Special Opportunities Fund announces adjusted conversion price and ratio for convertible preferred stock

|About: Special Opportunities Fund (SPE)|By:, SA News Editor

Special Opportunities Fund (NYSE:SPE) announced conversion price of $15.41/share for each share of convertible preferred stock as the company declared year-end dividend of $1.45.

Therefore, the holder of convertible preferred stock that elects to convert it to common stock would currently receive 1.6223 shares of common stock in exchange for each share of convertible preferred stock.

The fund’s Board of Directors may determine to redeem the convertible preferred stock at a price of $25 per share at any time after August 26, 2018, subject to providing notice of at least 30 days.

The net asset value as of the close of business on January 4, 2019 was $13.92.

Subscribe for full text news in your inbox