You don't seem to understand what a Reverse Split is.
"DEFINITION of 'Reverse Stock Split'
A corporate action in which a company reduces the total number of its outstanding shares. A reverse stock split involves the company dividing its current shares by a number such #$%$ or 10, which would be called a 1-for-5 or 1-for-10 split, respectively. A reverse stock split is the opposite of a conventional (forward) stock split, which increases the number of shares outstanding. Similar to a forward stock split, the reverse split does not add any real value to the company. But since the motivation for a reverse split is very different from that for a forward split, the stock’s price moves after a reverse and forward split may be quite divergent. A reverse stock split is also known as a stock consolidation or share rollback."
I just received my proxy vote email and I see the BOD is suggesting a RS. To me an RS is like a confession that you have screwed up and this is the last ditch effort to save what's left of the company from total destruction. I will be voting FOR the RS because it may be the only hope for the company to continue being a "Going Concern". While I'm voting for the RS I'm also withholding my vote for the 3 BOD candidates. These bozo's should be fired for totally mismanaging this company and bringing it to the brink of bankruptcy.
Well, When Pioneer cut the div on PHT it came as a bit of a shock as PHT never had a div cut that I know of so I looked at other Pioneer CEF's and found that they cut the div on all of them except MAV.
I couldn't see how they could cut the div across the board without cutting MAV as well, it just didn't make sense. I've been looking to take a position in MAV for a while but resisted. I got in at 13.80 after the cut.
HNW Div cut from .16 to .135 in Nov 2014
MHI Div cut from .095 to .085 on 11-14
MHI Div cut from .085 to .070 on 05-05
PHD Div cut from .065 to .055 in Aug 2014
PHD Div RAISED from .055 to .060 on 05-05
PHT Div cut from .1375 to .115