Delaware's Dividend And Income Fund: Tender Offer Offers Over 70% Annualized Return With Limited Downside
- May 22, DDF announced that its board of directors has authorized an issuer tender offer to purchase for cash up to 471,952 shares (5%) of its common stock.
- The tender offer will commence on Monday, June 2, 2014 and will expire, unless extended, on Friday, June 27 2014.
- Purchases will be made at a price per share equal to 98% of the Fund’s net asset value per share on June 27 2014.
- The current NAV per share is 10.87 USD. 98% equals 10.65 USD. 6.7% higher than today's share price of 9.98 USD.
- With 31 days till expiration this translates into a annual return of 79%.