Mar 16. 12:08
Pathway Capital Opportunity Fund Inc. Files for Deregistration
The Pathway Capital Opportunity Fund Inc. filed for deregistration on March 16, 2021. The fund was Effective as of September 2, 2014 and operated for 6+ years. At the time of deregistration, the fund was managed by Pathway Capital Opportunity Fund Management, LLC. The fund had a max of $13,666,839 in total assets during its existence as filed in March of 2018. The fund listed liquidation as the reason for deregistration after a shareholder vote as noted in a March 20, 2019 filing.
The fund listed liquidation as the reason for deregistration. As noted in an August 16, 2018 filing:
“On August 10, 2018, Triton Pacific Investment Corporation, Inc. (“TPIC”) entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Pathway Capital Opportunity Fund, Inc. (“PWAY”), a registered closed-end investment company that operates as an interval fund pursuant to Rule 23c-3 under the Investment Company Act of 1940, as amended (the “Company Act”).”
A December 31, 2018 filing noted:
“The Board of Directors of the Fund has unanimously approved a proposed combination (the “Merger”) of the Fund and Triton Pacific Investment Corporation, Inc. (“TPIC”), an externally managed closed-end, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. TPIC has filed a combination proxy statement and registration statement on Form N-14 with respect to the Merger that has yet to be declared effective by the Securities and Exchange Commission. If the Merger is approved by shareholder of both funds and is completed, Fund shareholders will become holders of Class A shares of TPIC's common stock, and the Fund will cease to operate independently as an interval fund.”
The shareholders approved the liquidation proposal as noted in the March 20, 2019 filing:
“Triton Pacific Investment Corporation, Inc. (“TPIC”) and Pathway Capital Opportunity Fund, Inc. (“PWAY”) announced today that the shareholders of each of TPIC and PWAY at separate shareholder meetings held on March 15, 2019, overwhelmingly approved, among other matters, the merger between TPIC and PWAY to create TP Flexible Income Fund, Inc. (the “Fund”). The Boards of Directors of both TPIC and PWAY previously approved the merger, including the merger agreement.
At the TPIC shareholder meeting, 96.2% of votes cast voted in favor of the merger. At the PWAY shareholder meeting, 96.0% of votes cast voted in favor of the merger. Each meeting was attended, either in person or by proxy, by a quorum for shareholders of record as of February 12, 2019.”
TP Flexible Income Fund, Inc. (FLEX) common stock were distributed pro rata to shareholders based on net assets. The fund is a publicly registered, non-traded BDC. Learn more about deregistering interval funds here.
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