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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Flaherty and Crumrine Total Return Fund Inc | NYSE:FLC | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 15.76 | 0 | 12:00:01 |
The Board of Directors of Flaherty & Crumrine/Claymore Total Return Fund Incorporated (NYSE:FLC) has announced that the Fund will optionally redeem approximately 27% of its outstanding auction preferred stock (“APS”) at a redemption price equal to the liquidation preference of $25,000 per share, plus the amount of accumulated but unpaid dividends, for consideration of approximately $10.5 million. Including this redemption, the Fund will have redeemed approximately 77% of its APS originally outstanding, and its leverage now includes a combination of APS and bank borrowing.
Subject to satisfying the notice and other requirements that apply to APS redemptions, shares of the Fund’s T7 series of APS are expected to be redeemed on April 15, 2009 and shares of the Fund’s W28 series are expected to be redeemed on April 16, 2009.
The Fund intends that the redemption of the following amounts of APS will be implemented on a pro rata basis by series:
FLC:
No. of Shares
No. of Shares
Aggregate Amount
Series
CUSIP
Outstanding
Redeemed
Redeemed
T7 338479207 790 210 $5,250,000 W28 338479306 790 210 $5,250,000Depository Trust Company (DTC), the holder of record, determines how a partial series redemption will be allocated among each participant broker-dealer account. Each participant broker-dealer, as nominee for underlying beneficial owners (street name shareholders), in turn determines how redeemed shares are allocated among its underlying beneficial owners. The procedures used by different broker-dealers to allocate redeemed shares among beneficial owners may differ from each other as well as from the procedures used by DTC.
FLC was organized in 2003 as a closed-end, diversified investment company. FLC invests primarily in preferred and other income-producing securities with a primary investment objective of high current income and a secondary objective of capital appreciation. FLC is managed by Flaherty & Crumrine Incorporated, an independent investment adviser which was founded in 1983 to specialize in the management of portfolios of preferred and related securities.
Website: www.fcclaymore.com
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