Nicholas-Applegate Global Equity & Convertible Income Fund Declares Quarterly Dividend of 30 Cents Per Share
June 12 2009 - 3:00PM
Business Wire
The Board of Trustees of Nicholas-Applegate Global Equity &
Convertible Income Fund (the �Fund�) (NYSE: NGZ), a diversified,
closed-end management investment company which seeks total return
comprised of capital appreciation, current income and gains
announced today that it has declared a quarterly dividend of $0.30
per common share.
Fund Management estimates that this dividend is from net
investment income and return of capital (return of capital is a
non-taxable distribution).
The dividend will be payable on June 26, 2009 to shareholders of
record on June 22, 2009 with an ex-dividend date of June 18,
2009.
The dividend was reduced from the dividend paid in prior periods
in order to better align the Fund�s current dividend rate with the
earnings of the Fund�s investments. Historically, the Fund�s
distribution has been comprised of net realized capital gains,
current income and gains from option writing. In the wake of last
year�s severe decline in the domestic and international equity
markets and convertible bond securities, the Fund was not able to
realize sufficient capital gains to fully support the dividend
level paid in prior quarters.
It is anticipated that the Fund�s next quarterly dividend will
be declared on or about September 11, 2009 and be payable on or
about September 25, 2009.
Allianz Global Investors Fund Management LLC, an indirect,
wholly-owned subsidiary of Allianz Global Investors of America
L.P., serves as the Fund�s investment manager and is a member of
Munich-based Allianz Group (NYSE � AZ). Nicholas-Applegate Capital
Management LLC, an Allianz Global Investors Fund Management
affiliate, serves as the Fund�s sub-adviser. Allianz is a leading
global financial services company.
The Fund�s daily New York Stock Exchange closing price and net
asset value per share as well as other information, including
portfolio statistics and performance is available at
www.allianzinvestors.com/closedendfunds or by calling the Fund�s
shareholder servicing agent at 866-298-8462.
The actual composition and character of the distribution
described above and future distributions of the Fund may be
materially different from the composition or character of such
distributions that existed at the time of this press release. Such
factors include the varied nature of the Fund�s investments and the
performance of those investments, and that the ultimate
characterization of the Fund�s distributions cannot finally be
determined until the end of the Fund�s fiscal year, resulting in
the possibility of a return of capital if the Fund makes total
distributions during a calendar or fiscal year in an amount that
exceeds the Fund�s net investment income and net realized capital
gains for the fiscal year. As a result of the foregoing and other
factors, no assurance can be given as to the actual composition or
character of Fund distributions at the time of this press release
and neither the Fund, Allianz Global Investors Fund Management LLC,
Nicholas-Applegate Capital Management LLC, nor any of their
trustees, members, officers or employees assumes responsibility for
such statements.
Statements made in this release that look forward in time
involve risks and uncertainties and are forward looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. Such risks and uncertainties include, without limitation,
the adverse effect from a decline in the securities markets or a
decline in the Fund�s performance, a general downturn in the
economy, competition from other companies, changes in government
policy or regulation, inability to attract or retain key employees,
inability to implement its operating strategy and/or acquisition
strategy, and unforeseen costs and other effects related to legal
proceedings or investigations of governmental and self-regulatory
organizations. There can be no assurance that the Fund will meet
its stated objective.
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