Key Developments: DNP Select Income Fund Inc (DNP)

DNP Select Income Fund Inc Announces Completion Of Rights Offering
Monday, 24 Sep 2012 08:11pm EDT 

DNP Select Income Fund Inc announced the completion of its transferable rights offering (the "Offer") which raised approximately $246 million of gross proceeds. The record date of the Offer was August 23, 2012 ("Record Date") and the Offer expired on September 21, 2012 (the "Expiration Date"). Shareholders of record received one right for each outstanding share of common stock ("Common Share") owned as of 5:00 p.m. Eastern time on the Record Date. The rights entitled holders to purchase one new Common Share of the Fund for every eight rights held (1-for-8). The subscription price was $9.57 per Common Share and was determined based upon a formula equal to 112% of the Fund's net asset value per Common Share at the close of trading on the Expiration Date. The Offer was 84% subscribed. Common Shares will be issued promptly after completion of shareholder payments expected on or about Friday, September 28, 2012.  Full Article