NEW YORK, March 27, 2020 /PRNewswire/ -- Neuberger Berman
High Yield Strategies Fund Inc. (NYSE American: NHS) (the "Fund")
is responding to the results of the Fund's most recent Annual
Meeting of Stockholders. At the meeting, the Fund's stockholders
voted to approve a non-binding proposal asking the Fund's Board of
Directors (the "Board") to consider a self-tender offer. The Board
recognizes that certain stockholders have expressed a desire for
liquidity in addition to what is available via the secondary market
and after careful consideration, the Board has concluded that an
appropriately structured tender offer may be a suitable response.
The Board has concluded that implementing the stockholder proposal,
in the form it was proposed, would not be in the best interests of
the Fund or the majority of its stockholders.
Due to ongoing extreme volatility in the global markets the
Board believes that it is in the best interest of the Fund and its
stockholders to wait before making any final determination about
the specifics of a tender offer or other possible transactions that
could enhance stockholder value. The Board will continue to
evaluate such options. A key structural feature of a closed-end
fund is that it does not need to sell assets to meet stockholder
redemptions and, therefore, should be better positioned to avoid
selling securities into extremely volatile markets. The Board
remains focused on actions that consider the interests of all
stockholders and the potential impact on the Fund.
About Neuberger Berman
Neuberger Berman, founded in
1939, is a private, independent, employee-owned investment manager.
The firm manages a range of strategies—including equity, fixed
income, quantitative and multi-asset class, private equity, real
estate and hedge funds—on behalf of institutions, advisors and
individual investors globally. With offices in 23 countries,
Neuberger Berman's diverse team has 2,200 professionals. For six
consecutive years, the company has been named first or second in
Pensions & Investments Best Places to Work in Money Management
survey (among those with 1,000 employees or more). The firm was
awarded an A+ in every category in the latest 2019 PRI report for
our approach to ESG integration across asset classes. The firm
manages $356 billion in client assets
as of December 31, 2019. For more
information, please visit our website at www.nb.com.
Statements made in this release that look forward in time
involve risks and uncertainties. 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 closed end
investment companies, changes in government policy or regulation,
inability of the Fund's investment adviser to attract or retain key
employees, inability of the Fund to implement its investment
strategy, inability of the Fund to manage rapid expansion and
unforeseen costs and other effects related to legal proceedings or
investigations of governmental and self-regulatory
organizations.
Investor
Contact:
Neuberger Berman Investment Advisers
LLC
Investor Information
(877) 461-1899
Media Contact:
Alexander
Samuelson
Neuberger Berman
(212) 476-5392
Alexander.Samuelson@nb.com
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