Delaware Investments Dividend and Income Fund, Inc. Announces Expiration of Tender Offer
June 30 2008 - 3:26PM
PR Newswire (US)
PHILADELPHIA, June 30 /PRNewswire-FirstCall/ -- Delaware
Investments Dividend and Income Fund, Inc. (NYSE:DDF) (the "Fund"),
a closed-end management investment company, today announced the
preliminary results of its tender offer for up to 522,939 shares of
its common stock representing up to five percent of its issued and
outstanding shares of common stock. The offer expired at 11:59
p.m., New York City time, on Friday, June 27, 2008. Based on
current information, approximately 704,186.4785 shares of common
stock, or approximately 6.7330 percent of the Fund's common stock
outstanding, were tendered through the expiration date. This total
includes shares tendered pursuant to notices of guaranteed
delivery. Because the number of shares tendered exceeded 522,939
shares, the number of shares that will be purchased by the Fund
will be pro-rated based on the number of shares properly tendered
by each shareholder. No more than a total of 522,939 properly
tendered shares will be accepted for cash payment at a price equal
to the Fund's net asset value ("NAV") as of the close of regular
trading on the New York Stock Exchange on June 30, 2008. The final
number of shares validly tendered and accepted pursuant to the
tender offer will be announced at a later date. Payment for shares
tendered and accepted is expected to be sent to tendering
shareholders within approximately ten business days after the
expiration date. The Fund is a diversified closed-end fund. The
Fund's primary investment objective is to seek high current income;
capital appreciation is a secondary objective. The Fund seeks to
achieve its objectives by investing, under normal circumstances, at
least 65 percent of its total assets in income-generating equity
securities, including dividend-paying common stocks, convertible
securities, preferred stocks and other equity-related securities.
Up to 35 percent of the Fund's total assets may be invested in
non-convertible debt securities consisting primarily of high-yield,
high-risk corporate bonds. In addition, the Fund utilizes
leveraging techniques in an attempt to obtain a higher return for
the Fund. There is no assurance that the Fund will achieve its
investment objectives. In 1995, the Fund implemented a managed
distribution policy. Under the policy, the Fund is managed with a
goal of generating as much of the distribution as possible from net
investment income and short-term capital gains. The balance of the
distribution will then come from long-term capital gains to the
extent permitted and, if necessary, a return of capital. About
Delaware Investments Delaware Investments, an affiliate of Lincoln
Financial Group, is a Philadelphia-based diversified asset
management firm with more than $140 billion in assets under
management as of March 31, 2008. Through a broad range of managed
accounts and portfolios, mutual funds, retirement accounts,
sub-advised funds, and other investment products, Delaware
Investments provides investment services to individual investors
and to institutional investors such as private and public pension
funds, foundations, and endowment funds. Delaware Investments is
the marketing name for Delaware Management Holdings, Inc. and its
subsidiaries. For more information on Delaware Investments, visit
the company at http://www.delawareinvestments.com/ Lincoln
Financial Group is the marketing name for Lincoln National
Corporation (NYSE:LNC) and its affiliates. For more information on
Lincoln Financial Group, visit http://www.lincolnfinancial.com/.
DATASOURCE: Delaware Investments CONTACT: Ayele Ajavon, Corporate
Communications, +1-215-255-1632, , or Laurel O'Brien, Corporate
Communications, +1-215-255-1520, Web site:
http://www.delawareinvestments.com/
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