Western Asset Managed High Income Fund Inc. (NYSE:MHY) & Western Asset High Income Opportunity Fund Inc. (NYSE:HIO) Announce ...
15 August 2016 - 10:00PM
Business Wire
Western Asset Managed High Income Fund Inc. (NYSE:MHY) and
Western Asset High Income Opportunity Fund Inc. (NYSE:HIO) today
announced the results of the votes cast at the re-convened joint
Special Shareholder Meeting held on Friday, August 12, 2016.
Shareholders of both MHY and HIO voted to approve the merger of
MHY with and into HIO. The merger is expected to be effective prior
to the opening of business on Monday, August 29, 2016.
Upon completion of the merger, each share of common stock of MHY
will convert into an equivalent dollar amount (to the nearest
$0.001) of full shares of common stock of HIO, based on the net
asset value of each Fund on the business day preceding the merger.
HIO will not issue fractional shares to MHY stockholders. In lieu
of issuing fractional shares, HIO will pay cash to each former
holder of MHY common stock in an amount equal to the net asset
value of the fractional shares of HIO common stock that the
investor would otherwise have received in the merger.
Shareholders of both MHY and HIO also voted to approve a
fundamental investment policy regarding senior securities.
Each fund is a diversified closed-end management investment
company managed by Legg Mason Partners Fund Advisor, LLC, a wholly
owned subsidiary of Legg Mason, Inc., and sub-advised by Western
Asset Management Company, which is also a subsidiary of Legg Mason,
Inc.
For more information, please call 1-888-777-0102 or consult the
Funds’ website at www.lmcef.com. Hard copies of each Fund’s
complete audited financial statements are available free of charge
upon request.
THIS PRESS RELEASE IS NOT AN OFFER TO PURCHASE NOR A
SOLICITATION OF AN OFFER TO SELL SHARES OF THE FUNDS. THIS PRESS
RELEASE MAY CONTAIN STATEMENTS REGARDING PLANS AND EXPECTATIONS FOR
THE FUTURE THAT CONSTITUTE FORWARD-LOOKING STATEMENTS WITHIN THE
PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. ALL STATEMENTS
OTHER THAN STATEMENTS OF HISTORICAL FACT ARE FORWARD-LOOKING AND
CAN BE IDENTIFIED BY THE USE OF WORDS SUCH AS “MAY,” “WILL,”
“EXPECT,” “ANTICIPATE,” “ESTIMATE,” “BELIEVE,” “CONTINUE” OR OTHER
SIMILAR WORDS. SUCH FORWARD-LOOKING STATEMENTS ARE BASED ON EACH
FUND’S CURRENT PLANS AND EXPECTATIONS, AND ARE SUBJECT TO RISKS AND
UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY
FROM THOSE DESCRIBED IN THE FORWARD-LOOKING STATEMENTS. ADDITIONAL
INFORMATION CONCERNING SUCH RISKS AND UNCERTAINTIES ARE CONTAINED
IN EACH FUND’S FILINGS WITH THE SECURITIES AND EXCHANGE
COMMISSION.
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MediaMaria Rosati, 212-805-6036mrosati@leggmason.com
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