Western Asset Variable Rate Strategic Fund Inc. (NYSE: GFY) Announces Record Date & Meeting Date for Special Meeting of Stock...
2020年8月14日 - 9:00PM
ビジネスワイヤ(英語)
Western Asset Variable Rate Strategic Fund Inc. (the “Fund”)
announced today that the Fund’s Board of Directors (the “Board”)
has set a record date of September 18, 2020 for determining those
stockholders of the Fund entitled to notice of and to vote at the
special meeting of stockholders, or at any adjournment or
postponement thereof, to be held on or about November 13, 2020.
The Board has approved a plan of liquidation and dissolution
(the “Plan”) of the Fund, subject to stockholder approval of the
Plan in accordance with Maryland law. The Board believes that
liquidation and dissolution of the Fund is in the best interests of
the Fund because the Fund did not receive the requisite vote
required by the Investment Company Act of 1940 (the “1940 Act”) to
approve new management and subadvisory agreements at the special
meeting of stockholders of the Fund held on July 6, 2020.
These new agreements were proposed in connection with the
combination of Legg Mason, Inc., the parent company of the Fund’s
investment manager and subadvisers, and Franklin Resources, Inc., a
global investment management organization operating as Franklin
Templeton (the “Transaction”). The closing of the Transaction on
July 31, 2020 resulted in the automatic termination of the Fund’s
prior management and subadvisory agreements. The Fund’s manager and
subadvisers are currently managing the Fund under interim
agreements, in reliance on Rule 15a-4 under the 1940 Act, which
will automatically terminate following the conclusion of their term
on December 28, 2020. Absent relief from the U.S. Securities and
Exchange Commission (the “SEC”) or its staff, the Fund’s investment
manager and subadvisers will not be permitted to manage the Fund
after December 28, 2020, even if stockholders do not approve the
Plan.
The Plan will become effective only upon (a) its adoption and
approval by the holders of a majority of the votes entitled to be
cast by the outstanding shares of capital stock of the Fund and (b)
the satisfactory resolution in the sole discretion of the Board of
any and all claims pending against the Fund and/or the Board. To
ensure an orderly liquidation of its assets, the Fund may deviate
from its investment objective and strategies effective with this
announcement.
In connection with the proposal to approve the Plan, the Fund
intends to file a definitive proxy statement with the SEC.
Stockholders are advised to read the Fund’s proxy statement related
to the Plan 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 become available for
free on the SEC website, www.sec.gov. Copies of the proxy statement
will also be mailed to each stockholder of record as of the record
date for the special stockholder meeting.
About the Fund
The Fund is a non-diversified, closed-end management investment
company that is managed by Legg Mason Partners Fund Advisor, LLC
(“LMPFA”), a wholly-owned subsidiary of Franklin Resources, Inc.,
and is sub-advised by Western Asset Management Company, LLC,
Western Asset Management Company Limited and Western Asset
Management Company Pte. Ltd., affiliates of LMPFA.
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. Such forward-looking statements are based on the 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 the Fund’s filings with the SEC.
For more information about the Fund, please call Investor
Relations: 1-888-777-0102, or consult the Fund’s web site at
www.lmcef.com. The information contained on the Fund’s web site is
not part of this press release. Hard copies of the Fund’s complete
audited financial statements are available free of charge upon
request.
Category: Fund Announcement
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Media: Fund Investor Services-1-888-777-0102
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