Prospect Street Income Shares Inc. and Prospect Street High Income Portfolio Inc....
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Prospect Street Income Shares Inc. and Prospect Street High Income Portfolio Inc. Announce Approval of Reorganizations DALLAS--(Business Wire)-- Prospect Street Income Shares Inc. (NYSE:CNN) and Prospect Street High Income Portfolio Inc. (NYSE:PHY) (each a "Fund" and together the "Funds") each announced today that its Board of Directors approved a reorganization of the Fund into Highland Credit Strategies Fund (NYSE:HCF). For each Fund, the reorganization is conditioned upon the approval of its stockholders, and each reorganization may proceed independently of the other. If stockholders of a Fund do not approve its reorganization, that Fund will continue its current operations. There is no assurance that the requisite stockholder approval will be obtained for each reorganization. The Funds currently expect to file with the Securities and Exchange Commission a joint proxy statement/prospectus with respect to the reorganizations soon, and currently expect to mail a joint proxy statement/prospectus to Fund stockholders to solicit approval of the reorganizations in April 2008. The Funds, and Highland Credit Strategies Fund, will bear the costs of the reorganizations. It is expected that each reorganization will qualify as a tax-free reorganization for federal income tax purposes. Subject to stockholder approval and the satisfaction of certain conditions, the reorganizations are currently expected to occur in the summer of 2008. Highland Capital Management, L.P. ("Highland"), the Funds' investment adviser, is a leading alternative investment management firm specializing in credit and structured products, with approximately $39.5 billion in assets under management as of December 31, 2007. Headquartered in Dallas, Texas, Highland manages assets on behalf of investors around the world with offices in New York and London. Statements made in this release that look forward in time involve risks and uncertainties and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such risks and uncertainties include, without limitation, the adverse effect from a decline in the securities markets or a decline in a Fund's performance, a general downturn in the economy, competition from other closed-end investment companies, changes in government policy or regulation, inability of a Fund's investment adviser to attract or retain key employees, inability of a Fund to implement its investment strategy, inability of a Fund to manage rapid expansion and unforeseen costs and other effects related to legal proceedings or investigations of governmental and self-regulatory organizations. Highland Capital Management, L.P. Shareholder Services, 877-665-1287 firstname.lastname@example.org Copyright Business Wire 2008
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