High Income Securities Fund Announces Expiration of Rights Offering

Rhea-AI Summary

The High Income Securities Fund (NYSE: PCF) has concluded its non-transferable rights offering as of October 22, 2021. A total of 8,042,590 shares will be issued to Rights Holders who subscribed. The Subscription Price was set at $8.36, which is lower than the Estimated Subscription Price of $8.77. Refunds will be issued to those who opted for a reimbursement of the excess amount paid for the shares, while others will receive additional shares.

Positive

• Successful completion of the rights offering with 8,042,590 shares issued.
• Subscription Price set at $8.36, providing a favorable discount compared to the estimated price.

Negative

• The need for refunds due to the Subscription Price being lower than the Estimated Subscription Price may indicate investor hesitation.

NEW YORK--(BUSINESS WIRE)-- High Income Securities Fund (“the Fund”) (NYSE: PCF) announced today that its non-transferable rights offering to purchase additional shares of its common stock expired on October 22, 2021. The total number of shares to be issued to subscribing Rights Holders is 8,042,590.

The Subscription Price was $8.36. Since the Subscription Price is lower than the Estimated Subscription Price of $8.77, refunds will be made to those Rights Holders that elected to receive a refund of such excess amount. All other subscribing Rights Holders will receive additional shares of the Fund for such excess amount.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211027005713/en/

U.S. Bank Global Fund Services – John Buckel (414) 765-4255

Source: High Income Securities Fund

FAQ

What is the result of the High Income Securities Fund's rights offering?

The rights offering concluded with 8,042,590 shares to be issued, with refunds for some Rights Holders.

When did the rights offering for the High Income Securities Fund expire?

The rights offering expired on October 22, 2021.

What was the Subscription Price for the High Income Securities Fund rights offering?

The Subscription Price was set at $8.36.

How does the Subscription Price compare to the Estimated Subscription Price for PCF?

The Subscription Price of $8.36 was lower than the Estimated Subscription Price of $8.77.