Neuberger Berman Dividend Advantage Fund Inc. Announces Proposed Liquidation
26 June 2009 - 8:41AM
Business Wire
Neuberger Berman Dividend Advantage Fund Inc. (AMEX: NDD) (�NDD�
or the �Fund�) announced today that its Board of Directors (the
�Board�) has approved a proposal to liquidate the Fund. The
liquidation proposal must also be approved by Fund stockholders and
will be considered at a special meeting of stockholders to be
called for that purpose. If stockholders approve the liquidation,
the Fund will sell its assets, unwind its leverage, discharge its
liabilities (including liabilities in connection with unwinding its
leverage), cease trading on the American Stock Exchange and
distribute the net proceeds to its common stockholders.
As it previously announced, Neuberger Berman Management LLC
(�Neuberger Berman�), the Fund�s investment manager, has been
exploring certain courses of action that would result in increased
liquidity options for the Fund�s stockholders. After considering a
range of options, Neuberger Berman and the Board decided the best
option was to submit a proposal to liquidate the Fund to a vote of
the Fund�s stockholders. Factors considered in reaching this
decision included, among others, the small asset size of the Fund,
the level of asset depreciation the Fund has experienced during the
on going economic downturn and the related increase in its expense
ratio, challenges associated with its unique hybrid investment
strategy and the common stockholders� response to the Fund�s recent
tender offer.
Additional information will be included in the proxy statement
to be sent to stockholders in advance of the special meeting at
which they will consider the proposed liquidation.
About Neuberger Berman
Neuberger Berman Group LLC is one of the world�s largest
private, independent employee-controlled asset management
companies. As of March 31, 2009, assets under management were
approximately $155 billion. Established in 1939, Neuberger Berman
is a leader in providing a broad range of global investment
solutions � equity, fixed income, and alternatives � to
institutions and individuals through customized separately managed
accounts, mutual funds and alternative investment products. For
more information please visit our website at www.nb.com.
Statements made in this release that look forward in time
involve risks and uncertainties and are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. Such risks and uncertainties include, without limitation,
the adverse effect from a decline in the securities markets or a
decline in the Fund�s performance, a general downturn in the
economy, competition from other closed-end investment companies,
changes in government policy or regulation, inability of the Fund�s
investment adviser to attract or retain key employees, inability of
the Fund to implement its investment strategy, inability of the
Fund to manage rapid expansion and unforeseen costs and other
effects related to legal proceedings or investigations of
governmental and self-regulatory organizations.
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