Lincoln National Income Fund Announces Proposed Reorganization Into Delaware Corporate Bond Fund
15 Febrero 2006 - 4:31PM
PR Newswire (US)
PHILADELPHIA, Feb. 15 /PRNewswire-FirstCall/ -- The Board of
Directors of Lincoln National Income Fund, Inc. (NYSE:LND) (the
"Fund") today announced its decision to approve a proposal
providing for the reorganization of the Fund into the Delaware
Corporate Bond Fund (the "Corporate Bond Fund"), an open-end series
of Delaware Group Income Funds. Under the terms of the proposed
reorganization, the Corporate Bond Fund would acquire substantially
all of the assets of the Fund in exchange for Class A shares of the
Corporate Bond Fund; those Class A shares of the Corporate Bond
Fund would then be distributed pro rata to the shareholders of the
Fund's common stock; and the Fund would subsequently be liquidated
and dissolved. This transaction (the "Reorganization"), which is
expected to be tax-free, is subject to the approval of the Fund's
shareholders. The Board of Trustees of Delaware Group Income Funds
also approved the proposed Reorganization today. If approved by
shareholders of the Fund, shares will be exchanged based on the
respective net asset values of the Fund's common stock and the
Class A shares of the Corporate Bond Fund. It is currently
anticipated that, during the three months following the closing of
the Reorganization, redemptions of the Corporate Bond Fund shares
issued to shareholders of the Fund in the Reorganization will be
subject to a redemption fee of two percent (2%). This redemption
fee will be paid to the Corporate Bond Fund to help defray the
transaction costs associated with such redemptions. The Fund's
Board of Directors plans to submit the proposed Reorganization to
the Fund's shareholders at a special meeting, currently expected to
take place in June 2006. Any solicitation of proxies by the Fund in
connection with this shareholder meeting will be made only pursuant
to separate proxy materials filed under the federal securities
laws. It is anticipated that these proxy materials will be
distributed to the Fund's shareholders at the end of March 2006.
There can be no assurance that the shareholders of the Fund will
vote in favor of the proposed Reorganization. The Fund is a
closed-end, non-diversified investment management company managed
by Delaware Management Company. Delaware Management Company is a
series of Delaware Management Business Trust, a wholly owned
subsidiary of Lincoln National Corporation. The Fund's primary
objective is to seek to produce increasing dollar amounts of income
for distribution to its shareholders over the long term. As of
February 14, 2006, the Fund had total assets of approximately $93.5
million. The Corporate Bond Fund is an open-end, diversified mutual
fund managed by Delaware Management Company. The Fund's investment
objective is to seek to provide investors with total return. As of
February 14, 2006, the Corporate Bond Fund had total assets of
approximately $443.3 million. In connection with the proposed
Reorganization, the Fund and Delaware Group Income Funds, on behalf
of the Corporate Bond Fund, intend to file relevant materials with
the U.S. Securities and Exchange Commission (the "SEC"), including
a Form N-14 combined proxy statement for the Fund and a
registration statement for the Corporate Bond Fund that will
contain a prospectus. Because those documents will contain
important information, the Fund's shareholders are urged to read
them carefully when they become available. When filed with the SEC,
those documents will be available free of charge at the SEC's
website, http://www.sec.gov/. The Fund's shareholders will also be
able to obtain copies of these documents and other
transaction-related documents, when available, by calling Delaware
Investments toll-free at 800-523-1918. The foregoing is not an
offer to sell, nor a solicitation of an offer to buy, shares of any
fund, nor is it a solicitation of any proxy. About Delaware
Investments: Delaware Investments, an affiliate of Lincoln
Financial Group, is a Philadelphia-based diversified asset
management firm with more than $110 billion in assets under
management as of December 31, 2005. Through a broad range of
managed accounts and portfolios, mutual funds, retirement plan
services, subadvised funds, college savings plans and other
investment products, Delaware Investments provides investment
services to individual investors and to institutional investors
such as private and public pension funds, foundations, and
endowment funds. Delaware Investments is the marketing name for
Delaware Management Holdings, Inc. and its subsidiaries. For more
information on Delaware Investments, visit the company at
http://www.delawareinvestments.com/. Lincoln Financial Group is the
marketing name for Lincoln National Corporation (NYSE:LNC) and its
affiliates. For more information on Lincoln Financial Group, visit
http://www.lfg.com/. First Call Analyst: FCMN Contact: DATASOURCE:
Delaware Investments CONTACT: Ayele Ajavon, Corporate
Communications, +1-215-255-1632, , or Laurel O'Brien, Corporate
Communications, +1-215-255-1520, , both of Delaware Investments Web
site: http://www.delawareinvestments.com/ http://www.lfg.com/
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