Lincoln National Convertible Securities Fund Final Distribution
June 10 2005 - 12:42PM
PR Newswire (US)
Lincoln National Convertible Securities Fund Final Distribution
PHILADELPHIA, June 10 /PRNewswire-FirstCall/ -- Lincoln National
Convertible Securities Fund, Inc. (NYSE:LNV) today announced that
it will make a final distribution of substantially all of the
Fund's undistributed ordinary income and undistributed capital gain
net income, if any, earned and anticipated to be earned through
close of business on June 24, 2005, payable on June 30, 2005 to
shareholders of record on June 20, 2005, subject to shareholder
approval of an Agreement and Plan of Acquisition (the "Plan of
Acquisition") to reorganize the Fund into Delaware Dividend Income
Fund ("Dividend Income Fund"), an open-end series of Delaware Group
Equity Funds V, at a reconvened Special Meeting of Shareholders to
be held on June 16, 2005. In January 2006, shareholders will
receive Form 1099-DIV which will report the amount and character of
the Fund's distributions paid in calendar year 2005. The Fund will
issue another press release once the exact amount of the final
distribution, if any, has been determined. If the Plan of
Acquisition is approved by shareholders of the Fund, the
transaction, which is expected to be a tax-free reorganization, is
expected to close on Friday, June 24, 2005 (the "Closing Date") and
would entail (i) the acquisition of all of the assets of the Fund
by Dividend Income Fund in exchange for Class A shares of Dividend
Income Fund; (ii) the pro rata distribution of such shares to the
Fund's shareholders in exchange for their shares of the Fund; and
(iii) the subsequent liquidation and dissolution of the Fund. For
the three months after the Closing Date, former Fund shareholders
who redeem shares of Dividend Income Fund received in connection
with the transaction will pay a 2% redemption fee. The Fund is a
closed-end, diversified investment management company managed by
Delaware Management Company. Delaware Management Company is a
series of Delaware Management Business Trust, a wholly owned
subsidiary of Lincoln National Corporation. The Fund's primary
objective is to provide a high level of total return through a
combination of capital appreciation and current income. As of June
9, 2005, the Fund had total assets of approximately $84.7 million.
DATASOURCE: Delaware Investments CONTACT: Christina Ward, Corporate
Communications, Delaware Investments, +1-215-255-1388, ; or
Priscilla Brown, Investor Relations, Lincoln Financial Group,
+1-215-448-1422 Web site: http://www.delawareinvestments.com/
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