Special Opportunities Fund, Inc. Announces Modification of Share Repurchase Plan

Rhea-AI Summary

Special Opportunities Fund, Inc. (NYSE: SPE) has announced an immediate share buyback program for its common and convertible preferred stock. This program will allow the Fund to repurchase shares when they are trading at a discount to their net asset value or book value. The buyback does not rely on the "safe harbor" provisions under Rule 10b-18, providing greater flexibility for the Fund to manage its capital structure effectively. This strategy aims to enhance shareholder value by potentially increasing the stock price as the Fund actively buys back shares.

Positive

• Initiation of a share buyback program to enhance shareholder value.
• Ability to repurchase shares without relying on safe harbor provisions.
• Potential for stock price appreciation as shares are bought back when undervalued.

Negative

• None.

NEW YORK--(BUSINESS WIRE)-- Special Opportunities Fund, Inc. (the “Fund”) (NYSE: SPE), announced today that effective immediately and, in accordance with Section 23(c) of the Investment Company Act of 1940, the Fund may, from time to time, purchase shares of its common stock and its convertible preferred stock, both without limitation, when they are trading at a discount to net asset value or to book value respectively, without reliance on the “safe harbor” provisions set forth in Rule 10b-18 of the Securities Exchange Act of 1934.

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/20230424005784/en/

U.S. Bank Global Fund Services – John Buckel (414) 516-1514

Source: Special Opportunities Fund, Inc.

FAQ

What is the buyback program announced by Special Opportunities Fund (SPE)?

The buyback program allows Special Opportunities Fund to purchase its common and convertible preferred stock when trading below net asset value or book value.

How does the buyback program impact shareholders of SPE?

The buyback program is designed to enhance shareholder value by potentially increasing stock prices through the repurchase of undervalued shares.

When did Special Opportunities Fund announce the share buyback program?

The announcement of the share buyback program was made effective immediately.

What provisions does the SPE buyback program not rely on?

The buyback program does not rely on the "safe harbor" provisions set forth in Rule 10b-18 of the Securities Exchange Act of 1934.