Voya Infrastructure, Industrials and Materials Fund announces an Equity Buyback.
March 21, 2016 at 12:00 am
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Voya Infrastructure, Industrials and Materials Fund (NYSE:IDE) announces a share repurchase program. Under the offer, the company will repurchase up to 10% of its stock, in open-market transactions. Any repurchases made under this program would be made on a national securities exchange at the prevailing market price, subject to exchange requirements and volume, timing and other limitations under federal securities laws.
The share repurchase program seeks to enhance shareholder value by purchasing shares trading at a discount from their net asset value per share. There is no assurance that the Funds will purchase shares at any particular discount levels or in any particular amounts. The repurchase will commence in March 2016 and will be valid over one year period.
Voya Infrastructure, Industrials and Materials Fund (the Fund) is a diversified closed-end fund. The Fund is focused on achieving its investment objective by investing in companies that own and/or operate infrastructure facilities in the infrastructure sector, and in a range of companies, principally in the industrials and materials sectors. The Fund will seek to achieve its investment objective by investing approximately 80% of its managed assets in the equity securities of, or derivatives having economic characteristics similar to the equity securities. The Fund will also seek to secure gains and develop the stability of returns over a market cycle by writing call options on selected indices and/or exchange-traded funds. It invests in various sectors, such as integrated telecommunication services, electric utilities, specialty chemicals, industrial conglomerates, and electrical components and equipment, among others. Voya Investments, LLC serves as the investment adviser to the Fund.