Special Opportunities Fund Dismisses Lawsuit Against First Trust Dynamic Europe Equity Income Fund After Stockholder Approval of Open-Ending Transaction But Condemns Seating of Incumbent Directors Without Quorum
24 Ottobre 2023 - 3:36PM
Business Wire
Special Opportunities Fund, Inc. (NYSE: SPE) today announced
that it has dismissed its lawsuit against the board of directors of
First Trust Dynamic Europe Equity Income Fund (NYSE: FDEU)
following (1) stockholder approval of a transaction to
substantially eliminate the trading discount in FDEU’s shares; and
(2) rescission by the board of the control-share bylaw of FDEU and
thirteen other closed-end funds managed by First Trust, which
violated the Investment Company Act of 1940.
Phillip Goldstein, Chairman of SPE and a partner of Bulldog
Investors LLP, SPE’s investment advisor, commented: “We are happy
to see FDEU’s board of directors finally do the right thing, albeit
belatedly and only under the threat of litigation.”
SPE nevertheless condemns the board’s decision to seat the two
incumbent trustees of FDEU that stood for reelection at the 2023
annual meeting, despite the absence of a quorum. FDEU’s semi-annual
report to stockholders states that Denise M. Keefe and Robert F.
Keith were elected as trustees of the FDEU even though only 20% of
the outstanding shares were apparently represented at the annual
meeting—far less than the minimum of 33-1/3% required for a quorum
by the bylaws. The board of FDEU has declined to respond to several
requests to explain how the incumbents could have been elected
without a quorum. SPE is considering all options with respect to
the board’s improper action.
Mr. Goldstein commented: “This is not Venezuela. No board should
be able to blatantly disregard the company’s quorum requirement to
seat its own preferred candidates.”
About Special Opportunities Fund, Inc. and Bulldog Investors,
LLP:
Special Opportunities Fund, Inc. is an SEC-registered closed-end
investment company that often employs activist strategies to
enhance the value of its investments.
(specialopportunitiesfundinc.com)
Bulldog Investors, LLP is an SEC-registered investment adviser
that manages Special Opportunities Fund and separately managed
accounts. (www.bulldoginvestors.com)
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