Boulder Growth & Income Fund, Inc. Announces Monthly Distributions and Responds to Questions Regarding Rights Offering.BOULDER, Colo. -- The Boulder Growth & Income Fund, Inc. (NYSE NYSE See: New York Stock Exchange : BIF BIF In currencies, this is the abbreviation for the Burundi Franc. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ) announced today that its Board of Directors has declared a monthly common stock distribution of $0.115 per share for the months of August, September and October, 2007. As such, the August distribution will be payable August 31, 2007, to holders of record on August 24, 2007; the September distribution will be payable September 28, 2007, to holders of record as of September 21, 2007; and, the October distribution will be payable October 31, 2007, to holders of record as of October 24, 2007. The $0.115 per share monthly dividend is equivalent to 14.5% of the Fund's per share market price and 16.4% of the Fund's most recent net asset value (NAV See navigation system and navigation bar. ) of $8.44 per share, both on an annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. basis. Currently the dividend consists of both return of capital to stockholders and ordinary income. A "return of capital" represents a return of a stockholder's original investment in the Fund's shares, and should not be confused with a dividend yield. The distribution will include a component of ordinary income, but this amount will not be known until the Fund's year-end. An IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. Form 1099-DIV Form 1099-DIV A form sent to investors by investment fund companies. The form is a record of all taxable capital gains and dividends paid to an investor, including those that have been re-invested in a given taxation year. will be sent to stockholders indicating the tax characteristic of the distributions they received in 2007 and exactly how much would be ordinary income or long-term capital gains Long-term capital gain A profit on the sale of a security or mutual fund share that has been held for more than one year. , if any, and return of capital, if any. It is likely that a portion of the distributions will represent capital gains realized by the Fund but offset by capital loss carry-forwards, which will be taxable at ordinary income tax rates. To the extent stockholders receive a return of capital they will be required to adjust their cost basis by the same amount upon the sale of their Fund shares. Stockholders should seek their own tax advice regarding the reporting of income and the gain or loss on the sale of the Fund's shares. Stockholders have made a number of recent inquiries regarding the Fund, its distribution policy and the announced rights offering, including the following: Will the announced 1-for-3 rights offering affect the Fund's managed distribution policy (i.e., monthly distributions)? No, the rights offering will not affect the Fund's monthly distribution policy. The Fund's Board has declared distributions for the months of August, September and October, 2007 and will continue to review the distributions on a regular basis. Holders of newly issued shares of common stock acquired through the rights offering will receive distributions for their shares for record dates subsequent to the issuance of the newly issued shares, but will not receive a distribution for their new shares for the record date immediately prior to the issuance of the newly issued shares. Does the Board intend to change the distribution rate? The Board does not currently intend to change the annual distribution rate under the Fund's distribution policy. However, the annual distribution rate is reviewed periodically by the Board and will be subject to the Board's discretion to suspend, modify or terminate the distribution policy at any time. Will exhaustion of the Fund's capital loss carry-forwards result in the Board's termination of the monthly managed distribution policy? No, exhaustion of the Fund's capital loss carry-forwards will not impact continuation of the managed distribution. In the event the Fund uses all of its tax loss carry-forwards, the Fund will declare and pay a single dividend consisting of any net realized long-term capital gains in the month of December. At what price will stockholders be able to purchase shares in the rights offering? New shares will be priced at the Fund's net asset value on the expiration date Expiration Date The day on which an options or futures contract is no longer valid and, therefore, ceases to exist. Notes: The expiration date for all listed stock options in the U.S. of the offering (i.e., the last day on which stockholders may exercise their rights). How will stockholders know when they can exercise their rights? Record date stockholders will receive a copy of the Fund's prospectus by mail. The prospectus will contain information regarding exercising rights. Stockholders should contact their broker regarding decisions to exercise or not exercise their rights. ABOUT THE FUND Boulder Growth & Income Fund, Inc. is a non-diversified, closed-end management company Closed-End Management Company An investment-management company that sells a limited number of shares to investors on an exchange by way of an initial public offering. For investors to sell the shares they purchased from the closed-end management company, there must be buyers organized as a Maryland corporation and is registered with the SEC under the Investment Company Act of 1940, as amended. For more information about the Fund, please visit the following website: www.boulderfunds.net FORWARD-LOOKING STATEMENTS forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. This press release may contain forward-looking statements, which are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. 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 companies, changes in government policy or regulation, inability of the Fund to attract or retain key employees, inability of the Fund to implement its operating strategy and acquisition strategy, inability of the Fund to manage rapid expansion and unforeseen costs and other effects related to legal proceedings All actions that are authorized or sanctioned by law and instituted in a court or a tribunal for the acquisition of rights or the enforcement of remedies. or investigations of governmental and self-regulatory organizations Self-regulatory organization (SRO) Organizations that enforce fair, ethical, and efficient practices in the securities and commodity futures industries, including all national securities and commodities exchanges and the NASD. . |
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