MILWAUKEE, Oct. 18, 2024 (GLOBE NEWSWIRE) -- High Income Securities Fund (the "Fund”) (NYSE: PCF) announced today that its special meeting of shareholders was convened today and has been adjourned until Friday, November 8, 2024 at 10:30 am at the office of Bulldog Investors, LLP, 250 Pehle Avenue, Suite 708, Saddle Brook, NJ 07663.
At the reconvened meeting shareholders will vote on proposals to approve, among other things (1) 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.
Unfortunately, a sufficient number of shares required to adopt the proposals were not represented at the meeting. However, those shareholders that have voted have indicated overwhelming support for the proposals. The decision to adjourn the meeting will allow additional time for shareholders who may not have received their proxies or may have misplaced them to vote their shares.
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. Any shareholders requiring assistance in voting their proxies may call InvestorCom LLC, the Fund's information agent, at (877) 972-0090.
SHORTLY AFTER THE SPECIAL MEETING CONCLUDES, 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.
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 LLC, the Fund's information agent, at (877) 972-0090.
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