NEW YORK--(BUSINESS WIRE)--Managed High Yield Plus Fund Inc. (the "Fund") (NYSE:HYF) today announced the final results of its special meeting of shareholders (the "Special Meeting") and further information regarding the liquidation of the Fund. The results reflect the final tabulation of the votes by the inspectors of election.
On April 21, 2016, the Fund’s shareholders were asked to consider and vote upon a proposal to liquidate and dissolve the Fund pursuant to a Plan of Liquidation (the “Liquidation Proposal”). The Liquidation Proposal received greater than the required vote of a majority of the votes entitled to be cast at the Special Meeting: 51.99% of the Fund's outstanding shares were voted “FOR” the Liquidation Proposal, 2.79% voted “AGAINST” and 0.74% abstained.
As a result of the approval of the Liquidation Proposal by shareholders, the Plan of Liquidation became effective as of April 21, 2016. The Fund is in the process of de-leveraging, converting all portfolio securities of the Fund to cash or cash equivalents, and determining and paying (or setting aside) the amount of all known or reasonably ascertainable claims and obligations of the Fund.
As soon as reasonably practicable and believed consistent with the orderly liquidation of the Fund’s portfolio, the Fund will pay a final liquidating distribution to shareholders consisting of a pro rata portion of the remaining assets of the Fund. The timing of the final liquidating distribution to shareholders will be announced in a future press release, but is likely going to be by no later than June 29, 2016.
Pursuant to the Plan of Liquidation, the Board of Directors of the Fund has established a “Cessation Date” of June 22, 2016, on which the books of the Fund will be closed with respect to shareholders. Effective the business day following the Cessation Date, the Fund’s common shares will not be transferable, and it is anticipated that trading in Fund shares on the New York Stock Exchange will cease. The Cessation Date may be extended if necessary or appropriate in connection with the orderly liquidation of the Fund or to protect the interests of Fund shareholders. All shareholders as of the close of business on the Cessation Date are entitled to receive a liquidating distribution. Additional details regarding the liquidation will be provided by a separate communication closer to the distribution date.
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