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Share Name | Share Symbol | Market | Type |
---|---|---|---|
High Income Securities Fund | NYSE:PCF | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 6.69 | 6.70 | 6.67 | 6.67 | 42,918 | 23:07:39 |
Subject to shareholder approval, a special committee of the Board comprised only of the independent Trustees has recommended that the full Board approve (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. Therefore, after completion of the rights offering, and subject to Board approval, the Fund intends to hold a special meeting of shareholders to consider proposals to implement these changes. Since the Fund’s shareholder base has become increasingly inactive with respect to participation in shareholder meetings, culminating in the lack of a quorum at the annual meeting of shareholders in 2023, the rights offering is intended, in part, to increase the proportion of shareholders that will actively participate in shareholder meetings. To this end, the Board intends to authorize a self-tender offer by the Fund to commence shortly after the special meeting to purchase, at a price of at least 98% of NAV, at least (a) 90% of the number of shares issued in the rights offering if the proposals are adopted, or (b) 60% of the number of shares issued in the rights offering if the proposals are not adopted.
The foregoing does not constitute a tender offer or an offer to purchase the shares of any shareholder. 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.
This press release is not intended to and does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for any securities in any jurisdiction, nor shall there be any sale, issuance, or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
For more information, please call InvestorCom, the Fund’s information agent, at (877) 972-0090.
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