Foxby Corp. Announces Approval of Interim Investment Management Agreement
June 19 2012 - 4:06PM
Marketwired
Foxby Corp. (PINKSHEETS: FXBY) ("Fund") today announced the
approval of an interim investment management agreement ("Interim
Agreement") between the Fund and CEF Advisers, Inc., its investment
manager ("Investment Manager").
The Board of Directors ("Board") of the Fund approved the
Interim Agreement because the passing of Bassett S. Winmill on May
15, 2012 may be deemed to have resulted in a change in control of
Winmill & Co. Incorporated ("Winco"), the parent company of the
Investment Manager. Under the Investment Company Act of 1940, as
amended ("1940 Act") such a change in control results in an
assignment of the investment management agreement between the Fund
and the Investment Manager and its automatic termination.
The Interim Agreement is substantially identical to the
investment management agreement that was previously in effect for
the Fund (with the exception of different effective and termination
dates) and will not result in changes in the management of the
Fund, its investment objectives, fees or services provided. The
Interim Agreement became effective on May 15, 2012 and will be in
effect for a period of up to 150 days. The Fund will seek
shareholder approval of a new investment management agreement ("New
Agreement") with the Investment Manager at an upcoming special
meeting of the Fund's shareholders expected to take place prior to
October 12, 2012. It is currently anticipated that the proposed New
Agreement will contain certain changes, including an increase of
the investment advisory fee, which will be discussed in more detail
in the proxy statement that is expected to be mailed to
shareholders in the third quarter of 2012.
About the Fund
The Fund is a closed end fund seeking total return. The Fund may
invest in equity and fixed income securities of both new and
seasoned U.S. and foreign issuers, including securities convertible
into common stock and debt securities, closed end funds, and mutual
funds. The Fund uses a flexible strategy in the selection of
securities and is not limited by the issuer's location, industry,
or market capitalization. The Fund may employ aggressive and
speculative investment techniques, such as selling securities
short, employing futures and options, derivatives, and borrowing
money for investment purposes, an approach known as "leverage." A
potential benefit of its closed end structure, the Fund may invest
without limit in illiquid investments such as private placements
and private companies. The Fund may also invest defensively in high
grade money market instruments.
Investors should consider the Fund's investment objectives,
strategies, risks and expenses carefully before investing. This
information, and other information concerning the Fund, can be
found on file with the U.S. Securities and Exchange Commission and
at www.FoxbyCorp.com. An investor should carefully read the Fund's
registration statement before investing.
This communication shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of,
these securities in any state in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of any such state, or an exemption
therefrom.
Safe Harbor Note
This release contains certain "forward looking statements" made
pursuant to the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995. These statements involve known and
unknown risks, uncertainties and other factors, many of which are
beyond the control of the Fund, which may cause the Fund's actual
results to be materially different from those expressed or implied
by such statements. The forward looking statements made herein are
only made as of the date of this announcement, and the Fund
undertakes no obligation to publicly update such forward looking
statements to reflect subsequent events or circumstances.
Contact: Thomas O'Malley Chief Financial Officer 1-212-785-0400,
ext. 267 Email Contact www.FoxbyCorp.com
Foxby (PK) (USOTC:FXBY)
Historical Stock Chart
From Aug 2024 to Sep 2024
Foxby (PK) (USOTC:FXBY)
Historical Stock Chart
From Sep 2023 to Sep 2024