BOSTON, Feb. 16, 2021 (GLOBE NEWSWIRE) -- The board of directors (the “Board”) of The New America High Income Fund, Inc. (the “Fund”) announced that the Fund has elected to be subject to the Maryland Control Share Acquisition Act (the “MCSAA”), effective immediately.
The Board believes that electing to be subject to the MCSAA protects the interests of the Fund. Maryland lawmakers instituted the MCSAA to limit the ability of any single stockholder to exert undue influence in pursuit of short-term gains at the expense of long-term value for Fund stockholders and the Fund’s ability to achieve its investment objective.
The election to become subject to the MCSAA limits the ability of holders of “control shares” to vote those shares above various threshold levels that start at 10%, unless the other stockholders of the Fund reinstate those voting rights at a meeting of stockholders as provided in the MCSAA. The by-laws for the Fund provide that the provisions of the MCSAA do not apply to the voting rights of any company that, in accordance with the Investment Company Act of 1940 or Securities and Exchange Commission (“SEC”) exemptive order or other regulatory relief or guidance, votes Fund shares held by it in the same proportion as the vote of all other holders of Fund shares.
The above description of the MCSAA is only a high-level summary and does not purport to be complete. Investors should refer to the actual provisions of the MCSAA and the Fund’s by-laws for more information, including definitions of key terms, various exclusions and exemptions from the statute’s scope, and the procedures by which stockholders may approve the reinstatement of voting rights to holders of “control shares.”
About the Fund
The Fund is a diversified, closed-end management investment company with a leveraged capital structure. The Fund’s investment adviser is T. Rowe Price Associates, Inc. (“T. Rowe Price”). As of December 31, 2020, T. Rowe Price and its affiliates managed approximately $1.47 trillion of assets, including approximately $22 billion of “high yield” investments. T. Rowe Price has provided investment advisory services to investment companies since 1937.
The Fund has released updated portfolio data, which can be found on the Fund’s website at www.newamerica-hyb.com. Annual and Semi-Annual Reports and other regulatory filings of the Fund with the SEC are accessible on the SEC’s website at www.sec.gov and on the Fund’s website.
Forward-Looking Statements
Except for any historical information and discussions contained herein, statements contained in this news release constitute forward-looking statements. These statements may involve a number of risks, uncertainties and other factors that could cause actual results to differ materially, including the performance of financial markets, the investment performance of the Fund, general economic conditions, future acquisitions, competitive conditions and government regulations, including changes in tax laws. Readers should carefully consider such factors. Further, such forward-looking statements speak only on the date at which such statements are made. The Fund undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statement.
This material has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission.
Contact:
Ellen E. Terry, President
Telephone: (617) 263-6400
www.newamerica-hyb.com