Virtus Convertible & Income Fund II announces distribution and capital-structure updates for an NYSE-listed closed-end management investment company. The fund seeks total return through capital appreciation and high current income, with Virtus Investment Advisers as investment adviser and Voya Investment Management as subadviser.
Recurring news focuses on quarterly cash distributions for the fund's 5.500% Series A Cumulative Preferred Shares, including dividend terms, accrual periods, liquidation value and callability. Updates also address closed-end fund risks, premium or discount trading relative to net asset value, and common-share actions such as reverse stock split mechanics.
Virtus Convertible & Income Fund II (NYSE: NCZ) announced the processing of its monthly distribution of $0.0375 per common share, initially scheduled for July 1. This payment will now go out to shareholders of record as of June 13, 2022. Additionally, the Fund's Board has declared another $0.0375 distribution for August 1, payable to shareholders who are on record as of July 11, 2022, with an ex-dividend date of July 8, 2022. The Fund aims to provide a total return through capital appreciation and high current income.
Virtus Convertible & Income Fund II (NCZ) has postponed its monthly distribution of $0.0375 per share originally set for July 1, 2022, due to a decline in the values of its portfolio securities. The Fund's asset coverage ratio fell below the 200% minimum required for declaring or paying monthly dividends, as of June 30, 2022. Distributions will resume once compliance with this ratio is achieved. The Fund aims to provide total return through capital appreciation and high current income.
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Virtus AllianzGI Convertible & Income Fund II (NYSE: NCZ) announced a cash distribution of $0.34375 per share for Series A cumulative preferred shareholders, payable on June 30, 2022. Shareholders of record on June 13, 2022 will receive this payout, which pertains to the accrual period from April 1, 2022 to June 30, 2022. The Series A shares, rated 'A' by Fitch Ratings, have an annual dividend rate of $1.375 and were issued at $25.00 per share. They are callable post a five-year non-call period starting September 11, 2023.
Virtus AllianzGI Convertible & Income Fund II (NCZ) announced a cash distribution of $0.34375 per share, payable on March 31, 2022, to Series A cumulative preferred shareholders recorded by March 11, 2022. The Series A shares, rated 'A' by Fitch, feature a dividend rate of $1.375 per share, with 4.36 million shares issued at $25.00 each. The distribution covers the period from January 1 to March 31, 2022. Shares are callable post a five-year non-call period ending on September 11, 2023.
Virtus AllianzGI Convertible & Income Fund II (NCZ) has declared a cash distribution of $0.34375 per share for Series A cumulative preferred shareholders, payable on December 31, 2021. This distribution pertains to the accrual period from October 1, 2021, through December 31, 2021, with shareholders of record on December 13, 2021. The Series A shares, rated 'A' by Fitch Ratings, have an annual dividend rate of $1.375 and were issued at $25.00 per share. The shares will be callable post a five-year non-call period ending on September 11, 2023.
Virtus AllianzGI Convertible & Income Fund II (NCZ) announced a cash distribution of $0.34375 per share for Series A cumulative preferred shareholders, payable on September 30, 2021. Shareholders of record as of September 13, 2021 will receive this payment. The Series A preferred shares have an annual dividend rate of $1.375 and were issued at $25.00 per share. These shares will be callable after September 11, 2023. The actual distribution amounts may vary based on fund performance and tax regulations.
Virtus AllianzGI Convertible & Income Fund II (NCZ) has declared a cash distribution of $0.34375 per share, payable on June 30, 2021, to Series A cumulative preferred shareholders of record by June 11, 2021. The Series A shares, rated 'A' by Fitch, have an annual dividend rate of $1.375 and were issued at $25.00 per share. This distribution covers the period from April 1, 2021, through June 30, 2021. Shareholders will receive a Form 1099-DIV for tax reporting purposes.
Virtus AllianzGI Convertible & Income Fund II has declared a cash distribution of $0.34375 per share, payable on March 31, 2021, to Series A cumulative preferred shareholders of record by March 11, 2021. The total shares outstanding are 4,360,000, issued at $25.00 per share, with an annual dividend rate of $1.375. The shares are rated "AA" by Fitch and are callable post a five-year non-call period ending September 11, 2023. Distributions depend on the fund's investment performance and may be subject to tax regulation changes.
AllianzGI Convertible & Income Fund II (NYSE: NCZ) reported its fiscal results for the quarter and nine months ended November 30, 2020. The Fund's net assets increased to $674.56 million, up from $656.77 million in 2019. The net asset value (NAV) rose to $5.30 compared to $5.06 in the previous year. However, net investment income dropped to $6.44 million from $8.96 million, reflecting a decrease in income per share from $0.12 to $0.08. The market price was recorded at $4.81, showing a discount to NAV of (9.25%).