This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

First Opportunity Fund, Inc. Announces Results Of Annual Meeting Of Stockholders

Each of the restructuring proposals received the requisite votes (i.e., a majority of outstanding shares) required under the Investment Company Act for approval. The voting results weighed heavily in favor of all restructuring proposals: With approximately 62 percent of the Fund’s shares voting on the restructuring proposals, approximately 89 percent of those votes cast voted in favor of the restructuring proposals, 10 percent voted against and 1 percent abstained. Subtracting out insider and affiliated shares from the total vote, approximately 75 percent of those votes cast voted in favor of the restructuring proposals, 23 percent voted against and 2 percent abstained. Insiders and stockholders affiliated with the new advisers, RMA and SIA, own approximately 35.5 percent of the Fund’s common shares.

Joel Looney, the Fund’s chairman, said, “This is a project that we have been working on for almost two years. We are excited to begin the transition process and hope that stockholders will benefit from the new direction. The Board has had a long-held desire to give the Fund increased flexibility and broader access to Wellington Management’s talent. Although we understand it will take time to fully transition the Fund to implement the restructuring proposals, including making the new investments, reducing the Fund’s exposure to financial services companies and separating the Fund’s assets into the separate portfolios to be managed by the new advisers and Wellington Management as sub-adviser, I know everyone has the goal of making this a successful transition.”

Management indicated that it may take several months to begin to transition the Fund’s portfolio to accommodate the restructuring proposal. Steve Miller, the Fund’s president, said that “we are going to transition at a very measured and deliberate pace that serves the best interests of the Fund and its stockholders.” Mr. Miller also noted that, for the reasons disclosed in the Fund’s proxy statement, there is a strong possibility that in the future the Fund shares may be delisted from the New York Stock Exchange and unable to list on any other national exchange. Although this will result in shares being traded solely on the over-the-counter market, management will take appropriate steps to make sure this eventuality is as seamless and transparent to stockholders as possible.

2 of 3

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs