Madison Closed-End Funds Announce Completion of Mergers of the Funds
08 10월 2018 - 10:27PM
Madison Strategic Sector Premium Fund (NYSE: MSP) and Madison
Covered Call & Equity Strategy Fund (NYSE: MCN), each a closed
end fund, (collectively, the “Funds”), announced today that the
merger of MSP with and into MCN was completed prior to the opening
of the New York Stock Exchange (“NYSE”) on October 8, 2018.
In the merger, common shareholders of MSP received newly-issued
MCN common shares in a tax-free transaction having an aggregate net
asset value equal to the aggregate net asset value of their
holdings of MSP common shares, as determined as of the close of
trading on the NYSE on October 5, 2018. Fractional MCN shares were
not issued in the merger and consequently cash will be distributed
for any such fractional amounts.
Relevant details pertaining to the merger are as follows:
Fund |
NAV/Share ($) |
Conversion Ratio |
Madison Covered Call
& Equity Strategy Fund (MCN) |
$8.16 |
N/A |
Madison Strategic
Sector Premium Fund (MSP) |
$12.19 |
1.493683 |
|
|
|
This communication is not intended to, and shall not, constitute
an offer to purchase or sell shares of MCN, the surviving Fund in
the merger. Investors should consider MCN’s investment objectives,
risks, charges and expenses carefully and consider in its entirety
the Joint Proxy Statement/Prospectus relating to the merger which
contains important information regarding the investment objectives
and policies, risks, charges, expenses and other important
information about MCN.
CONTACT:Madison Asset Management, LLC Greg Hoppe,
Treasurer gregh@madisonadv.com 800-368-3195
About Madison Asset Management, LLC
Madison Asset Management, LLC (“Madison”), a subsidiary of
Madison Investment Holdings, Inc., is the Funds’ investment
adviser. Its affiliates include Madison Investment Advisors, LLC,
with offices in Madison, Wisconsin and Scottsdale, Arizona; and
Hansberger Growth Investors, L.P., Toronto, Canada.
Availability of Fund Updates
Madison provides certain data relating to the Funds on its
website in the “Closed-end Fund” section of www.madisonfunds.com.
Investors and others are advised to check the website for updated
data and the release of other material information about the Funds.
This reference to Madison’s website is intended to allow investors
public access to information regarding the Funds and does not, and
is not intended to, incorporate Madison’s or Madison Funds’ website
in this release.
Forward-Looking Statements
This press release, and other statements that Madison or the
Funds may make, may contain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act, with
respect to the Funds or Madison’s future financial or business
performance, strategies or expectations. Forward-looking statements
are typically identified by words or phrases such as “trend,”
“potential,” “opportunity,” “pipeline,” “believe,” “comfortable,”
“expect,” “anticipate,” “current,” “intention,” “estimate,”
“position,” “assume,” “outlook,” “continue,” “remain,” “maintain,”
“sustain,” “seek,” “achieve,” and similar expressions, or future or
conditional verbs such as “will,” “would,” “should,” “could,” “may”
or similar expressions.
Madison cautions that forward-looking statements are subject to
numerous assumptions, risks and uncertainties, which change over
time. Forward-looking statements speak only as of the date they are
made, and Madison assumes no duty to and does not undertake to
update forward-looking statements. Actual results could differ
materially from those anticipated in forward-looking statements and
future results could differ materially from historical
performance.
With respect to the Funds, the following factors, among others,
could cause actual events to differ materially from forward-looking
statements or historical performance: (1) changes and volatility in
political, economic or industry conditions, the interest rate
environment, foreign exchange rates or financial and capital
markets, which could result in changes in demand for a Fund
or in the Fund’s net asset value; (2) the relative and absolute
investment performance of a Fund and its investments; (3) the
impact of increased competition; (4) the unfavorable resolution of
any legal proceedings; (5) the extent and timing of any
distributions or share repurchases; (6) the impact, extent and
timing of technological changes; (7) the impact of legislative and
regulatory actions and reforms; and (8) terrorist activities,
international hostilities and natural disasters, which may
adversely affect the general economy, domestic and local financial
and capital markets.
Annual and Semi-Annual Reports and other regulatory filings of
the Funds with the Securities and Exchange Commission (“SEC”) are
accessible on the SEC's website at www.sec.gov and on Madison’s
website at www.madisonfunds.com, and may discuss these or other
factors that affect the Funds. The information contained on
Madison’s website is not a part of this press release.
Datto (NYSE:MSP)
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Datto (NYSE:MSP)
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