High Income Securities Fund's tender offer expired, accepting approximately 90% of validly tendered shares at $7.07 each.
Quiver AI Summary
High Income Securities Fund announced that its tender offer, which aimed to buy back up to 10,675,000 shares at 98% of the net asset value, expired on December 9, 2024. A total of 11,885,085 shares were tendered, exceeding the offer limit. As a result, approximately 90% of the shares tendered by each shareholder will be accepted, with payments made at a price of $7.07 per share, based on a net asset value of $7.21. For further inquiries, investors are directed to contact InvestorCom LLC, the Fund's information agent.
Potential Positives
- The Fund's tender offer demonstrated strong shareholder interest, with 11,885,085 shares validly tendered, exceeding the target of 10,675,000 shares.
- By accepting approximately 90% of the shares tendered, the Fund is able to provide liquidity to shareholders at a competitive price relative to the net asset value.
- This tender offer may enhance the Fund's market perception by signaling management's commitment to returning capital to shareholders and maintaining the share price close to net asset value.
Potential Negatives
- The tender offer attracted significantly more shares than the Fund was willing to purchase, potentially indicating lower investor confidence in the fund's future performance.
- The acceptance of only approximately 90% of the shares tendered may frustrate shareholders who expected a full buyout, leading to dissatisfaction among investors.
FAQ
What is the recent announcement from High Income Securities Fund?
The Fund announced the expiration of its tender offer to purchase up to 10,675,000 shares for cash at 98% of NAV.
When did the tender offer expire?
The tender offer expired on December 9, 2024.
How many shares were tendered in the offer?
A total of 11,885,085 shares were validly tendered in the offer.
What percentage of shares will be accepted for payment?
Approximately 90% of the shares tendered by each shareholder will be accepted for payment.
What is the payment price per share for accepted tenders?
The payment price per share for accepted tenders is $7.07, which is 98% of the NAV per common share.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$PCF Insider Trading Activity
$PCF insiders have traded $PCF stock on the open market 18 times in the past 6 months. Of those trades, 5 have been purchases and 13 have been sales.
Here’s a breakdown of recent trading of $PCF stock by insiders over the last 6 months:
- RICHARD DAYAN purchased 200 shares.
- PHILLIP GOLDSTEIN has traded it 13 times. They made 0 purchases and 13 sales, selling 234,600 shares.
- RAJEEV P DAS has traded it 4 times. They made 4 purchases, buying 46 shares and 0 sales.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$PCF Hedge Fund Activity
We have seen 34 institutional investors add shares of $PCF stock to their portfolio, and 22 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- THOMAS J. HERZFELD ADVISORS, INC. added 1,444,691 shares (+1114.2%) to their portfolio in Q3 2024
- RIVERNORTH CAPITAL MANAGEMENT, LLC added 1,149,564 shares (+inf%) to their portfolio in Q3 2024
- CETERA INVESTMENT ADVISERS added 1,012,086 shares (+142.3%) to their portfolio in Q3 2024
- BLUE BELL PRIVATE WEALTH MANAGEMENT, LLC added 884,666 shares (+5275.3%) to their portfolio in Q3 2024
- ICON ADVISERS INC/CO added 798,051 shares (+790.2%) to their portfolio in Q3 2024
- ENVESTNET ASSET MANAGEMENT INC added 754,807 shares (+1029.4%) to their portfolio in Q3 2024
- BULLDOG INVESTORS, LLP added 720,467 shares (+248.8%) to their portfolio in Q3 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
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).
For information, please contact: InvestorCom LLC, the Fund’s information agent, at (877) 972-0090.
