real Estate Trust (NYSE: NXDT),
formerly the NexPoint Strategic Opportunities Fund (NYSE: NHF), is
a closed-end fund managed by NexPoint Advisors, L.P. that is in the
process of converting to a diversified REIT. The name change became
effective on November 8, 2021.
On August 28, 2020, shareholders approved the conversion
proposal and amended NXDT's fundamental investment policies and
restrictions to permit NXDT to pursue its new business. NXDT
has completed the repositioning of its investment portfolio
sufficient to achieve REIT tax status and is operating during its
2021 taxable year so that it may qualify for taxation as a
REIT.NXDT has also realigned its portfolio so that it is no
longer an "investment company" under the Investment Company Act of
1940 (the "1940 Act"). On March 31,
2021, NXDT filed an application with the Securities and
Exchange Commission (the "SEC") for an order under the 1940 Act
declaring that NXDT no longer operates as an investment
company (the "Deregistration Order"). During the SEC's review
process, NXDT will continue to be structured as a closed-end
investment fund.
For more information visit
www.nexpoint.com/nexpoint-strategic-opportunities-fund
About NexPoint Advisors, L.P.
NexPoint Advisors, L.P. is an SEC-registered adviser on the
NexPoint alternative investment platform. It serves as the adviser
to a suite of funds and investment vehicles, including a closed-end
fund, interval fund, business development company, and various real
estate vehicles. For more information visit www.nexpoint.com
—
Risks and Disclosures
This document is for informational purposes only and is neither
an offer to purchase nor a solicitation of an offer to sell any
common stock of UDFI or any other securities. The offer to purchase
common stock of UDFI will only be made pursuant to the Offer to
Purchase, the Assignment Form and related documents. THE TENDER
OFFER MATERIALS (INCLUDING THE OFFER TO PURCHASE, THE ASSIGNMENT
FORM AND CERTAIN OTHER TENDER OFFER DOCUMENTS) WILL CONTAIN
IMPORTANT INFORMATION. STOCKHOLDERS OF UDFI ARE URGED TO READ THESE
DOCUMENTS CAREFULLY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL
CONTAIN IMPORTANT INFORMATION THAT SUCH STOCKHOLDERS SHOULD
CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR
SHARES. Investors and security holders may obtain a free copy of
these statements (when available) by directing such requests to the
Information Agent, by calling toll-free at (800) 331-7543.
###
Media Contact
Lucy Bannon
MediaRelations@nexpoint.com
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SOURCE NexPoint Advisors, L.P.