Western Asset High Income Fund Inc. & Western Asset High Income Opportunity Fund Inc. Announce Board Approval of Proposed Mer...
15 2월 2013 - 10:00PM
Business Wire
Western Asset High Income Fund Inc. (NYSE: HIF) and Western
Asset High Income Opportunity Fund Inc. (NYSE: HIO) today announced
approval by each Fund’s Board of Directors of a proposal to merge
Western Asset High Income Fund Inc. with and into Western Asset
High Income Opportunity Fund Inc., subject to approval by
stockholders of Western Asset High Income Fund Inc. If approved by
stockholders of Western Asset High Income Fund Inc., the merger is
anticipated to occur by the end of the second quarter of 2013.
Western Asset High Income Fund Inc. and Western Asset High
Income Opportunity Fund Inc. have near identical investment
objectives. Each Fund’s primary investment objective is to seek and
maintain a high level of current income. As a secondary objective,
each Fund seeks capital appreciation. Western Asset High Income
Fund maintains a small allocation to emerging market securities
while Western Asset High Income Opportunity Fund does not.
If the proposed merger is approved, stockholders of Western
Asset High Income Fund Inc. would receive common stock of Western
Asset High Income Opportunity Fund Inc., based on each Fund’s
respective net asset value per share.
In recommending the merger to each Board, the Funds’ investment
adviser and sub-adviser, Legg Mason Partners Fund Advisor, LLC and
Western Asset Management Company, respectively, cited the near
identical investment objectives and substantially similar policies
and strategies of both Funds, and noted that Western Asset High
Income Fund Inc. is a small fund with higher operating expenses
than Western Asset High Income Opportunity Fund Inc. Management and
each Board believe it is in the best interests of stockholders to
merge Western Asset High Income Fund Inc. with and into Western
Asset High Income Opportunity Fund Inc. in part because the
combined fund may benefit from economies of scale, as one set of
fixed expenses would be spread over a larger asset base, as well as
from enhanced market liquidity. Furthermore, stockholders of
Western Asset High Income Fund Inc. would likely benefit from
greater asset diversification, lower overall expenses and enhanced
market liquidity as part of a larger fund. Stockholders of Western
Asset High Income Opportunity Fund Inc. may benefit from a more
streamlined high yield product offering, allowing for more focused
marketing and shareholder servicing efforts.
In connection with the proposal to merge Western Asset High
Income Fund Inc. with and into Western Asset High Income
Opportunity Fund Inc., Western Asset High Income Fund Inc. intends
to file a proxy statement with the Securities and Exchange
Commission (“SEC”). Investors and stockholders are advised to
read the proxy statement when it becomes available because it will
contain important information. When filed with the SEC, the
proxy statement and other documents filed by the Fund will be
available free of charge at the SEC’s website, http://www.sec.gov.
Stockholders can also obtain copies of these documents, when
available, for free by calling the Fund at 1-888-777-0102.
Western Asset High Income Fund Inc., its directors and executive
officers and the Fund’s investment adviser, members of its
management and employees may be deemed to be participants in the
Fund’s solicitation of proxies from its stockholders in connection
with the proposed merger. Information concerning the interests of
the participants in the solicitation will be set forth in Western
Asset High Income Fund Inc.’s proxy statement and stockholder
reports on Form N-CSR, to be filed with the SEC.
As of January 31, 2013, Western Asset High Income Fund Inc. had
total assets of approximately $52 million and Western Asset High
Income Opportunity Fund Inc. had total assets of approximately $488
million. Each Fund is a diversified closed-end management
investment company managed by Legg Mason Partners Fund Advisor,
LLC, a wholly owned subsidiary of Legg Mason, Inc., and sub-advised
by Western Asset Management Company, an affiliate of the investment
adviser.
For more information, please call Investor Relations:
888-777-0102, or consult either fund’s web site at
www.lmcef.com.
THIS PRESS RELEASE IS NOT AN OFFER TO PURCHASE NOR A
SOLICITATION OF AN OFFER TO SELL SHARES OF THE FUNDS. THIS PRESS
RELEASE MAY CONTAIN STATEMENTS REGARDING PLANS AND EXPECTATIONS FOR
THE FUTURE THAT CONSTITUTE FORWARD-LOOKING STATEMENTS WITHIN THE
PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. ALL STATEMENTS
OTHER THAN STATEMENTS OF HISTORICAL FACT ARE FORWARD-LOOKING AND
CAN BE IDENTIFIED BY THE USE OF WORDS SUCH AS “MAY,” “WILL,”
“EXPECT,” “ANTICIPATE,” “ESTIMATE,” “BELIEVE,” “CONTINUE” OR OTHER
SIMILAR WORDS. SUCH FORWARD-LOOKING STATEMENTS ARE BASED ON EACH
FUND’S CURRENT PLANS AND EXPECTATIONS, AND ARE SUBJECT TO RISKS AND
UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY
FROM THOSE DESCRIBED IN THE FORWARD-LOOKING STATEMENTS. ADDITIONAL
INFORMATION CONCERNING SUCH RISKS AND UNCERTAINTIES ARE CONTAINED
IN EACH FUND’S FILINGS WITH THE SECURITIES AND EXCHANGE
COMMISSION.
Western Asset High Income Fund Inc. (NYSE:HIF)
과거 데이터 주식 차트
부터 8월(8) 2024 으로 9월(9) 2024
Western Asset High Income Fund Inc. (NYSE:HIF)
과거 데이터 주식 차트
부터 9월(9) 2023 으로 9월(9) 2024