Boulder Growth & Income Fund, Inc. Files Amended Application for Managed Distributions.BOULDER, Colo. -- Last graph, second sentence should read: The distributions also provide stockholders with a dependable monthly cash source (sted The distributions also provide stockholders with a dependable monthly cash source, which may be more attractive following the reduction in federal income tax rates on qualified dividend income.) The corrected release reads: BOULDER GROWTH & INCOME FUND, INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . FILES AMENDED APPLICATION FOR MANAGED DISTRIBUTIONS 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 it filed an amended and restated application with the Securities and Exchange Commission (SEC) requesting exemption from the provisions of Section 19(b) of the Investment Company Act of 1940, as amended, and Rule 19b-1 thereunder to permit more than one capital gain distribution per year. The Fund currently pays a regular dividend $0.10 per share, per month. The Fund is able to do this because of capital loss carryforwards Loss Carryforward An accounting technique with which a company applies net operating losses of the current year to future year's profits in order to reduce tax liability. Notes: which offset net realized gains Realized Gain A gain resulting from selling an asset at a price higher than the original purchase price. Notes: There may be tax consequences for a realized profit. . However, these capital loss carryforwards do not last indefinitely in·def·i·nite adj. Not definite, especially: a. Unclear; vague. b. Lacking precise limits: an indefinite leave of absence. c. . Exemption would allow the Fund to continue making a managed distribution payment. The Fund originally applied for exemptive relief in 2004 but did not receive a response until recently when the SEC issued a letter proposing conditions for future Rule 19b-1 exemptions. The Fund has amended and restated its original application in response to the conditions proposed in the SEC letter. At the Annual Meeting of Stockholders held earlier this year, stockholders approved a distribution policy whereby the Fund pays $0.10 per share, per month (or $1.20 per year) which equates to 11.5% of the Fund's current market price. Continuance The adjournment or postponement of an action pending in a court to a later date of the same or another session of the court, granted by a court in response to a motion made by a party to a lawsuit. of the $0.10 monthly dividend is contingent upon Adj. 1. contingent upon - determined by conditions or circumstances that follow; "arms sales contingent on the approval of congress" contingent on, dependant on, dependant upon, dependent on, dependent upon, depending on, contingent either (i) the Fund maintaining a tax loss carryforward tax loss carryforward See carryforward. or (ii) receiving exemption from Rule 19b-1 allowing the Fund to make multiple capital gain distributions in a year. The primary purpose of applying for relief under Rule 19b-1 is to continue to provide investors with regular distributions which are not dependent on the amount of income earned or capital gains realized by the Fund. The Board has not received any indication from the SEC on whether the application will be approved or the timeframe to expect a response in regard to its request for exemptive relief. The Board currently reviews the payout rate quarterly and will make a final determination about continuation of the policy and determine any change in the rate of payout only after issuance of an SEC exemptive order and consideration of circumstances then existing. Although the Board cannot determine if any change would be made to the amount of the periodic payout at this time, the proposed distributions could include a return of capital to the extent that net investment income and net capital gain are insufficient to meet the fixed dividend. The Board has the ability to amend or terminate the managed distribution at any time, without prior notice to stockholders. The Board believes that the managed distribution policy may help the Fund attract new investors, which could have a positive effect on the market price of the Fund's common shares. The distributions also provide stockholders with a dependable monthly cash source. |
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