{"id":420413,"date":"2021-01-25T10:33:12","date_gmt":"2021-01-25T15:33:12","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=420413"},"modified":"2021-01-25T10:33:12","modified_gmt":"2021-01-25T15:33:12","slug":"high-income-securities-fund-extends-non-transferable-rights-offering","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/high-income-securities-fund-extends-non-transferable-rights-offering\/","title":{"rendered":"High Income Securities Fund Extends Non-Transferable Rights Offering"},"content":{"rendered":"

<\/p>\n

High Income Securities Fund Extends Non-Transferable Rights Offering<\/b><\/p>\n

NEW YORK–(BUSINESS WIRE<\/a>)–
\nHigh Income Securities Fund (\u201cthe Fund\u201d) (NYSE: PCF) announced today that its Board of Trustees has elected to extend the Expiration Date of the Fund\u2019s non-transferable rights offering to purchase up to an aggregate of 5,565,006 additional shares of its common stock from January 22, 2021 to 5 p.m., New York City time on January 29, 2021, unless further extended (the \u201cExpiration Date\u201d). The Board has received reports that some custodians established internal \u201ccut-off\u201d dates that were earlier than the Expiration Date which their clients did not know about. Consequently, the Board has determined to extend the Expiration Date to allow all rights holders additional time to exercise them. As of 5 p.m. on January 22, 2021, the Fund had received subscription requests for a total of 3,296,883 shares (inclusive of shares requested pursuant to the oversubscription privilege, as discussed below).\n<\/p>\n

\nAs previously announced, the rights entitle holders to purchase at the subscription price one new share of stock for every full right held. Rights holders who fully exercise their rights are also entitled to subscribe, subject to certain limitations set forth in the prospectus (which is available on the website of the Securities and Exchange Commission at www.sec.gov<\/a>) and subject to allotment, for additional shares of stock that were not subscribed for by other rights holders. If there are not enough unsubscribed shares available to honor all additional subscription requests, the Fund may, in its sole discretion, issue additional shares up to 100% of the shares available in the offering to honor additional subscription requests.\n<\/p>\n

\nThe subscription price for the shares to be issued will be equal to 95% of the volume weighted average market price per share for the three consecutive trading days ending on the trading day after the Expiration Date, provided that such price shall not be less than 85% of the net asset value per share as calculated at the close of the trading day after the Expiration Date. Because the subscription price will be determined after the Expiration Date, rights holders will not know the actual subscription price at the time of exercise. Rights holders will be required to pay for the shares subscribed for at the estimated subscription price of $7.91 per share as set forth in the prospectus (and may be required to pay an additional amount or receive a partial refund, depending on the actual subscription price).\n<\/p>\n

\nThis press release is not intended to and does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for any securities in any jurisdiction, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.\n<\/p>\n

\nFor more information, please call InvestorCom, the Fund\u2019s information agent at (877) 972-0090.\n<\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20210125005574\/en\/<\/a><\/span><\/p>\n

\nU.S. Bank Global Fund Services \u2013 John Buckel (414) 765-4255\n<\/p>\n

KEYWORDS:<\/b> New York United States North America<\/p>\n

INDUSTRY KEYWORDS:<\/b> Banking Professional Services Finance<\/p>\n

MEDIA:<\/b><\/p>\n\n","protected":false},"excerpt":{"rendered":"

High Income Securities Fund Extends Non-Transferable Rights Offering NEW YORK–(BUSINESS WIRE)– High Income Securities Fund (\u201cthe Fund\u201d) (NYSE: PCF) announced today that its Board of Trustees has elected to extend the Expiration Date of the Fund\u2019s non-transferable rights offering to purchase up to an aggregate of 5,565,006 additional shares of its common stock from January 22, 2021 to 5 p.m., New York City time on January 29, 2021, unless further extended (the \u201cExpiration Date\u201d). The Board has received reports that some custodians established internal \u201ccut-off\u201d dates that were earlier than the Expiration Date which their clients did not know about. Consequently, the Board has determined to extend the Expiration Date to allow all rights holders additional time to exercise them. … <\/p>\n

Continue reading “High Income Securities Fund Extends Non-Transferable Rights Offering”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-420413","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nHigh Income Securities Fund Extends Non-Transferable Rights Offering - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/high-income-securities-fund-extends-non-transferable-rights-offering\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"High Income Securities Fund Extends Non-Transferable Rights Offering - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"High Income Securities Fund Extends Non-Transferable Rights Offering NEW YORK–(BUSINESS WIRE)– High Income Securities Fund (\u201cthe Fund\u201d) (NYSE: PCF) announced today that its Board of Trustees has elected to extend the Expiration Date of the Fund\u2019s non-transferable rights offering to purchase up to an aggregate of 5,565,006 additional shares of its common stock from January 22, 2021 to 5 p.m., New York City time on January 29, 2021, unless further extended (the \u201cExpiration Date\u201d). The Board has received reports that some custodians established internal \u201ccut-off\u201d dates that were earlier than the Expiration Date which their clients did not know about. 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