Investment Grade Municipal Income Fund Inc. Announces Special Meeting of Shareholders for Consideration of Proposal to Liquid...
01 Diciembre 2009 - 4:01PM
Business Wire
Investment Grade Municipal Income Fund Inc. (the "Fund") (NYSE:
PPM) today announced that it will hold a special meeting of
shareholders solely for the purpose of considering a proposal to
liquidate and dissolve the Fund (the “Liquidation Proposal”) in
lieu of the previously announced annual meeting (the “2010 Annual
Meeting”).
The Fund has received indications that Western Investment LLC
(“Western”) and Karpus Investment Management (“Karpus”) each would
be willing to support the Liquidation Proposal, subject to their
review of the proxy materials to be issued for the special meeting.
Western and Karpus each owns a substantial percentage of the Fund’s
common stock.
The Fund’s Board of Directors (the “Board”) determined to cancel
the previously scheduled 2010 Annual Meeting, and schedule the
special meeting, after Western and Karpus each indicated support
for the Liquidation Proposal and a desire to proceed to a special
meeting solely for the purpose of considering the Liquidation
Proposal. The Board believes that it would be in the best interests
of the Fund and all of its shareholders to hold a special meeting
solely to consider the Liquidation Proposal, in order to attempt to
prevent a possibly lengthy and costly confrontation with Western
and/or Karpus, each of which had submitted their own proposals to
be considered at the 2010 Annual Meeting. Proceeding in this manner
should help avoid a contested meeting, which could result in an
expensive “proxy battle.” A contested meeting would make it more
difficult and expensive for the Fund and its proxy solicitor to
solicit votes on the Liquidation Proposal, which already was on the
agenda for the 2010 Annual Meeting. The Fund’s 2009 Annual Meeting
had been contested.
The Fund had previously scheduled its 2010 Annual Meeting for
February 11, 2010 for the purpose of considering: (1) the election
of directors; (2) the Liquidation Proposal; (3) a proposal from
Karpus that the Fund conduct a tender offer for all of its
outstanding shares; and (4) a proposal from Western recommending
that the Fund’s board be prohibited from retaining UBS Global Asset
Management (Americas) Inc. and certain other entities as investment
manager for the Fund. The Fund also had received notice of
Western’s intent to nominate its own slate of individuals for
election to the Fund’s Board at the 2010 Annual Meeting.
If the Liquidation Proposal is approved, the Fund does not
intend to hold an annual meeting later in 2010, but instead
management will proceed to liquidate and dissolve the Fund. If the
Liquidation Proposal is not approved, the Fund will call an annual
meeting for 2010, and Western and Karpus have each informed the
Fund that they intend to have each of their shareholder proposals
considered at that time.
The special meeting is scheduled to be held on February 23,
2010. The Fund has set Tuesday, December 29, 2009, as the record
date for determination of the shareholders entitled to vote at the
special meeting and any adjournment or postponement thereof.
Further information regarding the Liquidation Proposal will be
included in the Fund’s proxy materials for the special meeting
which are expected to be mailed to all shareholders shortly after
the record date.
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