Special Opportunities Fund, Inc. : Announces Adjusted Conversion Ratio for Convertible Preferred Stock
January 16, 2018 at 02:40 pm
Share
Special Opportunities Fund, Inc. (NYSE: SPE) (the “Fund”) today
announced that as a result of the 2017 year-end cash dividend of $1.33
per share of common stock, the conversion price for each share of
convertible preferred stock has decreased from $18.19 per share to
$16.86 per share. Therefore, the holder of convertible preferred stock
that elects to convert it to common stock would currently receive 1.4828
shares of common stock in exchange for each share of convertible
preferred stock. The Fund’s Board of Directors may determine to redeem
the convertible preferred stock at a price of $25 per share at any time
after August 26, 2018, subject to providing notice of at least 30 days.
As of the close of business on January 12, 2018, the market price, net
asset value and diluted net asset value (assuming conversion of all
outstanding shares of the Fund’s convertible preferred stock) of the
Fund’s common stock were $15.40, $17.24, and $17.14 respectively. The
net asset value and diluted net asset value of the Fund’s common stock
are provided weekly on the Fund’s website at www.specialopportunitiesfundinc.com.
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Special Opportunities Fund, Inc. (the Fund) is a diversified, closed-end management investment company. The Fund's investment objective is total return. The Fund invests primarily in securities, which have the opportunity for appreciation. The Fund may employ strategies designed to capture price movements generated by anticipated corporate events, such as investing in companies involved in special situations, including, but not limited to, mergers, acquisitions, asset sales, spin-offs, balance sheet restructuring, bankruptcy, liquidations, and tender offers. The Fund may, from time to time, engage in short sales of securities for investment or for hedging purposes. The Fund invests in closed-end funds, business development companies, preferred stocks, other common stocks, special purpose acquisition vehicles, corporate obligations, money market funds, warrants and rights, among others. Bulldog Investors, LLP is the investment adviser of the Fund.