MILLER/HOWARD HIGH INCOME EQUITY FUND ANNOUNCES ITS COMPLETED LIQUIDATION

Rhea-AI Summary

The Miller/Howard High Income Equity Fund (NYSE: HIE) has completed its liquidation on November 22, 2024, following its planned 10-year term. The Fund made a final liquidating distribution of $12.63 per share to shareholders, which corresponded to its final net asset value (NAV). Throughout its operational period since November 25, 2014, the Fund distributed monthly payments totaling $9.951 per share, not including the final liquidating distribution. Shareholders are advised to consult tax advisors regarding potential gains or losses from the liquidation.

Positive

• Total distributions of $9.951 per share paid over the fund's lifetime
• Final liquidating distribution of $12.63 per share

Negative

• Complete fund termination, ending investment opportunity for shareholders

Insights

Financial Analyst

The liquidation of Miller/Howard High Income Equity Fund marks a significant event for investors, concluding its planned 10-year term with a final NAV of $12.63 per share. Over its lifetime, the fund distributed $9.951 per share in monthly payments, demonstrating consistent income generation for shareholders. The total return combining distributions and liquidation value provided meaningful returns for long-term holders.

The completion of this planned liquidation reflects proper fund management and adherence to stated objectives. For investors, this represents a clean exit with clear tax implications. The market impact is contained as this was a scheduled termination rather than a distressed situation. Current shareholders should note the potential tax consequences and plan accordingly for the $12.63 per share liquidation distribution.

Kingston, NY, Nov. 25, 2024 (GLOBE NEWSWIRE) -- Miller/Howard High Income Equity Fund (NYSE: HIE) (the “Fund”) announced today that the Fund completed its liquidation following the close of business on November 22, 2024. The liquidation was performed in accordance with the Fund’s investment objectives and organizational documents, consistent with the Fund’s previously announced liquidation plans and its stated 10-year term.

Upon its liquidation, the Fund had a final net asset value (NAV) of $12.63 per common share and, following the close of business on November 22, 2024, returned to shareholders $12.63 per share as its liquidating distribution. The Fund, which launched on November 25, 2014, paid monthly distributions over its life totaling $9.951 per share, excluding the liquidating distribution.

Shareholders may recognize a gain or loss for U.S. tax purposes as a result of the liquidation and should consult with their own tax advisors about their specific tax situation.

 

About the Fund

The Miller/Howard High Income Equity Fund sought high current income, and secondarily long-term capital appreciation, by investing in high-yielding equities strategically allocated across multiple sectors and industries focusing on companies that we view to have a high current yield, growth of dividends and financial strength. 

The Fund has been managed by Miller/Howard Investments Inc., based in Kingston, New York. Miller/Howard Investments Inc.’s total firm assets as of September 30, 2024 were approximately $3.7 billion, including $0.3 billion in assets under advisement. Miller/Howard Investments Inc. focuses on income-producing equities, with an emphasis on high-quality stocks with high yield and strong prospects for dividend growth, offering investors the opportunity for capital appreciation, current income, and growth of income. The firm has managed portfolios for major institutions and individuals for over three decades.

 

For information, call shareholder servicing:

Equiniti Trust Company, LLC

1-800-937-5449

FAQ

What was the final liquidation value per share for Miller/Howard High Income Equity Fund (HIE)?

The final liquidation value was $12.63 per share, distributed to shareholders on November 22, 2024.

How much did HIE pay in total distributions during its operational period?

HIE paid monthly distributions totaling $9.951 per share over its lifetime, excluding the final liquidating distribution of $12.63.

When did the Miller/Howard High Income Equity Fund (HIE) complete its liquidation?

HIE completed its liquidation following the close of business on November 22, 2024.

What was the operational period of Miller/Howard High Income Equity Fund (HIE)?

HIE operated for its planned 10-year term, from November 25, 2014, to November 22, 2024.