High Income Securities Stock Price, News & Analysis

High Income Securities Fund (NYSE: PCF) has announced its monthly distributions for Q1 2025 under its managed distribution plan. The Fund's Board of Trustees has declared three monthly distributions at an annual rate of 10% (0.8333% per month), based on the net asset value of $7.11 as of December 31, 2024.

The distributions are set at $0.0593 per share for January, February, and March 2025. The record dates are January 21, February 18, and March 18, with corresponding payable dates of January 31, February 28, and March 31, 2025. The Fund will provide stockholders with notices estimating the composition of each distribution, with final tax reporting details to be furnished via Form 1099-DIV after year-end.

High Income Securities Fund (NYSE: PCF) has announced the adjournment of its annual stockholder meeting, which was initially convened on December 27, 2024. The meeting has been rescheduled to January 3, 2025, at 11:00 a.m. Eastern time. The adjournment was implemented to provide stockholders with additional time to cast their votes.

High Income Securities Fund (NYSE: PCF) has completed its tender offer, which expired on December 9, 2024. The Fund offered to purchase up to 10,675,000 shares at 98% of the net asset value (NAV) per share. The tender offer was oversubscribed, with 11,885,085 shares validly tendered. Due to the oversubscription, approximately 90% of shares tendered by each shareholder will be accepted for payment at $7.07 per share, representing 98% of the NAV of $7.21 per common share.

High Income Securities Fund (NYSE: PCF) announced the results of a special shareholder meeting where all proposals were approved except one regarding the elimination of requirements for converting the Fund to an open-end mutual fund. The Fund is launching a tender offer to purchase up to 10,675,000 shares at 98% of the net asset value per common share as of December 9, 2024. The Fund may purchase an additional 2% of outstanding shares without amending the offer. The tender offer will expire at 5:00 p.m. Eastern Time on the Expiration Date, and shareholders holding shares in street name should contact their custodian regarding participation requirements.

High Income Securities Fund (NYSE: PCF) announced the adjournment of its special meeting of shareholders until November 8, 2024. The meeting aims to vote on proposals including approving an investment advisory agreement with Bulldog Investors, LLP and expanding the Fund's investment strategies. Despite insufficient votes, shareholders who voted showed strong support for the proposals. The adjournment allows more time for shareholders to vote.

The Board urges shareholders to vote promptly to minimize proxy solicitation costs. After the meeting, the Board plans to authorize a tender offer to purchase at least 90% of shares issued in the recent rights offering if proposals are adopted, or 60% if not adopted, at a price of at least 98% of NAV. Shareholders needing assistance can contact InvestorCom at (877) 972-0090.

High Income Securities Fund (NYSE: PCF) has announced its monthly distributions for the fourth quarter of 2024 under its managed distribution plan. The Fund's Board of Trustees has declared the following distributions:

• October: $0.0622 per share, payable on October 31, 2024, to stockholders of record on October 22, 2024
• November: $0.0622 per share, payable on November 29, 2024, to stockholders of record on November 19, 2024
• December: $0.0622 per share, payable on December 31, 2024, to stockholders of record on December 17, 2024

These distributions are part of the Fund's plan to make monthly distributions at an annual rate of 10% (0.8333% per month) for 2024, based on the net asset value of $7.46 of the Fund's common shares as of December 31, 2023. The Fund will provide stockholders with notices estimating the composition of each distribution for tax reporting purposes.

High Income Securities Fund (NYSE: PCF) has announced a special meeting of shareholders on October 18, 2024, to consider entering into an investment advisory agreement with Bulldog Investors, LLP and changes to the Fund's investment strategies and fundamental policies. The meeting aims to expand the Fund's investment types and increase its ability to pursue attractive opportunities. Following the meeting, the Board plans to authorize a tender offer to purchase at least 90% of shares issued in the recent rights offering if proposals are adopted, or 60% if not, at a minimum of 98% of NAV. Only shareholders of record as of August 23, 2024, are eligible to vote. The Board urges prompt proxy voting to minimize costs.

High Income Securities Fund (NYSE: PCF) has concluded its non-transferable rights offering, issuing 11,859,975 additional shares at a Subscription Price of $6.48, lower than the estimated $6.53. The Fund's Board has approved, subject to shareholder approval, entering into an investment advisory agreement with Bulldog Investors, LLP and changes to investment strategies and fundamental policies to expand investment types and opportunities. A special shareholder meeting is scheduled for holders of record as of August 23, 2024, to consider these proposals. Post-meeting, the Board plans to authorize a tender offer to purchase at least 90% (if proposals are adopted) or 60% (if not adopted) of newly issued shares at a minimum of 98% of NAV.

High Income Securities Fund (NYSE: PCF) has announced an update on its rights offering. The Fund will post its daily net asset value per share (NAV) on its website from August 5, 2024, until the expiration of the rights offering. Shareholders of record on July 8, 2024, received one non-transferable right for each share held, allowing them to purchase an additional share at a discounted price. The purchase price will be the greater of 97% of the volume-weighted average price for the three days before expiration or 85% of the NAV on the expiration date of August 9, 2024. Fully exercised rightsholders may also subscribe for additional unsubscribed shares, subject to limitations. For more information, investors can contact InvestorCom at (877) 972-0090.