Board of Managed High Yield Fund Inc. Approves Proposal to Reorganize into Managed High Yield Plus Fund Inc.Business Editors NEW YORK--(BUSINESS WIRE)--Dec. 20, 1999 Managed High Yield Fund Inc. ("Managed High Yield" or "Fund") (NYSE NYSE See: New York Stock Exchange : PHT PHT Phenytoin (antiepileptic, Dilantin) PHT Pulmonary Hypertension PhT Pharmacy Technician PHT Post-Harvest Technology PHT Pattern History Table PHT Pressure Half Time PHT Public Health Trust ), a diversified closed-end investment company closed-end investment company: see mutual fund. , announced today that its Board of Directors has approved management's proposal for the Fund to reorganize into Managed High Yield Plus Fund Inc. ("Managed High Yield Plus") (NYSE: HYF HYF Hold Your Fire (Rush album) ), also a diversified closed-end investment company. Shareholders will be asked to consider and approve this proposal at the Special Meeting of Shareholders scheduled for March 23, 2000. The record date for this meeting will be January 25, 2000. The terms of the reorganization will be detailed in a proxy statement/prospectus that will be mailed to shareholders. If the reorganization is approved by Managed High Yield shareholders, each shareholder will receive the number of full shares (and cash in lieu Cash In Lieu (CIL) In a typical exchange offer, "old" shares of the target company are exchanged for "new shares". of fractional shares Fractional share Stocks amounting to less than one full share, usually resulting from splits, acquisitions, exchanges, or dividend reinvestment programs. fractional share Less than one share of stock, that is, one-third or one-half a share. ) of common stock of Managed High Yield Plus equal in net asset value to the aggregate net asset value of the shares of Managed High Yield that he or she owns. Managed High Yield's management anticipates that the reorganization will occur by April 30, 2000. Shortly before the reorganization, Managed High Yield shares will stop trading on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. . After the reorganization occurs, Managed High Yield will be dissolved. Managed High Yield and Managed High Yield Plus have similar investment objectives, and they invest primarily in the same types of securities. Managed High Yield's investment objective is to seek high current income. Managed High Yield Plus' investment objective is to seek high income and, secondarily, capital appreciation. Both Funds seek to achieve their investment objectives by investing primarily in a diversified portfolio of lower-rated, income-producing debt and related equity securities. Managed High Yield has assets of approximately $69 million. Managed High Yield Plus has assets of about $382 million. |
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