Madison Covered Call & Equity Strategy Fund Announces Final Results of Tender Offer
09 11월 2018 - 10:30PM
Madison Covered Call & Equity Strategy Fund (NYSE:MCN) (the
“Fund”) announced today that in accordance with the terms of its
Tender Offer, since the tender offer was oversubscribed, it will
purchase
25 percent of its issued and outstanding common
shares of beneficial interest (“common shares” or “shares”) on a
pro rata basis, with appropriate adjustment to avoid
purchase of fractional shares (the “proration factor”).
The purchase price is $7.91 per common share, which is 99.5
percent of the net asset value per common share determined as of
the close of the regular trading session of the New York Stock
Exchange on November 7, 2018.
A total of 9,236,910.422837 common shares were properly tendered
and not withdrawn by November 7, 2018, the final date for
withdrawals, and the Fund accepted for payment 6,982,308 common
shares. The proration factor is approximately 0.7559563. The
Fund will purchase the common shares that it has accepted for
payment as promptly as practicable on or after November 12,
2018.
The information agent for the Tender Offer is Georgeson LLC, and
the depository for the tender offer is Computershare Trust Company
N.A. Any questions with regard to the tender offer may be directed
to the information agent toll-free at 1-800-457-0759.
Madison Asset Management, LLC550 Science DriveMadison, WI
53711
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. Madison is a wholly owned
subsidiary of Madison Investment Holdings, Inc.
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.
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