Delaware Investments Dividend and Income Fund, Inc. Announces Self-Tender for Five Percent of Its Shares
May 22 2008 - 5:33PM
PR Newswire (US)
PHILADELPHIA, May 22 /PRNewswire-FirstCall/ -- Delaware Investments
Dividend and Income Fund, Inc. (NYSE:DDF) (the "Fund") announced
today that its Board of Directors has authorized an issuer tender
offer to purchase for cash up to 522,939 shares of its common
stock, each of which has a par value $0.01 per share, representing
5 percent of its issued and outstanding shares of common stock. The
tender offer will commence on Friday, May 30, 2008, and will
expire, unless extended, at 11:59 p.m., New York City time, on
Friday, June 27, 2008. Subject to various terms and conditions
described in offering materials to be distributed to shareholders,
purchases will be made at a price per share equal to the Fund's net
asset value per share on the first business day after the
expiration of the offer. Subject to various terms and conditions
described in offering materials to be distributed to shareholders,
if more shares are tendered than the amount the Board has
authorized to purchase, the Fund will purchase a number of shares
equal to the offer amount on a pro-rated basis. The shares of
common stock of the Fund have recently traded at a discount to
their net asset value per share. During the pendency of the tender
offer, the current net asset value per share will be available by
telephone at 866-340-1397. The Fund is a diversified closed-end
fund. The primary investment objective is to seek high current
income; capital appreciation is a secondary objective. The Fund
seeks to achieve its objectives by investing, under normal
circumstances, at least 65 percent of its total assets in
income-generating equity securities, including dividend-paying
common stocks, convertible securities, preferred stocks and other
equity-related securities. Up to 35 percent of the Fund's total
assets may be invested in non-convertible debt securities
consisting primarily of high-yield, high-risk corporate bonds. In
addition, the Fund utilizes leveraging techniques in an attempt to
obtain a higher return for the Fund. There is no assurance that the
Fund will achieve its investment objectives. In 1995, the Fund
implemented a managed distribution policy. Under the policy, the
Fund is managed with a goal of generating as much of the dividend
as possible from ordinary income (net investment income and
short-term capital gains). The balance of the dividend then comes
from long-term capital gains and, if necessary, a return of
capital. Shareholders are advised to read the offer to purchase
when it is available as it contains important information. The
offer to purchase and other documents filed by the Fund with the
Securities and Exchange Commission, including the Fund's annual
report for the fiscal year ended November 30, 2007, will be
available without cost at the Commission's web site
(http://www.sec.gov/) or by calling the Fund at 800-523-1918. About
Delaware Investments Delaware Investments, an affiliate of Lincoln
Financial Group, is a Philadelphia-based diversified asset
management firm with more than $140 billion in assets under
management as of March 31, 2008. Through a broad range of managed
accounts and portfolios, mutual funds, retirement accounts, sub-
advised funds, and other investment products, Delaware Investments
provides investment services to individual investors and to
institutional investors such as private and public pension funds,
foundations, and endowment funds. Delaware Investments is the
marketing name for Delaware Management Holdings, Inc. and its
subsidiaries. For more information on Delaware Investments, visit
the company at http://www.delawareinvestments.com/. Lincoln
Financial Group is the marketing name for Lincoln National
Corporation (NYSE:LNC) and its affiliates. For more information on
Lincoln Financial Group, visit http://www.lincolnfinancial.com/.
DATASOURCE: Delaware Investments CONTACT: Ayele Ajavon,
+1-215-255-1632, , or Laurel O'Brien, +1-215-255-1520, , both
Corporate Communications of Delaware Investments Web site:
http://www.delawareinvestments.com/
http://www.lincolnfinancial.com/
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