The New America High Income Fund, Inc. Announces Election to Opt in to Maryland Control Share Acquisition Act
16 Febbraio 2021 - 1:30PM
The board of directors (the “Board”) of The New America High Income
Fund, Inc. (the “Fund”) announced that the Fund has elected to be
subject to the Maryland Control Share Acquisition Act (the
“MCSAA”), effective immediately.
The Board believes that electing to be subject to the MCSAA
protects the interests of the Fund. Maryland lawmakers instituted
the MCSAA to limit the ability of any single stockholder to exert
undue influence in pursuit of short-term gains at the expense of
long-term value for Fund stockholders and the Fund’s ability to
achieve its investment objective.
The election to become subject to the MCSAA limits the ability
of holders of “control shares” to vote those shares above various
threshold levels that start at 10%, unless the other stockholders
of the Fund reinstate those voting rights at a meeting of
stockholders as provided in the MCSAA. The by-laws for the Fund
provide that the provisions of the MCSAA do not apply to the voting
rights of any company that, in accordance with the Investment
Company Act of 1940 or Securities and Exchange Commission (“SEC”)
exemptive order or other regulatory relief or guidance, votes Fund
shares held by it in the same proportion as the vote of all other
holders of Fund shares.
The above description of the MCSAA is only a high-level summary
and does not purport to be complete. Investors should refer to the
actual provisions of the MCSAA and the Fund’s by-laws for more
information, including definitions of key terms, various exclusions
and exemptions from the statute’s scope, and the procedures by
which stockholders may approve the reinstatement of voting rights
to holders of “control shares.”
About the Fund
The Fund is a diversified, closed-end management investment
company with a leveraged capital structure. The Fund’s investment
adviser is T. Rowe Price Associates, Inc. (“T. Rowe Price”). As of
December 31, 2020, T. Rowe Price and its affiliates managed
approximately $1.47 trillion of assets, including approximately $22
billion of “high yield” investments. T. Rowe Price has provided
investment advisory services to investment companies since
1937.
The Fund has released updated portfolio data, which can be found
on the Fund’s website at www.newamerica-hyb.com. Annual and
Semi-Annual Reports and other regulatory filings of the Fund with
the SEC are accessible on the SEC’s website at www.sec.gov and on
the Fund’s website.
Forward-Looking Statements
Except for any historical information and discussions contained
herein, statements contained in this news release constitute
forward-looking statements. These statements may involve a number
of risks, uncertainties and other factors that could cause actual
results to differ materially, including the performance of
financial markets, the investment performance of the Fund, general
economic conditions, future acquisitions, competitive conditions
and government regulations, including changes in tax laws. Readers
should carefully consider such factors. Further, such
forward-looking statements speak only on the date at which such
statements are made. The Fund undertakes no obligation to update
any forward-looking statements to reflect events or circumstances
after the date of such statement.
This material has been distributed for informational purposes
only and should not be considered as investment advice or a
recommendation of any particular security, strategy or investment
product. No part of this material may be reproduced in any form, or
referred to in any other publication, without express written
permission.
Contact:Ellen E. Terry, PresidentTelephone: (617)
263-6400www.newamerica-hyb.com
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