Insured Municipal Income Fund Inc. Announces Preliminary Results of Special Meeting of Shareholders
December 14 2009 - 5:30PM
Business Wire
Insured Municipal Income Fund Inc. (NYSE: PIF) (the “Fund”)
today announced preliminary results of its Special Meeting of
Stockholders (the “Special Meeting”) held on December 10, 2009.
These results are subject to verification and certification by the
Fund’s independent inspector of election.
Approximately 95% of the Fund’s 20,628,363 outstanding shares
were represented at the Special Meeting. Shareholders owning
approximately 88% of the Fund’s outstanding shares voted to elect
James Chadwick, Ben Harris, and Charles Walden as directors. In
addition, shareholders owning more than 50% of the Fund’s
outstanding shares voted to approve the following proposals: (1) a
new investment advisory agreement between the Fund and Brooklyn
Capital Management, LLC, (2) replacement of the Fund’s fundamental
investment objective with a non-fundamental investment objective of
providing total return, and (3) elimination of the Fund’s
fundamental investment policy to invest at least 80% of its net
assets in insured municipal obligations. Finally, shareholders
owning approximately 88% of the Fund’s outstanding shares ratified
the selection of Tait, Weller & Baker LLP as the Fund’s
independent registered public accounting firm for the fiscal year
ending December 31, 2009.
To reflect its new objective, the Fund intends to file an
amendment to its Articles of Incorporation to change its name to
Special Opportunities Fund Inc. The Fund’s symbol will continue to
be PIF.
In addition, the Fund announced that its Board of Directors has
affirmed its intention to commence a tender offer for the Fund’s
common stock prior to December 31, 2009.
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