Special Opportunities cuts conversion price of convertible preferreds

By Wendy Van Sickle

Columbus, Ohio, Jan. 7 – Special Opportunities Fund, Inc. said that the conversion price for each share of convertible preferred stock decreased to $15.41 per share from $16.86 per share as a result of the 2018 year-end cash dividend of $1.45 per share of common stock, according to a press release.

Holders of convertible preferred stock that elect to convert it to common stock would currently receive 1.6223 shares of common stock for each share of convertible preferred stock.

The fund’s board of directors may determine to redeem the convertible preferred stock at a price of $25 per share at any time, with at least 30 days’ notice, the release said.

As of the close of business on Jan. 12, the market price, net asset value and diluted net asset value (assuming conversion of all outstanding shares of the fund’s convertible preferred stock) of the fund’s common stock were $12.28, $13.92, and $13.92, respectively.

The issuer is a closed-end, diversified management investment company based in Milwaukee. Its investment objective is total return through capital appreciation and current income. The fund's investment adviser is Saddle Brook, N.J.-based Bulldog Investors LLC.

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