Dividend and Income Fund Announces Results of Annual Meeting
May 01 2014 - 3:24PM
Marketwired
Dividend and Income Fund Announces Results of Annual Meeting
NEW YORK, NY--(Marketwired - May 1, 2014) - Dividend and Income
Fund (NYSE: DNI) (NAV: XDNIX) (the "Fund") announced today that at
the Fund's Annual Meeting of Shareholders, shareholders (1)
re-elected James E. Hunt to the Board of Trustees of the Fund as a
Class III Trustee to serve until 2017 or until his successor is
elected and qualifies; (2) approved amendments to the Fund's
Amended and Restated Agreement and Declaration of Trust
("Declaration") regarding limitations on the ability of persons to
own more than 4.99% of the Fund's outstanding shares without the
Trustees' prior approval; and (3) approved certain changes to the
Fund's fundamental investment objectives, policies, and
restrictions, including (a) changing the Fund from diversified to
non-diversified; (b) removing the fundamental policy relating to
investments in companies for the purpose of exercising control or
management; (c) revising the fundamental policy relating to real
estate; (d) removing the fundamental policy relating to short sales
of securities; (e) revising the fundamental policy relating to
commodities; (f) revising the fundamental policy relating to
lending; (g) revising the fundamental policy relating to
underwriting; and (h) revising the fundamental policy relating to
industry concentration.
4.99% Share Ownership Limitations
Pursuant to the amendments approved by shareholders, the
Declaration limits the ability of persons to own more than 4.99% of
the Fund's outstanding shares without the Trustees' prior approval
("4.99% Share Limitations"). The Declaration provides that any
purchase or acquisition of Fund shares attempted to be made in
violation of the 4.99% Share Limitations will be null and void ab
initio to the fullest extent permitted by law and contains detailed
terms that seek to achieve that result. It also provides that any
person who knowingly violates the 4.99% Share Limitations, or any
persons in the same control group with such a person, shall be
liable to the Fund for, and shall indemnify and hold it harmless
against, any and all damages suffered as a result of the violation,
including damages resulting from a reduction in or elimination of
the Fund's ability to use its capital loss carryovers and
attorneys' and auditors' fees incurred in connection with such
violation. A copy of the Declaration and a more detailed
description of the 4.99% Share Limitations are available on the
Fund's web site at www.dividendandincomefund.com.
About the Fund
The Fund is a closed end fund with the primary investment
objective of providing its shareholders a high level of income.
Capital appreciation is a secondary objective. The Fund seeks to
achieve its objectives by investing, under normal circumstances, at
least 50% of its total assets in income generating equity
securities.
Bexil Advisers LLC is the Fund's investment manager. Bexil
Advisers LLC is a wholly owned subsidiary of Bexil Corporation
(BXLC), a holding company. To learn more about Bexil Corporation,
including Rule 15c2-11 information, please visit www.bexil.com. For
Fund stockholder related questions, please call 212-785-0900.
Certain affiliates of Bexil are engaged in stock market and
gold investing
through investment management of equity and gold mutual funds and
closed end
funds.
Safe Harbor Note
This release contains certain "forward looking statements" made
pursuant to the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995. These statements involve known and
unknown risks, uncertainties and other factors, many of which are
beyond the control of the Fund, which may cause the Fund's actual
results to be materially different from those expressed or implied
by such statements. The forward looking statements made herein are
only made as of the date of this announcement, and the Fund
undertakes no obligation to publicly update such forward looking
statements to reflect subsequent events or circumstances.
This communication shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of,
these securities in any state in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of any such state, or an exemption
therefrom.
Contact: John F. Ramirez General Counsel 1-212-785-0900, ext.
208 Email Contact www.DividendandIncomeFund.com
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