PITTSFORD, N.Y., Sept. 29, 2017 /PRNewswire/ -- Karpus Investment
Management announces that it was successful in its recent proxy
campaign to block the proposed merger of Madison Strategic Sector
Premium Fund (NYSE: MSP) with and into Madison Covered Call &
Equity Strategy Fund (NYSE: MCN), and the transactions contemplated
by the proposed reorganization.
Brett Gardner, Karpus' Sr.
Corporate Governance Analyst and Portfolio Manager stated:
"Combined with successful efforts to elect two independent trustees
to the MSP Board of Directors, as well as the recent shareholder
approval of a proposal asking the Trustees to promptly consider
authorizing a self-tender offer for all outstanding common shares
of MSP at or close to net asset value, we believe shareholders have
spoken with a clear directive to the Board."
He concluded: "We can find no logical reason why the Board
continues to not act and implement something that shareholders have
asked for at two consecutive annual meetings. The role of a
closed-end fund board is to use independent judgment in acting as a
fiduciary and to appropriately manage a fund's adviser. With Mr.
Blake retiring and Ms. Frank resigning and Messrs. Reige and
Burgess being replaced, we hope the newly comprised MSP Board will
finally engage in cooperative and productive conversations with
shareholders to reach a solution close to that which has now been
approved twice – not just continuing to rely on unfruitful
discussions with officers of MSP, who are also officers of MSP's
Adviser, Madison Asset Management, LLC."
Karpus Investment Management is a 31 year-old firm based
in Pittsford, NY that practices conservative money
management and has approximately $3 billion in assets
under management. It is among the largest shareholders in both MSP
and MCN.
Karpus Investment Management
Contact:
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Brett
Gardner
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Karpus Investment
Management
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(585) 586-4680
(phone)
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(585) 586-4315
(fax)
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info@karpus.com
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SOURCE Karpus Investment Management