CHICAGO, Feb. 23, 2021 /PRNewswire/ -- The Board of
Directors of Duff & Phelps Utility and Corporate Bond Trust
Inc. (NYSE: DUC) (the "Fund"), a closed-end fund advised by Duff
& Phelps Investment Management Co., announced the results of
voting at its special meeting of shareholders, which was held via
audio teleconference on February 22,
2021.
At the close of business on the record date, December 22, 2020, there were 27,499,156 shares
of the Fund's common stock outstanding and entitled to vote at the
meeting. A total of 18,978,553 shares, representing 69.0% of
the outstanding shares, were represented at the special meeting
either in person or by proxy, constituting a quorum.
The following is a description of the matter voted upon at the
meeting and the number of votes cast on the matter:
Merger proposal
|
Proposal to approve
and adopt the agreement and plan of merger, dated as of November
23, 2020, by and between DUC and DNP Select Income Fund Inc., a
Maryland corporation ("DNP").
|
|
|
Shares
Voted
For
|
Shares
Voted
Against
|
Abstentions
|
|
Shares
Voted
|
18,699,870
|
186,044
|
92,639
|
|
% of Outstanding
Shares
|
68.0%
|
0.7%
|
0.3%
|
A majority of the outstanding shares of stock of the Fund were
voted in favor of the proposal. Accordingly, the merger
proposal was approved and adopted. Broker non-votes and
abstentions were counted only for the purposes of determining a
quorum.
As a result of this affirmative vote, DUC will merge with and
into DNP in accordance with the Maryland General Corporation Law,
with DNP as the surviving company of the merger. The combined fund
will retain DNP's name and ticker symbol, as well as DNP's
investment objectives, strategies and policies. The Board of
Directors expects the merger to become effective on March 8, 2021, at 9:00
a.m. Eastern Time, prior to the open of trading on the
NYSE.
About DUC
Duff & Phelps Utility and Corporate Bond Trust Inc. is a
closed-end diversified investment management company whose primary
investment objective is high current income consistent with
investing in securities of investment grade quality. The fund
seeks to achieve its objectives by investing substantially all of
its assets in a diversified portfolio of utility income securities,
corporate income securities, mortgage-backed securities and
asset-backed securities. For more information, visit
www.dpimc.com/duc or call (800) 338-8214.
About DNP
DNP Select Income Fund Inc. (NYSE: DNP) is a closed-end
diversified investment management company whose primary investment
objectives are current income and long-term growth of income. The
fund seeks to achieve these objectives by investing primarily in a
diversified portfolio of equity and fixed income securities of
companies in the public utilities industry. For more information,
please visit www.dpimc.com/dnp or call (800) 864-0629.
About the Investment Adviser
Duff & Phelps Investment Management Co. has more than 40
years of experience managing investment portfolios, including
institutional separate accounts and open- and closed-end funds
investing in utilities, infrastructure and real estate investment
trusts (REITs). For more information, visit
www.dpimc.com.
Duff & Phelps is a subsidiary of Virtus Investment Partners
(NASDAQ: VRTS), a multi-boutique asset manager with $132.2 billion under management as of
December 31, 2020. Virtus
provides investment management products and services to individuals
and institutions through a multi-manager asset management business,
comprising a number of individual affiliated managers, each with a
distinct investment style, autonomous investment process and
individual brand. Additional information can be found at
www.virtus.com.
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SOURCE Duff & Phelps Utility and Corporate Bond Trust
Inc.
