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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.
The High Income Securities Fund (NYSE: PCF) announced a rights offering to shareholders as of July 8, 2024. Each shareholder will receive a non-transferable right to purchase one additional share at the greater of 97% of the volume-weighted average price over three days ending on August 9, 2024, or 85% of the net asset value (NAV) per share on the expiration date. Rights holders can also subscribe for additional shares if not fully subscribed. The offering is subject to SEC approval. Following the rights offering, a special shareholder meeting will be held to potentially approve a new investment advisory agreement with Bulldog Investors and changes to the Fund’s investment strategies. Depending on the outcome, a tender offer will be authorized to repurchase 60-90% of the shares issued in the rights offering at 98% NAV. The offering aims to expand investment opportunities and is conditional on regulatory approvals.
High Income Securities Fund (NYSE: PCF) has announced the next three monthly distributions for Q3 2024.
Under the managed distribution plan, the Fund will provide monthly distributions at an annual rate of 10%, calculated based on the net asset value (NAV) of $7.46 as of December 31, 2023.
The distributions for July, August, and September 2024 are each set at $0.0622 per share.
Key dates: The record dates are July 17, August 21, and September 18, 2024, with corresponding payable dates being July 31, August 30, and September 30, 2024.
An estimate of the distribution composition will be provided to stockholders, with final details available on Form 1099-DIV after year-end.
High Income Securities Fund (NYSE: PCF) has revised the record date for its previously announced monthly distribution of $0.0622 per share. Originally set for June 19, 2024, the new record date is June 18, 2024. The distribution is scheduled to be paid on June 28, 2024.
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