High Income Securities Fund Adjourns Special Meeting

Rhea-AI Summary

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.

Positive

• Strong shareholder support for proposed changes
• Planned tender offer to purchase up to 90% of shares from recent rights offering at 98% of NAV if proposals are adopted

Negative

• Insufficient votes to adopt proposals, requiring meeting adjournment
• Additional costs for soliciting proxies due to meeting delay

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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FAQ

When is the adjourned special meeting of High Income Securities Fund (PCF) scheduled?

The adjourned special meeting of High Income Securities Fund (PCF) is scheduled for Friday, November 8, 2024 at 10:30 am.

What are the main proposals being voted on at the PCF special meeting?

The main proposals being voted on are (1) approving an investment advisory agreement with Bulldog Investors, LLP, and (2) changes to the Fund's investment strategies and fundamental policies to expand investment types and opportunities.

What is the planned tender offer for PCF shares if the proposals are adopted?

If the proposals are adopted, the Board plans to authorize a tender offer to purchase at least 90% of the shares issued in the August 9, 2024 rights offering, at a price of at least 98% of NAV.

How can PCF shareholders get assistance with voting their proxies?

Shareholders requiring assistance in voting their proxies can call InvestorCom , the Fund's information agent, at (877) 972-0090.