Welcome to our dedicated page for Special Opportunities Fund news (Ticker: SPE), a resource for investors and traders seeking the latest updates and insights on Special Opportunities Fund stock.
Special Opportunities Fund, Inc. (NYSE: SPE) is a closed-end management investment company whose public communications provide regular updates on distributions, preferred stock dividends and corporate actions. As a diversified fund with an objective of total return, SPE issues news that is particularly relevant to income-focused investors and those following activist investment strategies in the finance and insurance sector.
A recurring theme in SPE’s news flow is the declaration of cash dividends on its 2.75% Convertible Preferred Stock, Series C. Press releases specify the dividend amount per share, the record date and the payment date, giving preferred stockholders clear information about expected income. These announcements demonstrate how the Fund manages obligations to its preferred stockholders over time.
The Fund also issues year-end distribution announcements for common stockholders. One such release described a distribution payable partly in cash and partly in newly issued common shares, subject to an overall cash limitation. The Fund explained that substantially all of that distribution was expected to consist of realized long-term capital gains and that the distribution was intended to avoid certain excise taxes. Details such as election procedures, deadlines and pricing mechanisms for stock distributions are provided in these notices.
In addition, SPE and Bulldog Investors, LLP have released news related to activist activities, including updates on a class action settlement involving FAST Acquisition Corp. and communications urging shareholders of Tejon Ranch Co. to support specific board nominees. These items highlight SPE’s willingness, under appropriate circumstances, to use litigation and proxy campaigns as tools to enhance the value of its investments.
Investors who follow SPE’s news can track dividend declarations, distribution policies and activist engagements that may affect the Fund’s portfolio and capital structure. This news page aggregates such releases, helping readers monitor how the Fund communicates with stockholders and pursues its stated strategies.
Special Opportunities Fund, Inc. (NYSE: SPE) announced that its rights offering for 2,542,593 shares of Convertible Preferred Stock at $25.00 per share expired on January 21, 2022. Preliminary results from American Stock Transfer & Trust Co. indicate that 2,334,954 shares will be issued, generating total proceeds of $58,373,850 for the Fund. The shares are expected to be issued shortly.
Special Opportunities Fund, Inc. (NYSE: SPE) has declared three monthly dividends under its managed distribution plan, maintaining an annual rate of 8% based on a net asset value of $16.55 as of December 31, 2021. The dividends for January, February, and March 2022 are set at $0.11 each, with corresponding record and payable dates outlined. The Fund may distribute long-term capital gains or return of capital if investment income is insufficient. The managed distribution plan is subject to periodic review and potential amendment by the Board.
Special Opportunities Fund, Inc. (NYSE: SPE) will issue one transferable right for every five shares owned as of December 20, 2021. Each right allows the purchase of one share of Convertible Preferred Stock at $25.00, with an aggregate of 2,542,593 shares available. Rights expire on January 21, 2022. The Convertible Preferred Stock offers a 2.75% annual dividend and can be converted into common stock at $20.50 per share. Proceeds will fund a self-tender offer if the stock price is below 94% of its net asset value. Further details can be found in a filed registration statement with the SEC.
Special Opportunities Fund, Inc. (NYSE:SPE) has declared a year-end cash dividend of $0.69763 per share for common stockholders. This dividend comprises $0.30824 of long-term capital gains, $0.28189 of short-term capital gains, and $0.1075 of net investment income. The dividend will be paid on December 31, 2021 to stockholders of record as of December 21, 2021. Final determination of distribution sources will be made after year-end and could differ from the estimated amounts.
Special Opportunities Fund, Inc. (NYSE: SPE) has announced its Annual Meeting of Stockholders on December 8, 2021, at 11:00 a.m. Eastern time, to be held at Bulldog Investors' offices in Saddle Brook, NJ. Stockholders must register by contacting John Buckel at U.S. Bank Global Fund Services no later than December 3, 2021. For those unable to attend in person, dial-in details for questions can be obtained from Mr. Buckel. Stockholders are reminded to comply with security and COVID-19 protocols.
Special Opportunities Fund, Inc. (NYSE: SPE) has declared its next three monthly dividends under its managed distribution plan. The plan proposes an annual rate of 8%, amounting to $0.1075 per month, based on a net asset value of $16.13 as of December 31, 2020. The dividends will be paid on October 29, November 30, and December 31, 2021, with record dates set for October 20, November 18, and December 21, respectively. The distribution may include capital gains or return of capital if sufficient investment income is not available.
Special Opportunities Fund (NYSE: SPE) has declared its next three monthly dividends under its managed distribution plan, maintaining an annual rate of 8% based on a net asset value of $16.13 as of December 31, 2020. The planned dividends are $0.1075 for July, August, and September 2021, with respective record dates of July 21, August 20, and September 21, and payable dates of July 30, August 31, and September 30, 2021. The Fund may distribute long-term capital gains or return of capital if investment income is insufficient.
The Board of Directors of Special Opportunities Fund (NYSE: SPE) has announced the redemption of all outstanding shares of its Convertible Preferred Stock at $25 per share, effective at 5 pm EDT on July 9, 2021. Holders can convert their shares into Common Stock at a ratio of 1.9558 until the redemption date. As of June 30, 2021, the market price of the Convertible Preferred was approximately $29.50, significantly above the redemption price. The Fund has 11,806,970 shares of Common Stock outstanding, with a net asset value of $17.25 per share, and 524,171 shares of Convertible Preferred remaining.
Special Opportunities Fund (NYSE: SPE) declared a quarterly cash dividend of $0.21875 per share on its 3.50% Convertible Preferred Stock, Series B, payable on June 30, 2021. The Board has also opted for an Optional Redemption of outstanding Convertible Preferred shares at $25 per share on July 9, 2021. Holders can convert their shares into common stock until that date. Additionally, the Fund will increase monthly distributions to common stockholders to an annual rate of at least 8%, starting July 2021.
Special Opportunities Fund, Inc. (NYSE: SPE) has declared its next three monthly dividends under the managed distribution plan. The Fund plans to distribute at an annual rate of 7%, equating to 0.5833% per month, based on a net asset value of $16.13 as of December 31, 2020. The dividends for April, May, and June 2021 are set at $0.094 each, with record dates of April 21, May 19, and June 21, and payable dates of April 30, May 28, and June 30, respectively. The Board may amend or terminate the distribution plan, potentially impacting market prices.