NEW YORK, March 17, 2009 (GLOBE NEWSWIRE) -- PIMCO Municipal Advantage Fund, Inc. (NYSE:MAF) (the "Fund") reported the results of its 2009 Annual Meeting of Stockholders. The Annual Meeting to re-elect one Class III Director and to elect one Class II Director was held on February 26, 2009 and the Director nominees were elected by the required vote as described in the proxy statement dated February 4, 2009, a copy of which can be viewed at www.allianzinvestors.com. The proposal to liquidate and dissolve the Fund ("Liquidation Proposal") did not have sufficient votes to be approved and was adjourned to March 13, 2009. At the meeting held on March 13, 2009, the Liquidation Proposal passed with 50.976% of the outstanding common and preferred shares of the Fund voting in favor of liquidation, 8.111% voting against and 1.213% abstaining. Accordingly, the Plan of Liquidation and Dissolution (the "Plan") became effective as of the close of business on March 13, 2009 and the Fund will proceed to wind up its affairs, provide for the payments of any debts and liabilities, and reduce the remaining assets to distributable form.
The termination of the Fund will occur as soon as reasonably practicable subject to market conditions and other relevant factors. In accordance with the Plan, the Fund intends to redeem the preferred shares as the first stage of a two-step process to liquidate the Fund. Thereafter, the remaining assets of the Fund will be distributed to the common stockholders. It is anticipated that the liquidation will be completed on or about July 31, 2009, yet the Fund may extend this date or make distributions on multiple dates. Timing of the redemption of preferred shares and the final distribution(s) to the common stockholders will be announced in a future press release.
Allianz Global Investors Fund Management LLC, an indirect, wholly-owned subsidiary of Allianz Global Investors of America L.P., serves as the Fund's investment manager and is a member of Munich-based Allianz Group (NYSE:AZ). Pacific Investment Management Company LLC, an Allianz Global Investors Fund Management affiliate, serves as the Fund's sub-adviser.
The Fund's daily New York Stock Exchange closing price, net asset value per share, as well as other information, including updated portfolio statistics and performance, is available at www.allianzinvestors.com or by calling the Fund's shareholder servicing agent at (800) 331-1710.
Statements made in this release that look forward in time involve risks and uncertainties and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such risks and uncertainties include, without limitation, the adverse effect from further declines in the securities markets and in the Fund's performance, a general downturn in the economy, competition from other companies, changes in government policy or regulation, inability to attract or retain key employees, inability to implement their operating strategy and/or acquisition strategy, and unforeseen costs and other effects related to legal proceedings or investigations of governmental and self-regulatory organizations. The Fund's ability to pay dividends to common shareholders is subject to the restrictions in their registration statements, By-laws and other governing documents as well as the Investment Company Act of 1940, as amended.