Madison Covered Call & Equity Strategy Fund Announces Tender Offer Expiration
November 08 2018 - 8:30AM
Madison Covered Call & Equity Strategy Fund (NYSE:MCN) (the
“Fund”) announced today that its tender offer for 6,982,308 of its
issued and outstanding common shares of beneficial interest
(“common shares” or “shares”), representing approximately 25
percent of its outstanding common shares,
expired at 4 p.m.
Central Time on November 7, 2018 and was
oversubscribed. Due to the fact that the number of shares
tendered exceeded the number of shares the Fund offered to
purchase, the Fund will purchase the maximum percentage of
outstanding shares it previously announced on a pro-rata basis in
accordance with the number of shares duly tendered by tendering
stockholders and the terms of the Offer to Purchase, with
appropriate adjustment to avoid purchase of fractional common
shares (the “proration factor”).
Based upon preliminary information 9,236,910 shares were
tendered. This number is subject to adjustment and should not be
regarded as final. Based on this preliminary information, a
proration factor will be applied to the shares property tendered.
The proration factor and actual number of shares to be
purchased is anticipated to be announced on or about November 9,
2018, and payment for such shares will be made as promptly
and practicable on or after November 12, 2018. The purchase price
of properly tendered shares is 99.5 percent of the Fund’s net asset
value (NAV) per share calculated as of the close of regular trading
on the New York Stock Exchange on November 7, 2018, which is equal
to $7.91 per share.
The information agent for the Tender Offer is Georgeson LLC, and
the depository for the tender offer is Computershare Trust Company
N.A. Any questions with regard to the tender offer may be directed
to the information agent toll-free at 1-800-457-0759.
Madison Asset Management, LLC550 Science
Drive
Madison, WI 53711
Certain statements made in this press release are
forward-looking statements. Actual future results or occurrences
may differ significantly from those anticipated in any
forward-looking statements due to numerous factors. These include,
but are not limited to: market developments; legal and regulatory
developments; and other additional risks and uncertainties. As a
result, none of Madison Asset Management, LLC, the investment
advisor for the Fund (“Madison”), the Fund or any other person
assumes responsibility for the accuracy and completeness of such
statements in the future. Madison is a wholly owned subsidiary of
Madison Investment Holdings, Inc.
The Fund is a diversified, closed-end management investment
company registered under the Investment Company Act of 1940, as
amended. The Fund’s investment objective is to provide a high level
of current income and current gains, with a secondary objective of
long-term capital appreciation. The Fund pursues its investment
objectives by investing primarily in large and mid-capitalization
common stocks that are, in the view of Madison, selling at a
reasonable price in relation to their long-term earnings growth
rates. Under normal market conditions, the Fund seeks to generate
current earnings from option premiums by writing (selling) covered
call options on a substantial portion of its portfolio
securities.
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