CIM High Yield Securities Urges Shareholders to Vote for Liquidation -- Announces Adjournment of Annual Meeting.BOSTON -- CIM (1) (Computer-Integrated Manufacturing) Integrating office/accounting functions with automated factory systems. Point of sale, billing, machine tool scheduling and supply ordering are part of CIM. High Yield Securities (the "Fund") (AMEX AMEX See: American Stock Exchange :CIM) today announced that it reconvened its annual meeting of shareholders of the Fund as scheduled today at 11:00 a.m. and then immediately again adjourned the meeting to permit the further solicitation of proxies on the proposal to liquidate To pay and settle the amount of a debt; to convert assets to cash; to aggregate the assets of an insolvent enterprise and calculate its liabilities in order to settle with the debtors and the creditors and apportion the remaining assets, if any, among the stockholders or owners of the and dissolve the Fund. The reconvened annual meeting of shareholders of the Fund will be held on December 16, 2005 at 11:00 a.m. at the offices of Bingham McCutchen Bingham McCutchen LLP is an international law firm with 950 attorneys in ten US offices and three international offices representing clients in high-stakes litigation, complex financing and financial regulatory matters, government affairs and a wide variety of sophisticated LLP LLP - Lower Layer Protocol , 150 Federal Street, 25th Floor, Boston, Massachusetts “Boston” redirects here. For other uses, see Boston (disambiguation). Boston is the capital and most populous city of Massachusetts.[3] The largest city in New England, Boston is considered the unofficial economic and cultural center of the entire New . The Fund reported that more than a majority of its shareholders had approved the proposal to liquidate the Fund. Approval of the liquidation requires the affirmative vote of two-thirds of the Fund's outstanding shares. The Fund also reported that it expected that future dividend distributions would be negatively impacted as a result of the expenses associated with the solicitation of the proxies on the liquidation proposal. The Fund announced that it is sending a letter informing its shareholders of the urgent importance of their voting on the proposed liquidation. The text of the Fund's letter is set forth below. Those shareholders who have not voted on the proposal are encouraged to do so. Proxy solicitation is being directed by PFPC PFPC Professional Financial Planning Course (Canadian Securities Institute) Inc. and additional proxy materials Proxy Materials Documents regulated by the Securities & Exchange Commission in which a public company outlines its methods and procedures. These documents are used to inform shareholders and solicit votes for corporate decisions, such as the election of directors and other may be obtained by calling (877) 456-6399.
Dear Shareholder:
We previously sent you proxy materials for the Annual Meeting of
Shareholders of CIM High Yield Securities that has been adjourned
until December 16, 2005 at 11:00 a.m. At the meeting, shareholders
will vote on a proposal to liquidate the Fund.
It is urgently important that we receive your vote. Failure to
vote has the effect of voting against the proposal.
A preliminary report from our proxy solicitor indicates that, to
date, proxies representing approximately 52% of the Fund's
outstanding shares have been submitted in favor of the proposal
to liquidate. For the proposal to pass, two-thirds of the Fund's
outstanding shares must vote in favor.
Your Board of Trustees recommends that you vote FOR the proposed
liquidation.
Another proxy card and return envelope are enclosed for your
convenience. You may also vote by telephone or on the internet by
following the directions enclosed. We urge you to give this matter
your immediate attention and return your vote as soon as possible
so that the Fund does not incur additional solicitation expenses.
If you have any questions regarding the proxy, please contact the
proxy solicitor, PFPC, Inc., at (877) 456-6399.
Please vote today. Your vote is important regardless of the number
of shares you own.
Thank you for your cooperation.
Sincerely,
CIM High Yield Securities
CIM High Yield Securities is a diversified, closed-end registered investment company listed on the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. . |
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