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.”
First Opportunity Fund, Inc. Announces Results Of Annual Meeting Of Stockholders
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
Every recommendation goes through 3 layers of intense scrutinyquantitative, fundamental and technical analysisto maximize profit potential and minimize risk.
Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.