Two Deutsche closed-end funds' board approves liquidation and dissolution proposals.
NORDIC BUSINESS REPORT-July 13, 2015-Two Deutsche closed-end funds' board approves liquidation and dissolution proposals
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The boards of directors of closed end funds, Deutsche Global High Income Fund Inc (NYSE:LBF) and Deutsche High Income Opportunities Fund Inc (NYSE:DHG) (together, the funds) declared on Saturday that an amendment to the Articles of Incorporation for the liquidation and dissolution of each was approved, although still subject to stockholder approval.
Deutsche High Income Opportunities Fund Inc's board approved and recommended its stockholders to approve, at the fund's 2015 annual stockholders' meeting that will be held on 30 September 2015, an amendment to DHG's Articles of Incorporation, as mentioned above, effective as of a date no more than 30 months after the initial date of the fund's 2015 annual meeting of stockholders and the board will establish the precise date. The board of Deutsche Global High Income Fund Inc similarly approved and recommended the stockholders to do the same at the 2015 annual meeting to be held on the same date as above, requiring the liquidation and dissolution of LBF to be effective as of a date no more than 24 months after the initial date of the annual meeting, with the precise date to be established by the board.
Further, the funds mentioned that details of the proposals will be set forth in the proxy statement for each fund's 2015 annual stockholders' meeting.
Each fund's investment adviser is Deutsche Investment Management Americas Inc (DIMA), which proposed the amendments to each fund's Articles of Incorporation to the board as per the terms of a Standstill Agreement that both have entered into with Bulldog Investors LLC, a large stockholder in the funds and certain parties associated with Bulldog.
Finally, pursuant to the terms of the Standstill Agreement, Bulldog agreed, among other things, to withdraw its stockholder proposals and director nominations for each of the funds upcoming annual meetings and the funds have been advised that Bulldog will file a copy of the agreement with the US Securities and Exchange Commission, as an exhibit to its Schedule 13D.
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|Publication:||Nordic Business Report|
|Date:||Jul 13, 2015|
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