CHICAGO, March 8, 2021 /PRNewswire/ -- DNP Select
Income Fund Inc. (NYSE: DNP) (the "Fund") today announced that the
merger of Duff & Phelps Utility and Corporate Bond Trust Inc.
(NYSE: DUC) with and into DNP has been completed. The combined fund
retains DNP's name and ticker symbol, as well as DNP's investment
objectives, strategies and policies. This transaction was
previously announced on November 23,
2020. DUC shareholders approved the merger on February 22, 2021.
DUC shares ceased trading on the NYSE at the close of business
on Friday, March 5, 2021. Prior
to the opening of today's trading session on the NYSE, each share
of DUC common stock was converted into the number of shares of DNP
common stock equal to the ratio of the net asset value (NAV) per
share of DUC common stock to the NAV per share of DNP common stock
at the close of business on the NYSE on Friday, March 5, 2021:
|
Fund
|
NAV
|
|
DUC
|
$9.3098
|
|
DNP
|
$8.8199
|
Based on these closing NAVs, DUC shareholders received 1.055545
shares of DNP common stock for each share of DUC common stock they
held. DUC shareholders will receive cash in lieu of
fractional shares of DNP common stock (unless the shares are held
through a dividend reinvestment plan account that allows for
fractional shares).
About the Fund
DNP Select Income Fund Inc. is a closed-end diversified
investment management company advised by Duff & Phelps
Investment Management Co. The Fund's 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 approximately
$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 DNP Select Income Fund Inc.; Duff & Phelps Utility
and Corporate Bond Trust Inc.
