NEW YORK, May 29, 2009 (GLOBE NEWSWIRE) -- PIMCO Municipal Advantage Fund Inc. (NYSE:MAF) (the "Fund") announced today that a partial liquidating distribution of $6.20 per common share will be paid on June 30, 2009, with a record date of June 26, 2009 and an ex-dividend date of June 24, 2009. This will be the first of two expected liquidating distributions of the Fund's common stock in connection with the liquidation of the Fund, which was communicated in a press release dated March 17, 2009. The number of outstanding Fund shares will not be decreased as a result of this partial liquidating distribution, which will be made entirely in cash.
It is anticipated that the Fund's remaining net assets will be distributed on or about August 31, 2009, completing the liquidation and dissolution of the Fund, although the Fund may extend this date subject to market conditions and other relevant factors. Timing of the final liquidating distribution to common stockholders will be announced in a future press release. At the time of the final liquidating distribution to common stockholders, any outstanding stock certificates will be deemed null and void.
In addition, the Fund will cease declaring monthly dividends after the payment of the $0.06 per common share dividend on June 1, 2009 that was declared on May 1, 2009. The Fund will pay out any remaining income and/or capital gains with the final liquidating distribution, which is currently expected to be on or about August 31, 2009.
The Fund completed the first stage of its liquidation with the redemption of all its outstanding shares of preferred stock on April 24, 2009. At May 28, 2009, the Fund's net assets were approximately $70.1 million. The Fund's stockholders voted in favor of liquidating the Fund and approved the Fund's Plan of Liquidation at an annual meeting held on March 13, 2009.
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 (866) 298-8462.
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 its 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 its registration statement, By-laws and other governing documents as well as the Investment Company Act of 1940, as amended.