Delaware Investments Dividend and Income Fund, Inc. Announces Final Results of Tender Offer
04 July 2008 - 4:41AM
PR Newswire (US)
PHILADELPHIA, July 3 /PRNewswire-FirstCall/ -- Delaware Investments
Dividend and Income Fund, Inc. (NYSE:DDF) (the "Fund"), a
closed-end management investment company, today announced the final
results of its tender offer for up to 522,939 shares of its common
stock representing up to 5 percent of its issued and outstanding
shares of common stock. The offer expired at 11:59 p.m., New York
City time, on Friday, June 27, 2008. Based on a count by Mellon
Investor Services, LLC, the depositary for the tender offer,
approximately 704,186.4785 shares of common stock, or approximately
6.7330 percent of the Fund's common stock outstanding, were
tendered, and 522,939 have been accepted for cash payment at a
price equal to $9.57, the Fund's net asset value ("NAV") as of the
close of regular trading on the New York Stock Exchange on June 30,
2008. Since the tender offer was oversubscribed, all tenders of
shares are subject to proration (at a ratio of approximately
0.744305528) in accordance with terms of the tender offer.
Following the purchase of the tendered shares, the Fund will have
approximately 9,935,835.0000 shares of common stock outstanding.
The Fund is a diversified closed-end fund. The Fund's primary
investment objective is to seek high current income; capital
appreciation is a secondary objective. The Fund seeks to achieve
its objectives by investing, under normal circumstances, at least
65 percent of its total assets in income-generating equity
securities, including dividend-paying common stocks, convertible
securities, preferred stocks and other equity-related securities.
Up to 35 percent of the Fund's total assets may be invested in
non-convertible debt securities consisting primarily of high-yield,
high-risk corporate bonds. In addition, the Fund utilizes
leveraging techniques in an attempt to obtain a higher return for
the Fund. There is no assurance that the Fund will achieve its
investment objectives. In 1995, the Fund implemented a managed
distribution policy. Under the policy, the Fund is managed with a
goal of generating as much of the distribution as possible from net
investment income and short-term capital gains. The balance of the
distribution will then come from long-term capital gains and, if
necessary, a return of capital. About Delaware Investments:
Delaware Investments, an affiliate of Lincoln Financial Group, is a
Philadelphia-based diversified asset management firm with more than
$140 billion in assets under management as of March 31, 2008.
Through a broad range of managed accounts and portfolios, mutual
funds, retirement accounts, sub- advised funds, 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.lincolnfinancial.com/. DATASOURCE: Delaware Investments
CONTACT: Ayele Ajavon, +1-215-255-1632, ; or Laurel O'Brien,
+1-215-255-1520, , both of Corporate Communications, Delaware
Investments Web site: http://www.delawareinvestments.com/
http://www.lincolnfinancial.com/
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