Special Opportunities Fund, Inc. Extends Rights Offering
NEW YORK--(BUSINESS WIRE)-- Special Opportunities Fund, Inc. (SPE) (the Fund) announced today the extension of the Expiration Date for the rights offering to purchase shares of a newly designated class of convertible preferred stock from July 9, 2012 to July 23, 2012. As a result, all outstanding shares of the convertible preferred stock as of July 24, 2017 (five years from the revised Expiration Date) will be redeemed at a price of $50 per share. Any holder of rights that has previously exercised them may cancel such exercise and have any payment made refunded.
The Expiration Date has been extended so that a corrective supplement to the prospectus can be prepared and filed with the Securities and Exchange Commission. On June 5, 2012, the Fund issued a public announcement of the commencement of the rights offering in which it stated: If the net asset value of the Funds common stock reaches $20 per share (adjusted for any distributions made to common stockholders), the Funds Board of Directors may determine to redeem the convertible preferred stock at a price of $50 per share, subject to the Fund providing convertible preferred stockholders with at least 30 days notice. However, the prospectus erroneously failed to state that the $20 per share threshold would be adjusted for distributions.
Phoenix Advisory Partners
Geraldine Fequiere, 1-877-478-5038
Source: Special Opportunities Fund, Inc.Copyright Business Wire 2012