Lincoln National Convertible Securities Fund Announces Dismissal of Lawsuit
February 17 2005 - 4:14PM
PR Newswire (US)
Lincoln National Convertible Securities Fund Announces Dismissal of
Lawsuit PHILADELPHIA, Feb. 17 /PRNewswire-FirstCall/ -- The Board
of Directors of Lincoln National Convertible Securities Fund, Inc.
(NYSE:LNV) (the "Fund") today announced that it had received notice
that the Circuit Court of Baltimore City (the "Circuit Court") had
granted its unopposed motion to dismiss Daniels v. Lincoln National
Convertible Securities Fund, Inc., et al. ("Daniels") as moot. The
Daniels action was filed in January 2001 against the Fund and its
directors and purported to have been brought on behalf of a class
consisting of all of the Fund's shareholders. The complaint in
Daniels asserted that it was illegal for the Fund to enforce an
advance notice deadline for shareholder proposals in connection
with the Fund's 2000 annual meeting that had been announced in the
Fund's proxy statement for the prior year, and that the defendants
had made false and misleading statements in the proxy materials
disseminated by the Fund in connection with the 2000 shareholder
meeting. The Circuit Court dismissed the Daniels complaint with
prejudice in its entirety as moot. The Fund is a closed-end,
diversified investment management company managed by Delaware
Management Company. Delaware Management Company is a series of
Delaware Management Business Trust, a wholly owned subsidiary of
Lincoln National Corporation. The Fund's primary objective is to
provide a high level of total return through a combination of
capital appreciation and current income. As of February 15, 2005,
the Fund had total assets of approximately $87.3 million.
DATASOURCE: Delaware Investments CONTACT: Christina Ward, Corporate
Communications, Delaware Investments, +1-215-255-1388; or Priscilla
Brown, Investor Relations, Lincoln Financial Group, +1-215-448-1422
Web site: http://www.delawareinvestments.com/
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