NEW YORK--(BUSINESS WIRE)--Special Opportunities Fund, Inc. (NYSE: SPE) (the “Fund”) announced today that it has submitted shareholder proposals to four closed-end funds whose shares it owns: The Adams Express Company (ADX), Tri-Continental Corporation (TY), General American Investors Company, Inc. (GAM), and Central Securities Corporation (CET).
The proposals submitted to ADX, TY, and GAM request the board of directors of each fund to (1) authorize a self-tender offer for all of its outstanding common shares at or close to net asset value (NAV) and, (2) if more than 50% of the outstanding common shares are submitted for tender, to cancel the tender offer and liquidate or convert the fund into an exchange traded fund (ETF) or an open-end mutual fund. The proposal submitted to CET requests that the Board of Directors consider whether it should be liquidated.
Phillip Goldstein, chairman of the board and a principal of Bulldog Investors, LLC, the Fund’s investment advisor, commented:
Despite the fact that each of these funds have been trading at a double-digit discount to its net asset value (NAV) for many years, none of their boards has taken meaningful action to address it. We believe that the board of directors of a closed-end fund should not tolerate a wide discount indefinitely. The proposals the Fund has submitted seek to rally shareholders of each fund to support a liquidity event at or close to NAV.
The four shareholder proposals and additional information about the Fund are available on its website at http://www.specialopportunitiesfundinc.com.