Special Opportunities Fund Announces Results of Annual Meeting of Stockholders of BNY Mellon Municipal Income

Rhea-AI Summary

Special Opportunities Fund (NYSE: SPE) announced the results of BNY Mellon Municipal Income's (NYSE: DMF) annual stockholder meeting on June 12, 2024. Key outcomes include the election of Phillip Goldstein, Andrew Dakos, and Moritz Sell as Class I Directors, the approval of a non-binding proposal to declassify the Board, and the approval of a non-binding proposal for the Board to consider measures to allow stockholders to monetize their shares at a price near net asset value.

Positive

• Election of experienced directors Phillip Goldstein, Andrew Dakos, and Moritz Sell could enhance governance.
• Approval to declassify the Board may lead to increased accountability and potentially more responsive management.
• Approval of a proposal to monetize shares at net asset value could benefit stockholders by potentially increasing share liquidity and value.

Negative

• The proposals approved are non-binding, so there is no guarantee that the Board will act on them, which could lead to stockholder dissatisfaction.
• No new financial data or performance metrics were provided, leaving investors without updated insights into the Fund's financial health.

NEW YORK--(BUSINESS WIRE)-- Special Opportunities Fund, Inc. (the “Fund”) (NYSE: SPE) announced today that, at the annual meeting of stockholders of BNY Mellon Municipal Income (NYSE: DMF) held on June 12, 2024, (1) Phillip Goldstein, Andrew Dakos and Moritz Sell were elected as Class I Directors, (2) a non-binding proposal to declassify the Board was approved, and (3) a non-binding proposal to request that the Board consider measures to allow stockholders to monetize their shares at a price at or close to net asset value was approved

Additional information regarding the Fund may be obtained by calling U.S. Bancorp Fund Services, LLC, the Fund’s Administrator at (414) 516-1514.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240617268932/en/

U.S. Bancorp Fund Services, LLC

(414) 516-1514

Source: Special Opportunities Fund, Inc.

FAQ

What were the results of the BNY Mellon Municipal Income's annual stockholder meeting on June 12, 2024?

Key outcomes include the election of Phillip Goldstein, Andrew Dakos, and Moritz Sell as Class I Directors, approval of a non-binding proposal to declassify the Board, and a non-binding proposal to monetize shares at a price near net asset value.

What proposals were approved at the June 12, 2024 stockholder meeting for BNY Mellon's Municipal Income?

The meeting approved two non-binding proposals: one to declassify the Board and another to consider measures to allow stockholders to monetize their shares at a price close to net asset value.

Who were elected as Class I Directors in the June 12, 2024 stockholder meeting for BNY Mellon Municipal Income?

Phillip Goldstein, Andrew Dakos, and Moritz Sell were elected as Class I Directors.

What is the ticker symbol for Special Opportunities Fund?

The ticker symbol for Special Opportunities Fund is SPE.