Putnam High Income Securities Fund announces an Equity Buyback.
February 08, 2019 at 12:00 am
Share
Putnam High Income Securities Fund (NYSE:PCF) announces a share repurchase program. Under the program, the company will repurchase up to 55% of its outstanding common shares. The shares will be purchased at at a price per share equal to 99% of the per share net asset value as on March 15, 2019, or if the offer is extended, on the date to which the offer is extended. The repurchased shares will be paid in cash. The repurchase program will funded from its cash and cash equivalents on hand. The fund may purchase additional shares not to exceed 2% of the outstanding shares without amending or extending the offer, but if offer is oversubscribed the fund may purchase all of the shares tendered, including shares in excess of the limitation, by amending or extending the offer or purchase shares on a pro rata basis. The share repurchase program is intended to enhance shareholder value. The program is valid till March 15, 2019. As of January 31, 2019, the company had 12,930,356 shares in issue and outstanding.
High Income Securities Fund (the Fund) is a diversified closed-end management investment company. The Fundâs investment objective is to seek to provide high current income as a primary objective and capital appreciation as a secondary objective. The Fund is focused on achieving objective is by primarily investing approximately 80% of its net assets in fixed income securities, including debt instruments, convertible securities, and preferred stocks. The Fund also invests in high-yielding non-convertible securities with the potential for capital appreciation. The primary focus of the investment strategy is to acquire discounted securities of income-oriented closed-end investment companies, business development companies, fixed income securities, including debt instruments, convertible securities, preferred stocks, and special purpose acquisition companies.
HIGH INCOME SECURITIES FUND 
