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.
AllianzGI Convertible & Income Fund (NCV) and AllianzGI Convertible & Income Fund II (NCZ) have announced a repurchase plan for their series A cumulative preferred shares. This initiative aims to enhance capital management strategies. The Funds will repurchase shares at market prices at or below their liquidation preference of $25.00 per share, or at a premium of up to 1.00% above this value, contingent on specific interest rates from their short-term credit facility. The plan aligns with Rule 10b-18 and will utilize borrowing under the State Street Credit Facility.
The Board of Trustees of AllianzGI Convertible & Income Fund II (NYSE: NCZ) has announced a cash distribution of $0.34375 per share, payable on December 31, 2020, to preferred shareholders of record as of December 11, 2020. The Series A Cumulative Preferred Shares, rated 'AAA' by Fitch Ratings, were issued at $25.00 each and will pay distributions quarterly. The distribution is based on the period from October 1, 2020, to December 31, 2020. Future distributions may differ in composition and could include net investment income, capital gains, or return of capital.
AllianzGI Convertible & Income Fund II (NYSE:NCZ) reported its fiscal results for the quarter and six months ending August 31, 2020. The Fund's net assets decreased to $642 million from $653 million in 2019. The net asset value (NAV) per share dropped to $4.87 compared to $5.03 in the previous year, reflecting a 10.47% discount to NAV. Net investment income for Q2 2020 was $6.67 million ($0.09 per share), down from $9.27 million ($0.12 per share) in 2019. Total net realized and unrealized gains significantly increased to $58.20 million, up from $16.91 million in 2019.