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Article: AVK Declares Dividend and Announces At-Par Redemption Notices for $13 Million of Auction Market Preferred Shares.
- Article from:
- Business Wire
- Article date:
- December 1, 2008
CopyrightCOPYRIGHT 2008 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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LISLE, Ill. -- Advent Claymore Convertible Securities and Income Fund (NYSE: AVK), a diversified closed-end management investment company, has declared its December monthly dividend of $0.0939 per share, reflecting a reduction of $0.0779 per share from the previous dividend. This represents an annualized distribution rate of 11.17% based upon the last closing market price of $10.09, as of November 28, 2008.
The Fund's management believes that reducing the distribution is a necessary step to enhance our ability to maintain and potentially grow the Fund's net asset value--which should benefit the Fund's shareholders over time.
The Fund's management also ...