Madison Strategic Sector Premium Fund (NYSE:MSP) and Madison Covered Call & Equity Strategy Fund (NYSE:MCN) Announce Results ...
September 28 2018 - 4:10PM
Madison Strategic Sector Premium Fund (“MSP”) and Madison Covered
Call & Equity Strategy Fund (“MCN”) (collectively, the
“Funds”), announced today that at a special meeting of shareholders
of MSP, and the annual meeting of shareholders of MCN, the
requisite shareholders of the Funds have approved the Agreement and
Plan of Merger (the “Merger”) pursuant to which MSP will be merged
with and into MCN, and the transactions contemplated thereby.
It is currently expected that the Merger will be effective with
the open of the New York Stock Exchange (“NYSE”) on October 8,
2018, subject to all regulatory requirements and customary closing
conditions being satisfied. Holders of MSP Common Shares will
receive newly issued MCN Common Shares. The aggregate net asset
value, as of the close of trading of the NYSE on October 5, 2018,
of MCN Common Shares received by MSP shareholders (including, for
this purpose, fractional MCN Common Shares to which shareholders
would be entitled) will be equal to the aggregate net asset value
of the MSP Common Shares held by MSP shareholders as of such time.
Fractional shares will be aggregated and sold on the open market
and MSP shareholders will receive cash in lieu of such fractional
shares.
This communication is not intended to, and shall not, constitute
an offer to purchase or sell shares of MSP or MCN, the surviving
fund in the Merger.
CONTACT:Madison Asset Management, LLC Greg Hoppe,
Treasurer gregh@madisonadv.com 800-368-3195
About Madison Asset Management, LLC
The Funds provide additional information on their website at
www.madisonfunds.com. Madison Asset Management, LLC (“Madison”), a
subsidiary of Madison Investment Holdings, Inc., is the Funds’
investment adviser. Its affiliates include Madison Investment
Advisors, LLC, with offices in Madison, Wisconsin and Scottsdale,
Arizona; and Hansberger Growth Investors, L.P., Toronto,
Canada.
Availability of Fund Updates
Madison updates certain other data for the Funds on its website
in the “Closed-end Funds” section of www.madisonfunds.com as well
as certain other material information as necessary from time to
time. Investors and others are advised to check the website for
updated data and the release of other material information about
the Funds. This reference to Madison’s website is intended to allow
investors public access to information regarding the Funds and does
not, and is not intended to, incorporate Madison’s or Madison
Funds’ website in this release.
Forward-Looking Statements
This press release, and other statements that Madison or a Fund
may make, may contain forward-looking statements within the meaning
of the Private Securities Litigation Reform Act, with respect to a
Fund’s or Madison’s future financial or business performance,
strategies or expectations. Forward-looking statements are
typically identified by words or phrases such as “trend,”
“potential,” “opportunity,” “pipeline,” “believe,” “comfortable,”
“expect,” “anticipate,” “current,” “intention,” “estimate,”
“position,” “assume,” “outlook,” “continue,” “remain,” “maintain,”
“sustain,” “seek,” “achieve,” and similar expressions, or future or
conditional verbs such as “will,” “would,” “should,” “could,” “may”
or similar expressions.
Madison cautions that forward-looking statements are subject to
numerous assumptions, risks and uncertainties, which change over
time. Forward-looking statements speak only as of the date they are
made, and Madison assumes no duty to and does not undertake to
update forward-looking statements. Actual results could differ
materially from those anticipated in forward-looking statements and
future results could differ materially from historical
performance.
With respect to the Funds, the following factors, among others,
could cause actual events to differ materially from forward-looking
statements or historical performance: (1) changes and volatility in
political, economic or industry conditions, the interest rate
environment, foreign exchange rates or financial and capital
markets, which could result in changes in demand for the Funds or
in a Fund’s net asset value; (2) the relative and absolute
investment performance of a Fund and its investments; (3) the
impact of increased competition; (4) the unfavorable resolution of
any legal proceedings; (5) the extent and timing of any
distributions or share repurchases; (6) the impact, extent and
timing of technological changes; (7) the impact of legislative and
regulatory actions and reforms; and (8) terrorist activities,
international hostilities and natural disasters, which may
adversely affect the general economy, domestic and local financial
and capital markets.
Annual and Semi-Annual Reports and other regulatory filings of
the Funds with the Securities and Exchange Commission (“SEC”) are
accessible on the SEC's website at www.sec.gov and on Madison’s
website at www.madisonfunds.com, and may discuss these or other
factors that affect the Funds. The information contained on
Madison’s website is not a part of this press release.
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