Special Opportunities Fund to redeem all convertible preferred stock

By Tali Rackner

Minneapolis, Jan. 27 - Special Opportunities Fund, Inc.'s board of directors plans to redeem all of the fund's convertible preferred stock on March 3, according to a press release.

Holders have until 5 p.m. ET on Feb. 28 to convert their preferreds into shares of common stock at a ratio of 3.7160 common shares for each preferred. Holders that do not elect to convert by the deadline will receive $50.00 in cash per preferred.

The conversion ratio is equivalent to $13.46 per common share. The company's common stock closed at $17.01 (NYSE: SPE) on Jan. 27.

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.

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