Madison Covered Call & Equity Strategy Fund Commences Tender Offer
10 10월 2018 - 9:30PM
Madison Covered Call & Equity Strategy Fund (NYSE:MCN) (the
“Fund”) today commenced a tender offer for up to 6,982,308 of the
Fund’s issued and outstanding common shares of beneficial interest
(the “Shares”) at a price per Share equal to 99.5% of the net asset
value (the “NAV”) of the Shares, plus any unpaid dividends accrued
as of the close of ordinary trading on the NYSE on the date the
tender offer expires. The tender offer period and withdrawal
rights will expire at 4:00 p.m., Central Time, on November 7, 2018,
unless extended. If more than 6,982,308 of the Fund’s Shares
are tendered and not withdrawn, any purchases will be made on a pro
rata basis. The offer amount will also be reduced if the preceding
merger of the Madison Strategic Sector Premium Fund into the Fund,
when evaluated in conjunction with the offer, would not otherwise
qualify as a tax-free reorganization.
The tender offer is being made on the terms and subject to the
conditions set forth in the Offer to Purchase dated October 10,
2018 and the related Letter of Transmittal, attached as Exhibit
(a)(1)(i) and Exhibit (a)(1)(ii), respectively, to the Fund’s
tender offer statement on Schedule TO filed with the Securities and
Exchange Commission. All of these documents contain important
information about the tender offer. Shareholders of the Fund
are urged to read them carefully before any decision is made with
respect to the offer. Shareholders of the Fund can obtain a free
copy of each of these documents at the SEC’s website at www.sec.gov
or from the Fund by calling Georgeson LLC, the Fund’s information
agent for the tender offer, at (800) 457-0759. This press release
is not a recommendation, an offer to purchase, or a solicitation of
an offer to sell Shares and is not a prospectus, circular or
representation intended for use in the purchase or sale of
Shares.
CONTACT:Madison Asset Management, LLCGreg Hoppe,
Treasurergregh@madisonadv.com800-368-3195
Certain statements made in this press release are
forward-looking statements. Actual future results or occurrences
may differ significantly from those anticipated in any
forward-looking statements due to numerous factors. These include,
but are not limited to: market developments; legal and regulatory
developments; and other additional risks and uncertainties. As a
result, none of Madison Asset Management, LLC, the investment
advisor for the Fund (“Madison”), the Fund or any other person
assumes responsibility for the accuracy and completeness of such
statements in the future.
The Fund is a diversified, closed-end management investment
company registered under the Investment Company Act of 1940, as
amended. The Fund’s investment objective is to provide a high level
of current income and current gains, with a secondary objective of
long-term capital appreciation. The Fund pursues its investment
objectives by investing primarily in large and mid-capitalization
common stocks that are, in the view of Madison, selling at a
reasonable price in relation to their long-term earnings growth
rates. Under normal market conditions, the Fund seeks to generate
current earnings from option premiums by writing (selling) covered
call options on a substantial portion of its portfolio securities.
Madison is a wholly owned subsidiary of Madison Investment
Holdings, Inc.
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