Closed-End Funds Administered by Legg Mason Partners Fund Advisor, LLC Announce Adoption of Control Share Acquisition Bylaw P...
November 05 2020 - 8:00AM
Business Wire
Western Asset Inflation-Linked Income Fund (NYSE:
WIA)
Western Asset Inflation-Linked Opportunities & Income
Fund (NYSE: WIW)
Western Asset Premier Bond Fund (NYSE: WEA)
Western Asset Investment Grade Income Fund Inc.
(NYSE:PAI)
(each, a “Fund” and together, the “Funds”)
Each Fund announced today that it has, by resolution unanimously
adopted by the Board of Trustees/Directors (the “Board”), amended
and restated the bylaws of each Fund (the “Bylaws”), effective
November 2, 2020.
The Bylaws of each of Western Asset Inflation-Linked Income
Fund, Western Asset Inflation-Linked Opportunities & Income
Fund, and Western Asset Premier Bond Fund now include provisions
(collectively, the “Control Share Acquisition Amendment”) pursuant
to which, in summary, a shareholder who obtains beneficial
ownership of Fund shares in a “Control Share Acquisition” may
exercise voting rights with respect to such shares generally only
to the extent the authorization of such voting rights is approved
by other shareholders of the Fund.
The Control Share Acquisition Amendment provides that any person
who acquires beneficial ownership of shares in a Control Share
Acquisition (“acquiring person”) will not be entitled to vote such
shares unless the other shareholders of such Fund authorize those
voting rights at a meeting of shareholders by a vote of a majority
of the votes entitled to vote generally in the election of Board
members, excluding the acquiring person and any other holders of
“interested shares” as defined in the Bylaws. Generally, a Control
Share Acquisition occurs when an acquiring person obtains
beneficial ownership of shares (in summary, direct or indirect sole
or shared power to dispose of the shares or vote the shares) that,
when aggregated with shares already beneficially owned by the
acquiring person, would, but for the Control Share Acquisition
Amendment, entitle such acquiring person to vote or direct the
voting of shares having voting power in the election of Board
members within any of four ranges: one-tenth or more but less than
one-fifth, one-fifth or more but less than one-third, one-third or
more but less than a majority, or a majority of all voting power.
Persons acting in concert and affiliates are generally treated as a
single acquiring person as further detailed in the Control Share
Acquisition Amendment.
The Control Share Acquisition Amendment is intended to protect
the interests of the Fund and its shareholders by limiting the risk
that the Fund will become subject to undue influence by any person
who makes a Control Share Acquisition of Fund shares. The Control
Share Acquisition Amendment entrusts other “non interested”
shareholders with determining whether to enfranchise any acquiring
person with respect to shares acquired in a Control Share
Acquisition.
The above description of the Control Share Acquisition Amendment
is only a high-level summary and does not purport to be complete.
Investors should refer to the Bylaws of each of Western Asset
Inflation-Linked Income Fund, Western Asset Inflation-Linked
Opportunities & Income Fund, and Western Asset Premier Bond
Fund for more information, including definitions of key terms,
various exclusions and exemptions from the Control Share
Acquisition Amendment’s scope, and the procedures by which
shareholders may approve voting rights of holders of shares with
respect to shares acquired in a Control Share Acquisition.
In addition, the Bylaws of each Fund (including Western Asset
Investment Grade Income Fund Inc.) now include a majority voting
standard for the election of Board members. The new voting standard
will apply to all future elections of Board members, replacing each
Fund’s previous plurality voting standard. Each Fund’s new voting
standard for the election of Board members is a majority of all the
votes entitled to be cast in the election of Board members.
Investors should refer to the Bylaws of each Fund for more details
regarding this voting standard and details regarding other Bylaw
provisions adopted by the Board.
An investment in a Fund involves risk, including loss of
principal. Investment return and the value of shares will
fluctuate. Any data and commentary provided in this press release
are for informational purposes only.
This press release may contain statements regarding plans and
expectations for the future that constitute forward-looking
statements within the Private Securities Litigation Reform Act of
1995. Such forward-looking statements are based on each Fund’s
current plans and expectations, and are subject to risks and
uncertainties that could cause actual results to differ materially
from those described in the forward-looking statements. Additional
information concerning such risks and uncertainties are contained
in each Fund’s filings with the SEC.
For more information, please call Investor Relations:
1-888-777-0102, or consult the Funds’ web site at www.lmcef.com.
The information contained on the Funds’ web site is not part of
this press release. Hard copies of the Funds’ complete audited
financial statements are available free of charge upon request.
Data and commentary provided in this press release are for
informational purposes only. Franklin Resources and its affiliates
do not engage in selling shares of the Funds.
Category: Fund Announcement
Source: Franklin Resources, Inc.
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version on businesswire.com: https://www.businesswire.com/news/home/20201105005473/en/
Media: Fund Investor Services-1-888-777-0102
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