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NEW YORK--(BUSINESS WIRE)--High Income Securities Fund (NYSE: PCF) (the “Fund”) today announced that the Fund's Board of Trustees (the “Board”) has declared the next three monthly distributions under the Fund's managed distribution plan. Under the Fund's managed distribution plan, the Fund intends to make monthly distributions to common stockholders at an annual rate of 10% (or 0.8333% per month) for 2025, based on the net asset value of $7.11 of the Fund's common shares as of December 31, 2024.
NEW YORK--(BUSINESS WIRE)--High Income Securities Fund (NYSE: PCF) announced that the annual stockholder meeting convened on December 27, 2024 and was adjourned until January 3, 2025 at 11:00 a.m., Eastern time to afford stockholders additional time to vote their shares.
MILWAUKEE, Dec. 10, 2024 (GLOBE NEWSWIRE) -- High Income Securities Fund (NYSE: PCF) (the “Fund”) announced that its tender offer to purchase up to 10,675,000 of the Fund's shares for cash at 98% of the per share net asset value (“NAV”) on the expiration date expired on December 9, 2024. Based on information provided by Equiniti, the depository for the tender offer, a total of 11,885,085 shares were validly tendered. As the total number of shares tendered exceeds 10,675,000 shares, approximately 90% of the shares tendered by each tendering shareholder will be accepted for payment at a price of $7.07 per share (98% of the NAV per common share of $7.21).
Detailed review of High Income Securities Fund's annual shareholder report compared to the semi-annual report holdings. PCF announced a tender offer to purchase up to 10,675,000 shares at 98% NAV, expiring on December 9, 2024. Significant portfolio changes include trimming or selling positions in several closed-end funds and BDCs, while adding new positions in others.
MILWAUKEE, Nov. 08, 2024 (GLOBE NEWSWIRE) -- High Income Securities Fund (the “Fund”) (NYSE: PCF) announced that at special meeting of shareholders today, shareholders approved all proposals except a proposal to amend the Fund's Declaration of Trust to eliminate the requirement that a proposal to convert the Fund to an open-end mutual fund be submitted to shareholders under certain circumstances.
The High Income Securities Fund has proposed changes to investment strategies, including SPACs and leverage, to enhance returns. The Board has tried to increase shareholder meeting participation through a rights offering, special meeting, and tender offer, rewarding shareholders if the proposals are approved. The special shareholder meeting was adjourned due to insufficient votes, with another meeting scheduled for November 8, 2024.
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.
NEW YORK--(BUSINESS WIRE)--High Income Securities Fund (NYSE: PCF) (the “Fund”) today announced that the Fund's Board of Trustees (the “Board”) has declared the next three monthly distributions under the Fund's managed distribution plan. Under the Fund's managed distribution plan, the Fund intends to make monthly distributions to common stockholders at an annual rate of 10% (or 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.
MILWAUKEE, Sept. 16, 2024 (GLOBE NEWSWIRE) -- High Income Securities Fund (the “Fund”) (NYSE: PCF) announced today that a special meeting of shareholders will be held on Friday, October 18, 2024 at 10:30 am at the office of Bulldog Investors, LLP, 250 Pehle Avenue, Suite 708, Saddle Brook, NJ 07663 to consider, among other things, (1) the Fund entering into 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. Shortly after the special meeting is held, 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.