Certain Deutsche Closed-End Funds Announce Approval of Liquidation and Dissolution Proposals
10 Julho 2015 - 6:00PM
Business Wire
Deutsche Global High Income Fund, Inc. (NYSE:LBF) and
Deutsche High Income Opportunities Fund, Inc. (NYSE:DHG) (each, a
“Fund,” and, collectively, the “Funds”) announced today that
each Fund’s Board of Directors approved, subject to stockholder
approval, an amendment to the Fund’s Articles of Incorporation
requiring the liquidation and dissolution of the Fund.
With respect to DHG, the Board approved, and recommends that
stockholders of DHG approve at the Fund’s 2015 annual meeting of
stockholders scheduled to be held on September 30, 2015, an
amendment to DHG’s Articles of Incorporation requiring the
liquidation and dissolution of DHG effective as of a date no more
than thirty (30) months following the initial date of the Fund’s
2015 annual meeting of stockholders, with the precise date to be
established by the Board.
With respect to LBF, the Board approved, and recommends that
stockholders of LBF approve at the Fund’s 2015 annual meeting of
stockholders scheduled to be held on September 30, 2015, an
amendment to LBF’s Articles of Incorporation requiring the
liquidation and dissolution of LBF effective as of a date no more
than twenty-four (24) months following the initial date of the
Fund’s 2015 annual meeting of stockholders, with the precise date
to be established by the Board.
Details of the proposals will be set forth in the proxy
statement for each Fund’s 2015 annual stockholders’ meeting.
Deutsche Investment Management Americas Inc. (“DIMA”), each
Fund’s investment adviser, proposed the amendments to each Fund’s
Articles of Incorporation to the Board pursuant to the terms of a
Standstill Agreement that DIMA and the Funds have entered into with
Bulldog Investors, LLC (“Bulldog”), a large stockholder in the
Funds, and certain parties associated with Bulldog. Under the terms
of the Standstill Agreement, Bulldog has agreed, among other
things, to withdraw its stockholder proposals and director
nominations for each of DHG’s and LBF’s upcoming annual meetings of
stockholders. The Funds have been advised that Bulldog will file a
copy of the Standstill Agreement with the Securities and Exchange
Commission as an exhibit to its Schedule 13D.
For more information on the Funds, including their most recent
month-end performance, visit www.deutschefunds.com or call (800)
349-4281.
Important Information
Deutsche Global High Income Fund, Inc. seeks high current
income with a secondary objective of capital appreciation.
Bond investments are subject to interest-rate, credit, liquidity
and market risks to varying degrees. When interest rates rise, bond
prices generally fall. Credit risk refers to the ability of an
issuer to make timely payments of principal and interest. Floating
rate loans tend to be rated below-investment-grade and may be more
vulnerable to economic or business changes than issuers with
investment-grade credit. Investing in foreign securities,
particularly those of emerging markets, presents certain risks,
such as currency fluctuations, political and economic changes, and
market risks. Leverage results in additional risks and can magnify
the effect of any gains or losses.
Deutsche High Income Opportunities Fund, Inc. seeks high
current income with a secondary objective of total return. The Fund
pursues its investment objectives by investing primarily in
securities designed to generate income, with the potential for
capital appreciation being a secondary consideration. The
Fund may invest in a broad range of income-producing securities,
including, but not limited to, domestic and foreign debt securities
of any credit quality or maturity (including below investment grade
debt securities and debt securities of issuers located in countries
with new or emerging securities markets), convertible securities
(including convertible bonds), dividend-paying common stocks,
preferred stocks, and securities of real estate investment trusts
(“REITS”), energy trusts and other investment companies. The
Fund may invest in debt securities not paying interest currently
and securities in default. In addition, the Fund may invest
in senior bank loans, including bank loan participations and
assignments. The Fund may buy or sell protection on credit exposure
and may also purchase securities on a when-issued basis and engage
in short sales. The Fund may invest in cash or money market
instruments in the event portfolio management determines that
securities meeting the Fund’s investment objectives are not readily
available for purchase. Future earnings of the Fund cannot be
guaranteed and the Fund's dividend policy is subject to change. Any
fund that concentrates in a particular segment of the market will
generally be more volatile than a fund that invests more broadly.
Bond investments are subject to interest-rate, credit, liquidity
and market risks to varying degrees. When interest rates rise, bond
prices generally fall. Credit risk refers to the ability of an
issuer to make timely payments of principal and interest.
Investments in lower-quality (“junk bonds”) and non-rated
securities present greater risk of loss than investments in
higher-quality securities. There are special risks associated with
an investment in real estate, including REITs. These risks include
credit risk, interest rate fluctuations and the impact of varied
economic conditions. Stocks may decline in value. Investing
in foreign securities, particularly those of emerging markets,
presents certain risks, such as currency fluctuations, political
and economic changes, and market risks. Investing in derivatives
entails special risks relating to liquidity, leverage and credit
that may reduce returns and/or increase volatility. Leverage
results in additional risks and can magnify the effect of any gains
or losses.
Closed-end funds, unlike open-end funds, are not continuously
offered. There is a one-time public offering and once issued,
shares of closed-end funds are bought and sold in the open market
through a stock exchange. Shares of closed-end funds frequently
trade at a discount to the net asset value. The price of a fund’s
shares is determined by a number of factors, several of which are
beyond the control of the fund. Therefore, a fund cannot predict
whether its shares will trade at, below or above net asset
value.
Past performance is no guarantee of future results.
This press release shall not constitute an offer to sell or a
solicitation to buy, nor shall there be any sale of these
securities in any state or jurisdiction in which such offer or
solicitation or sale would be unlawful prior to registration or
qualification under the laws of such state or jurisdiction.
NOT FDIC/ NCUA INSURED • MAY LOSE VALUE • NO
BANK GUARANTEENOT A DEPOSIT • NOT INSURED BY ANY FEDERAL
GOVERNMENT AGENCY
Deutsche Asset & Wealth Management represents the asset
management and wealth management activities conducted by Deutsche
Bank AG or any of its subsidiaries. Clients will be provided
Deutsche Asset & Wealth Management products or services by one
or more legal entities that will be identified to clients pursuant
to the contracts, agreements, offering materials or other
documentation relevant to such products or services. (R-38946-1)
(07/15)
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For additional
information:Deutsche Bank Press Office (212)
250-5536Shareholder Account Information (800)
294-4366Deutsche Closed-End Funds (800) 349-4281
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