Special Opportunities Fund will redeem convertible preferred stock

By William Gullotti

Buffalo, N.Y., June 3 - Special Opportunities Fund, Inc. announced it will redeem all outstanding shares of its convertible preferred stock that are still outstanding on July 9, according to a release.

Holders may until 5 p.m. ET on that date convert their preferred shares into shares of common stock at a ratio of 1.9416 shares for each convertible preferred until June 21 and then 1.9558 shares of common stock per preferred from June 22 until July 9. Cash will be paid in lieu of any fractional shares.

Shareholders who do not wish to convert their convertible preferreds into common shares will receive $25 in cash per share. The redemption will be automatic in this scenario.

As of Thursday, the market price of a convertible preferred is approximately $30 per share.

The issuer is a closed-end, diversified management investment company based in New York.

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