Neuberger Berman Dividend Advantage Fund Stockholders Approve Liquidation
October 13 2009 - 8:12PM
Business Wire
Neuberger Berman Dividend Advantage Fund Inc. (NYSE AMEX: NDD)
(the “Fund”) announced that its stockholders approved the Fund’s
proposed plan of liquidation and dissolution (the “Plan”) at the
Fund’s Special Meeting of Stockholders held today.
In accordance with the terms of the Plan, the Fund will begin,
as soon as reasonably practicable, an orderly liquidation of its
assets, unwind its leverage, discharge its liabilities (including
its liabilities in connection with unwinding its leverage), cease
trading on the NYSE Amex (formerly, American Stock Exchange) and
distribute its net proceeds to its common stockholders in one or
more distributions. The Fund will announce the expected dates that
it will cease trading on the NYSE Amex and distribute its proceeds.
As of September 30, 2009, the Fund had approximately $53.1 million
in net assets attributable to common stockholders.
About Neuberger Berman
Neuberger Berman Group LLC is one of the world’s largest
private, independent, employee-controlled asset management
companies. As of September 30, 2009, assets under management were
approximately $168 billion. Established in 1939, Neuberger Berman
is a leader in a broad range of global investment solutions –
equity, fixed income, and alternatives – to institutions and
individuals though customized separately managed accounts, mutual
funds and alternative investment products. For more information
please visit our website at www.nb.com.
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 the Fund’s performance, a general downturn in the
economy, competition from other closed-end investment companies,
changes in government policy or regulation, inability of the Fund’s
investment manager to attract or retain key employees, inability of
the Fund to implement its investment strategy, inability of the
Fund to manage rapid expansion and unforeseen costs and other
effects related to legal proceedings or investigations of
governmental and self-regulatory organizations.
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