SABA Announces Update on 1-for-2 Reverse Stock Split
2024年6月7日 - 6:00AM
ビジネスワイヤ(英語)
Saba Capital Income & Opportunities Fund II (NYSE: SABA)
(the “Fund”), a registered closed-end management investment company
listed on the New York Stock Exchange (the “NYSE”), today announced
an update on the 1-for-2 reverse stock split (the “Reverse Split”)
of the Fund’s common shares that was approved by its Board of
Trustees (the “Board”).
The Reverse Split is expected to become effective immediately
after the close of trading on the NYSE on June 21, 2024 (“Effective
Date”), and the Fund’s common shares are expected to begin trading
on the NYSE on a reverse split-adjusted basis at the open of
trading on June 24, 2024. As of the Effective Date, every two
shares of the Fund’s issued and outstanding common shares will be
converted into one common share. The Fund’s common shares will
continue to trade on the NYSE under the symbol “SABA,” and the new
CUSIP number for the Fund’s common shares will be 880198205
following the Reverse Split.
The Fund has also adopted an updated managed distribution plan.
In connection with the Reverse Split, the Fund’s fixed monthly
distribution will be adjusted from $0.029 per share to $0.058 per
share, beginning with the first distribution to be declared
following the Effective Date of the Reverse Split. Such adjustment
to the Fund’s fixed monthly distribution will result in no change
in monthly cash flow to shareholders.
For shareholders who participate in the Fund’s dividend
reinvestment plan (“DRIP”), the Fund intends to issue fractional
shares in connection with the Reverse Split. For other shareholders
who do not participate in the Fund’s DRIP, the Fund’s transfer
agent, Equiniti Trust Company, LLC, will aggregate all such
fractional shares and sell them as soon as practicable after the
Reverse Split at then-prevailing prices on the open market. After
the sale, such shareholders will receive a cash payment in an
amount equal to their respective pro rata share of the total net
proceeds of the sale.
Shareholders of record holding common shares in book-entry form
or through a bank, broker or other nominee do not need to take any
action in connection with the Reverse Split. Such shareholders will
receive new share statements from Equiniti Trust Company, LLC
regarding their post-Reverse Split common share ownership.
Shareholders of record holding common shares in certificate form
will receive a transmittal letter from Equiniti Trust Company, LLC,
accompanied by instructions specifying how to exchange their
existing share certificates for new share certificates. Such
shareholders who do not participate in the Fund’s DRIP, will not
receive their (a) payment of cash in lieu of fractional shares or
(b) future monthly distribution payments until such shareholders
(y) exchange their existing share certificates for new share
certificates and (z) deliver a completed transmittal letter to
Equiniti Trust Company, LLC. For the avoidance of doubt, such
payments will be held by Equiniti Trust Company, LLC for the
benefit of such shareholders.
Past Performance is No Assurance of Future Results.
Investment return and principal value of an investment in the Fund
will fluctuate. Shares, when sold, may be worth more or less than
their original cost. Investors should consider the investment
objective, risks and expenses carefully. You can obtain the Fund’s
most recent periodic reports and filings by visiting
https://www.sec.gov/edgar/browse/?CIK=828803&owner=exclude.
Certain Risk Factors. The Fund’s investment objective is
to provide investors with high current income, with a secondary
goal of capital appreciation. There can be no assurance that the
Fund will meet its investment objective. The Fund seeks to achieve
this objective by investing globally in debt and equity securities
of public and private companies, which includes, among other
things, investments in closed‐end funds, reinsurance, and public
and private debt instruments. The Fund also may utilize derivatives
including but not limited to total return swaps, credit default
swaps, options (including but not limited to index options) and
futures, in seeking to enhance returns and/or to reduce portfolio
risk. In addition, on an opportunistic basis, the Fund may also
invest up to 15% of its total assets in private funds that focus on
debt, equity or other investments consistent with the Fund’s
investment objective.
The value of equity securities of public and private, listed and
unlisted companies and equity derivatives generally varies with the
performance of the issuer and movements in the equity markets more
generally. As a result, the Fund may suffer losses if it invests in
equity instruments of issuers whose performance diverges from the
Fund’s investment adviser’s expectations or if equity markets
generally move in a single direction and the Fund has not hedged
against such a general move. The Fund may invest in closed-end
funds, which are subject to additional risks and considerations.
The performance of reinsurance-related securities and the
reinsurance industry itself are tied to the occurrence of various
triggering events, including but not limited to weather, natural
disasters (hurricanes, earthquakes, etc.), non-natural large
catastrophes and other specified events causing physical and/or
economic loss. To the extent the Fund invests in
reinsurance-related securities for which a triggering event occurs,
losses associated with such event could result in losses to the
Fund’s investment, and a series of major triggering events
affecting a large portion of the reinsurance-related securities
held by the Fund could result in substantial losses to the Fund’s
investment. The Fund may invest in high yield securities, which are
speculative in nature and are subject to additional risk factors
such as increased possibility of default, illiquidity of the
security, and changes in value based on changes in interest rates.
Changes in short-term market interest rates may directly affect the
yield on the Fund’s common shares. If such rates fall, the Fund’s
yield may also fall. If interest rate spreads on bonds and loans
owned by the Fund decline in general, the yield on the bonds and
loans will likely fall and the value of such bonds and loans may
decrease. When short-term market interest rates rise, because of
the lag between changes in such short-term rates and the resetting
of the floating rates on bonds and loans in the Fund’s portfolio,
the impact of rising rates will be delayed to the extent of such
lag. Because of the limited secondary market for certain bonds and
loans, the Fund’s ability to sell such securities in a timely
fashion and/or at a favorable price may be limited. An increase in
the demand for bonds and loans may adversely affect the rate of
interest payable on new bonds and loans acquired by the Fund, and
it may also increase the price of bonds and loans purchased by the
Fund in the secondary market. A decrease in the demand for bonds
and loans may adversely affect the price of bonds and loans in the
Fund’s portfolio, which would cause the Fund’s NAV to decrease.
Investment in foreign borrowers involves special risks, including
but not limited to potentially less rigorous accounting
requirements, differing legal systems and potential political,
social and economic adversity. The Fund may engage in currency
exchange transactions to seek to hedge, as closely as practicable,
all of the economic impact to the Fund arising from foreign
currency fluctuations. Other risks include, but are not limited to,
the use of derivatives, the potential lack of diversification in
the Fund’s portfolio, and the fact that the Fund’s portfolio may be
concentrated in a small group of industries or industry sectors
from time to time. Investors should consult the Fund’s filings with
the Securities and Exchange Commission as well as the materials on
the Fund’s website for a more detailed discussion of these or other
risk factors that affect the Fund.
About Saba Capital Income & Opportunities Fund II.
Saba Capital Income & Opportunities Fund II is a
publicly-traded registered closed-end management investment
company. The Fund’s common shares trade on the NYSE under the
ticker symbol “SABA.” The Fund is managed by Saba Capital
Management, L.P.
Forward-Looking Statements. This press release contains
forward-looking statements subject to the inherent uncertainties in
predicting future results and conditions. Any statements that are
not statements of historical fact (including but not limited to
statements containing the words “believes,” “plans,” “anticipates,”
“expects,” “estimates” and similar expressions) should also be
considered to be forward-looking statements. These statements are
not guarantees of future performance, conditions or results and
involve a number of risks and uncertainties. Certain factors could
cause actual results and conditions to differ materially from those
projected in these forward-looking statements. These factors,
including but not limited to the “Certain Risk Factors” noted
above, are identified from time to time in the Fund’s filings with
the Securities and Exchange Commission as well as the materials on
the Fund’s website. The Fund undertakes no obligation to update
such statements to reflect subsequent events, except as may be
required by law.
For further information on Saba Capital Income &
Opportunities Fund II, please visit our website at:
www.sabacef.com.
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