Western Asset Managed High Income Fund Inc. & Western Asset High Income Opportunity Fund Inc. Announce Board Approval of Prop...
2015年11月16日 - 11:00PM
ビジネスワイヤ(英語)
Western Asset Managed High Income Fund Inc. (NYSE:MHY) 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 Managed High Income Fund Inc. with and into
Western Asset High Income Opportunity Fund Inc., subject to
approval by the stockholders of each Fund. If approved, the merger
is anticipated to occur during the second quarter of 2016.
Western Asset Managed High Income Fund Inc. and Western Asset
High Income Opportunity Fund Inc. have identical investment
objectives. Each Fund’s primary investment objective is to seek a
high level of current income. As a secondary objective, each Fund
seeks capital appreciation.
If the proposed merger is approved by the stockholders of both
Funds, stockholders of Western Asset Managed 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 of Directors, the
Funds’ investment adviser and sub-adviser, Legg Mason Partners Fund
Advisor, LLC and Western Asset Management Company, respectively,
noted, among other things, the identical investment objectives and
substantially similar investment policies and strategies of the
Funds, and that Western Asset Managed High Income Fund Inc. is
smaller than Western Asset High Income Opportunity Fund Inc. and
has higher operating expenses as a percentage of net assets.
Management and each Board of Directors believe it is in the best
interests of stockholders to merge Western Asset Managed 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 Managed 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 greater asset
diversification in addition to 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 Managed
High Income Fund Inc. with and into Western Asset High Income
Opportunity Fund Inc., Western Asset Managed High Income Fund Inc.
and Western Asset High Income Opportunity Fund Inc. intend to file
a combined proxy statement and prospectus with the Securities and
Exchange Commission (“SEC”). Investors and stockholders are
advised to read the proxy statement and prospectus when it becomes
available because it will contain important information. When
filed with the SEC, the proxy statement and prospectus and other
documents filed by the Funds 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
Funds at 1-888-777-0102.
Western Asset Managed High Income Fund Inc., Western Asset High
Income Opportunity Fund Inc., their directors and executive
officers and investment adviser, members of their management and
employees may be deemed to be participants in the solicitation of
proxies from the Funds’ stockholders in connection with the
proposed merger. Information concerning the interests of the
participants in the solicitation will be set forth in the proxy
statement and prospectus and stockholder reports of both Funds on
Form N-CSR, to be filed with the SEC.
As of September 30, 2015, Western Asset Managed High Income Fund
Inc. had total assets of approximately $253 million and Western
Asset High Income Opportunity Fund Inc. had total assets of
approximately $464 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 and Western Asset
Management Company Limited, affiliates 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.
Hard copies of each Fund’s complete audited financial statements
are available free of charge upon request.
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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20151116005232/en/
Legg Mason, Inc.Maria Rosati,
212-805-6036mrosati@leggmason.com
Western Asset Managed High Income Fund, Inc. (NYSE:MHY)
過去 株価チャート
から 5 2024 まで 6 2024
Western Asset Managed High Income Fund, Inc. (NYSE:MHY)
過去 株価チャート
から 6 2023 まで 6 2024