Lincoln National Convertible Securities Fund, Inc. Announces Final Distribution
June 23 2005 - 12:10PM
PR Newswire (US)
Lincoln National Convertible Securities Fund, Inc. Announces Final
Distribution PHILADELPHIA, June 23 /PRNewswire-FirstCall/ --
Lincoln National Convertible Securities Fund, Inc. (NYSE:LNV) (the
"Fund") today announced that it will make a final distribution of
$0.006 per share payable on June 30, 2005 to shareholders of record
on June 20, 2005. This final distribution represents substantially
all of the Fund's undistributed ordinary income and undistributed
capital gain net income earned or expected to be earned through
close of business on June 24, 2005, as had been announced in the
Fund's earlier press release on June 10, 2005. In January 2006,
shareholders will receive Form 1099-DIV which will report the
amount and character of the Fund's distributions paid in calendar
year 2005. The Fund's final distribution is made in connection with
the reorganization of the Fund into Delaware Dividend Income Fund
("Dividend Income Fund"), an open-end series of Delaware Group
Equity Funds V, which was approved by the Fund's shareholders at a
reconvened Special Meeting of Shareholders held on June 16, 2005.
The transaction, which is expected to be a tax-free reorganization,
is currently anticipated to become effective after the close of
trading on Friday, June 24, 2005 (the "Closing Date") and would
entail (i) the acquisition of all of the assets of the Fund by
Dividend Income Fund in exchange for Class A shares of Dividend
Income Fund; (ii) the pro rata distribution of such shares to the
Fund's shareholders in exchange for their shares of the Fund; and
(iii) the subsequent liquidation and dissolution of the Fund. For
the three months after the Closing Date, former Fund shareholders
who redeem shares of Dividend Income Fund received in connection
with the transaction will pay a 2% redemption fee. 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 June
22, 2005, the Fund had total assets of approximately $85.5 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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