Welcome to our dedicated page for High Income Securities Fund news (Ticker: PCF), a resource for investors and traders seeking the latest updates and insights on High Income Securities Fund stock.
High Income Securities Fund (NYSE: PCF) is a closed-end management investment company focused on providing high current income with a secondary objective of capital appreciation. The Fund achieves these goals primarily through investments in convertible bonds and convertible preferred stocks. Additionally, the Fund also seeks opportunities in high-yielding non-convertible securities that hold potential for capital growth.
The investment strategy of High Income Securities Fund is designed to leverage the benefits of convertible securities, which offer the potential for equity-like returns with the added stability of fixed-income assets. This dual approach helps balance income generation with the opportunity for capital gains, catering to investors seeking both steady income and growth potential.
As of the latest update, the Fund’s Board of Trustees has approved the issuance of non-transferable rights to purchase additional shares of the Fund’s stock. Shareholders will receive one right for each share held, with the option to buy additional shares at a subscription price determined by the Board. This initiative aims to enhance shareholder value and provide opportunities for increased investment in the Fund.
Through its strategic investments and proactive management, High Income Securities Fund continually seeks to optimize returns for its shareholders. The Fund remains committed to identifying high-potential securities while maintaining a diversified portfolio to manage risk effectively.
High Income Securities Fund (NYSE: PCF) has completed its tender offer, which expired on December 9, 2024. The Fund offered to purchase up to 10,675,000 shares at 98% of the net asset value (NAV) per share. The tender offer was oversubscribed, with 11,885,085 shares validly tendered. Due to the oversubscription, approximately 90% of shares tendered by each shareholder will be accepted for payment at $7.07 per share, representing 98% of the NAV of $7.21 per common share.
High Income Securities Fund (NYSE: PCF) announced the results of a special shareholder meeting where all proposals were approved except one regarding the elimination of requirements for converting the Fund to an open-end mutual fund. The Fund is launching a tender offer to purchase up to 10,675,000 shares at 98% of the net asset value per common share as of December 9, 2024. The Fund may purchase an additional 2% of outstanding shares without amending the offer. The tender offer will expire at 5:00 p.m. Eastern Time on the Expiration Date, and shareholders holding shares in street name should contact their custodian regarding participation requirements.
High Income Securities Fund (NYSE: PCF) announced the adjournment of its special meeting of shareholders until November 8, 2024. The meeting aims to vote on proposals including approving an investment advisory agreement with Bulldog Investors, LLP and expanding the Fund's investment strategies. Despite insufficient votes, shareholders who voted showed strong support for the proposals. The adjournment allows more time for shareholders to vote.
The Board urges shareholders to vote promptly to minimize proxy solicitation costs. After the meeting, the Board plans to authorize a tender offer to purchase at least 90% of shares issued in the recent rights offering if proposals are adopted, or 60% if not adopted, at a price of at least 98% of NAV. Shareholders needing assistance can contact InvestorCom at (877) 972-0090.
High Income Securities Fund (NYSE: PCF) has announced its monthly distributions for the fourth quarter of 2024 under its managed distribution plan. The Fund's Board of Trustees has declared the following distributions:
- October: $0.0622 per share, payable on October 31, 2024, to stockholders of record on October 22, 2024
- November: $0.0622 per share, payable on November 29, 2024, to stockholders of record on November 19, 2024
- December: $0.0622 per share, payable on December 31, 2024, to stockholders of record on December 17, 2024
These distributions are part of the Fund's plan to make monthly distributions at an annual rate of 10% (0.8333% per month) for 2024, based on the net asset value of $7.46 of the Fund's common shares as of December 31, 2023. The Fund will provide stockholders with notices estimating the composition of each distribution for tax reporting purposes.
High Income Securities Fund (NYSE: PCF) has announced a special meeting of shareholders on October 18, 2024, to consider entering into an investment advisory agreement with Bulldog Investors, LLP and changes to the Fund's investment strategies and fundamental policies. The meeting aims to expand the Fund's investment types and increase its ability to pursue attractive opportunities. Following the meeting, the Board plans to authorize a tender offer to purchase at least 90% of shares issued in the recent rights offering if proposals are adopted, or 60% if not, at a minimum of 98% of NAV. Only shareholders of record as of August 23, 2024, are eligible to vote. The Board urges prompt proxy voting to minimize costs.
High Income Securities Fund (NYSE: PCF) has concluded its non-transferable rights offering, issuing 11,859,975 additional shares at a Subscription Price of $6.48, lower than the estimated $6.53. The Fund's Board has approved, subject to shareholder approval, entering into an investment advisory agreement with Bulldog Investors, LLP and changes to investment strategies and fundamental policies to expand investment types and opportunities. A special shareholder meeting is scheduled for holders of record as of August 23, 2024, to consider these proposals. Post-meeting, the Board plans to authorize a tender offer to purchase at least 90% (if proposals are adopted) or 60% (if not adopted) of newly issued shares at a minimum of 98% of NAV.
High Income Securities Fund (NYSE: PCF) has announced an update on its rights offering. The Fund will post its daily net asset value per share (NAV) on its website from August 5, 2024, until the expiration of the rights offering. Shareholders of record on July 8, 2024, received one non-transferable right for each share held, allowing them to purchase an additional share at a discounted price. The purchase price will be the greater of 97% of the volume-weighted average price for the three days before expiration or 85% of the NAV on the expiration date of August 9, 2024. Fully exercised rightsholders may also subscribe for additional unsubscribed shares, subject to limitations. For more information, investors can contact InvestorCom at (877) 972-0090.
The High Income Securities Fund (NYSE: PCF) announced a rights offering to shareholders as of July 8, 2024. Each shareholder will receive a non-transferable right to purchase one additional share at the greater of 97% of the volume-weighted average price over three days ending on August 9, 2024, or 85% of the net asset value (NAV) per share on the expiration date. Rights holders can also subscribe for additional shares if not fully subscribed. The offering is subject to SEC approval. Following the rights offering, a special shareholder meeting will be held to potentially approve a new investment advisory agreement with Bulldog Investors and changes to the Fund’s investment strategies. Depending on the outcome, a tender offer will be authorized to repurchase 60-90% of the shares issued in the rights offering at 98% NAV. The offering aims to expand investment opportunities and is conditional on regulatory approvals.
High Income Securities Fund (NYSE: PCF) has announced the next three monthly distributions for Q3 2024.
Under the managed distribution plan, the Fund will provide monthly distributions at an annual rate of 10%, calculated based on the net asset value (NAV) of $7.46 as of December 31, 2023.
The distributions for July, August, and September 2024 are each set at $0.0622 per share.
Key dates: The record dates are July 17, August 21, and September 18, 2024, with corresponding payable dates being July 31, August 30, and September 30, 2024.
An estimate of the distribution composition will be provided to stockholders, with final details available on Form 1099-DIV after year-end.
High Income Securities Fund (NYSE: PCF) has revised the record date for its previously announced monthly distribution of $0.0622 per share. Originally set for June 19, 2024, the new record date is June 18, 2024. The distribution is scheduled to be paid on June 28, 2024.
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