High Income Securities Fund reports closed-end fund developments involving shareholder governance, NAV-based share actions, and capital-structure events. Recent announcements have covered tender offer results, special meeting voting outcomes, and rights offering mechanics for the Fund's NYSE-listed common shares.
PCF news commonly centers on the Fund's income-oriented investment vehicle, including share repurchases through tender offers, non-transferable subscription rights, NAV publication, and shareholder proposals affecting the Fund's governing documents.
High Income Securities Fund (NYSE: PCF) plans to make monthly distributions with an annual rate of at least 10%, equivalent to 0.8333% per month, based on a net asset value of $9.34 as of December 31, 2020. The distributions for the first three months of 2021 will be $0.078 per share for January, February, and March. The record dates for these distributions are January 20, February 17, and March 22, with payable dates on January 29, February 26, and March 31, respectively. If investment income is insufficient, distributions may include a return of capital.
The High Income Securities Fund (NYSE: PCF) announced a non-transferable rights offering for existing stockholders. Eligible stockholders of record on December 23, 2020, will receive rights to purchase up to 5,565,006 additional shares of common stock. Rights can be exercised until January 22, 2021. The subscription price will be 95% of the average market price from the last three trading days ending after the expiration, with a minimum price equal to 85% of the net asset value. The offering will be made under a new registration statement.