High Income Securities Fund Announces Special Meeting

Rhea-AI Summary

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.

Positive

• Potential for expanded investment opportunities and strategies
• Planned tender offer to repurchase shares at near NAV
• Shareholder involvement in key decision-making processes

Negative

• Potential changes to fundamental investment policies may alter fund risk profile
• Costs associated with holding special meeting and proxy solicitation

MILWAUKEE, Sept. 16, 2024 (GLOBE NEWSWIRE) -- High Income Securities Fund (the “Fund”) (NYSE: PCF) announced today that a special meeting of shareholders will be held on Friday, October 18, 2024 at 10:30 am at the office of Bulldog Investors, LLP, 250 Pehle Avenue, Suite 708, Saddle Brook, NJ 07663 to consider, among other things, (1) the Fund entering into 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. Shortly after the special meeting is held, the Fund’s Board of Trustees intends to authorize a tender offer by the Fund to purchase at least (a) 90% of the number of shares issued in the rights offering that concluded on August 9, 2024 if the proposals are adopted, or (b) 60% of the number of shares issued in the rights offering if the proposals are not adopted, at a price of at least 98% of NAV.

Only shareholders of record as of Friday, August 23, 2024 will be entitled to vote at the special meeting. 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 in the event a quorum is not reached and the meeting is adjourned.

The full details of the proposals to be considered at the special meeting are included in the Definitive Proxy Statement, which was filed by the Fund with the SEC on September 13, 2024 and is available at www.sec.gov. Shareholders should carefully read the Definitive Proxy Statement because it contains important information about the special meeting and the proposals.

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, the Fund’s information agent, at (877) 972-0090.

FAQ

When is the High Income Securities Fund (PCF) special meeting scheduled?

The High Income Securities Fund (PCF) special meeting is scheduled for Friday, October 18, 2024, at 10:30 am.

What are the main proposals to be considered at the PCF special meeting?

The main proposals are (1) entering into an investment advisory agreement with Bulldog Investors, LLP, and (2) changes to the Fund's investment strategies and fundamental policies to expand investment types and opportunities.

What is the planned tender offer following the PCF special 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.

Who is eligible to vote at the High Income Securities Fund (PCF) special meeting?

Only shareholders of record as of Friday, August 23, 2024, are eligible to vote at the special meeting.