High Income Securities Fund Adjourns Special Meeting
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.
Il Fondo High Income Securities (NYSE: PCF) ha annunciato il rinvio della sua riunione speciale degli azionisti fino all'8 novembre 2024. La riunione ha l'obiettivo di votare su proposte che includono l'approvazione di un accordo di consulenza sugli investimenti con Bulldog Investors, LLP e l'espansione delle strategie di investimento del Fondo. Nonostante i voti insufficienti, gli azionisti che hanno votato hanno dimostrato un forte sostegno per le proposte. Il rinvio consente più tempo agli azionisti per votare.
Il Consiglio esorta gli azionisti a votare rapidamente per ridurre al minimo i costi di sollecitazione delle deleghe. Dopo la riunione, il Consiglio prevede di autorizzare un'offerta pubblica di acquisto per acquistare almeno il 90% delle azioni emesse nell'ultima offerta di diritti se le proposte verranno adottate, o il 60% se non verranno adottate, a un prezzo di almeno il 98% del NAV. Gli azionisti che necessitano di assistenza possono contattare InvestorCom al numero (877) 972-0090.
El Fondo High Income Securities (NYSE: PCF) anunció el aplazamiento de su reunión especial de accionistas hasta el 8 de noviembre de 2024. La reunión tiene como objetivo votar sobre propuestas que incluyen la aprobación de un acuerdo de asesoría de inversiones con Bulldog Investors, LLP y la expansión de las estrategias de inversión del Fondo. A pesar de los votos insuficientes, los accionistas que votaron mostraron un fuerte apoyo a las propuestas. El aplazamiento permite más tiempo para que los accionistas voten.
La Junta insta a los accionistas a votar de manera oportuna para minimizar los costos de solicitud de poderes. Después de la reunión, la Junta planea autorizar una oferta pública de adquisición para comprar al menos el 90% de las acciones emitidas en la reciente oferta de derechos si las propuestas son adoptadas, o el 60% si no se adoptan, a un precio de al menos el 98% del NAV. Los accionistas que necesiten asistencia pueden contactar a InvestorCom al (877) 972-0090.
하이 인컴 증권 펀드(NYSE: PCF)는 주주 특별 회의를 2024년 11월 8일까지 연기한다고 발표했습니다. 이 회의는 불독 인베스터스 LLP와의 투자 자문 계약 승인 및 펀드의 투자 전략 확장 등을 포함한 제안에 대한 투표를 목표로 합니다. 불충분한 투표에도 불구하고 투표한 주주들은 제안에 대해 강력한 지지를 보였습니다. 연기는 주주들이 투표할 수 있는 시간을 더 허용합니다.
이사회는 주주들이 위임장 요청 비용을 최소화하기 위해 신속히 투표할 것을 권장합니다. 회의 후, 이사회는 최근의 권리 공모에서 발행된 주식의 90% 이상을 구매하기 위한 공개 매수 제안을 승인할 계획입니다 (제안이 채택되면) 또는 60% (채택되지 않으면)로, NAV의 98% 이상으로 매입할 것입니다. 도움이 필요한 주주는 InvestorCom에 (877) 972-0090으로 연락할 수 있습니다.
Le Fonds High Income Securities (NYSE: PCF) a annoncé le report de sa réunion extraordinaire des actionnaires jusqu'au 8 novembre 2024. La réunion vise à voter sur des propositions, notamment l'approbation d'un accord de conseil en investissement avec Bulldog Investors, LLP et l'expansion des stratégies d'investissement du Fonds. Malgré un nombre insuffisant de votes, les actionnaires qui ont voté ont montré un fort soutien pour les propositions. Le report laisse plus de temps aux actionnaires pour voter.
Le Conseil encourage les actionnaires à voter rapidement pour minimiser les coûts de sollicitation des procurations. Après la réunion, le Conseil prévoit d'autoriser une offre publique d'achat pour acheter au moins 90 % des actions émises lors de la récente offre de droits si les propositions sont adoptées, ou 60 % si elles ne le sont pas, à un prix d'au moins 98 % de la valeur nette d'inventaire (NAV). Les actionnaires ayant besoin d'assistance peuvent contacter InvestorCom au (877) 972-0090.
Der High Income Securities Fund (NYSE: PCF) hat die Verschiebung seiner außerordentlichen Hauptversammlung bis zum 8. November 2024 bekannt gegeben. Die Versammlung hat zum Ziel, über Vorschläge abzustimmen, die die Genehmigung eines Anlageberatungsvertrags mit Bulldog Investors, LLP sowie die Erweiterung der Anlagestrategien des Fonds umfassen. Trotz unzureichender Stimmen zeigten die Aktionäre, die für die Vorschläge stimmten, starke Unterstützung. Die Verschiebung ermöglicht den Aktionären mehr Zeit zum Abstimmen.
Der Vorstand fordert die Aktionäre auf, umgehend abzustimmen, um die Kosten für die Proxysollicitation zu minimieren. Nach der Versammlung plant der Vorstand, ein öffentliches Übernahmeangebot zu genehmigen zum Kauf von mindestens 90% der in der jüngsten Bezugsrechtsausgabe ausgegebenen Aktien, falls die Vorschläge angenommen werden, oder von 60%, falls sie nicht angenommen werden, zu einem Preis von mindestens 98% des NAV. Aktionäre, die Unterstützung benötigen, können InvestorCom unter (877) 972-0090 kontaktieren.
- Strong shareholder support for proposed changes
- Planned tender offer to purchase up to 90% of shares from recent rights offering at 98% of NAV if proposals are adopted
- Insufficient votes to adopt proposals, requiring meeting adjournment
- Additional costs for soliciting proxies due to meeting delay
Insights
The adjournment of High Income Securities Fund's special meeting is a procedural move that doesn't significantly impact the fund's immediate financial position. However, the proposed changes, if approved, could substantially alter the fund's investment strategy and management.
The key points to consider are:
- The potential shift to Bulldog Investors, LLP as the new investment advisor could bring a change in management style and strategy.
- Proposed changes to investment strategies and fundamental policies aim to expand investment options and opportunities, which could potentially lead to altered risk-return profiles for shareholders.
- The planned tender offer, regardless of the vote outcome, is a significant development. If proposals are adopted, the fund intends to repurchase up to
90% of shares issued in the recent rights offering at98% of NAV or higher. This could provide an exit opportunity for some investors at a favorable price.
While these changes could be impactful in the long term, the immediate market reaction may be until the reconvened meeting concludes and the results are known. Investors should closely monitor the outcome of the November 8th meeting and subsequent tender offer details.
MILWAUKEE, Oct. 18, 2024 (GLOBE NEWSWIRE) -- High Income Securities Fund (the “Fund”) (NYSE: PCF) announced today that its special meeting of shareholders was convened today and has been adjourned until Friday, November 8, 2024 at 10:30 am at the office of Bulldog Investors, LLP, 250 Pehle Avenue, Suite 708, Saddle Brook, NJ 07663.
At the reconvened meeting shareholders will vote on proposals to approve, among other things (1) an investment advisory agreement with Bulldog Investors, LLP, and (2) changes to the Fund’s investment strategies and fundamental policies in order to expand the types of investments the Fund can make and to increase the Fund’s ability to pursue attractive investment opportunities.
Unfortunately, a sufficient number of shares required to adopt the proposals were not represented at the meeting. However, those shareholders that have voted have indicated overwhelming support for the proposals. The decision to adjourn the meeting will allow additional time for shareholders who may not have received their proxies or may have misplaced them to vote their shares.
The Board urges shareholders that do not plan to attend the meeting to promptly vote by proxy in order to minimize the cost to the Fund of soliciting additional proxies. Any shareholders requiring assistance in voting their proxies may call InvestorCom LLC, the Fund’s information agent, at (877) 972-0090.
SHORTLY AFTER THE SPECIAL MEETING CONCLUDES, THE FUND’S BOARD OF TRUSTEES INTENDS TO AUTHORIZE A TENDER OFFER BY THE FUND TO PURCHASE AT LEAST (A)
The foregoing does not constitute a tender offer or an offer to purchase any shares of the Fund. Any such offer will be made pursuant to separate tender offer materials complying with the requirements of Section 13(e) of the Securities Exchange Act of 1934, as amended and Rule 13e-4 thereunder.
For more information, please call InvestorCom LLC, the Fund’s information agent, at (877) 972-0090.
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FAQ
When is the adjourned special meeting of High Income Securities Fund (PCF) scheduled?
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