|Bid||6.74 x 1100|
|Ask||6.76 x 800|
|Day's Range||6.70 - 6.88|
|52 Week Range||6.70 - 7.94|
|Beta (3Y Monthly)||0.72|
|PE Ratio (TTM)||11.66|
|Forward Dividend & Yield||0.72 (9.34%)|
|1y Target Est||N/A|
If it is determined that a notification is required pursuant to Section 19(a) of the Investment Company Act of 1940, as amended, such notice will be posted to the Fund’s website after the close of business three business days before the payable date. The Fund’s objective is to achieve a high level of current income and current capital gains, with long-term capital appreciation as a secondary objective. The Fund intends to pursue its objective by investing in a portfolio of common stocks and utilizing an option strategy, primarily by writing (selling) covered call options on a substantial portion of the common stocks in the portfolio in order to generate current income and gains from option writing premiums and, to a lesser extent, from dividends.
The purchase price is $7.91 per common share, which is 99.5 percent of the net asset value per common share determined as of the close of the regular trading session of the New York Stock Exchange on November 7, 2018. A total of 9,236,910.422837 common shares were properly tendered and not withdrawn by November 7, 2018, the final date for withdrawals, and the Fund accepted for payment 6,982,308 common shares.
The information agent for the Tender Offer is Georgeson LLC, and the depository for the tender offer is Computershare Trust Company N.A. Any questions with regard to the tender offer may be directed to the information agent toll-free at 1-800-457-0759.
Madison Covered Call & Equity Strategy Fund (MCN) (the “Fund”) today commenced a tender offer for up to 6,982,308 of the Fund’s issued and outstanding common shares of beneficial interest (the “Shares”) at a price per Share equal to 99.5% of the net asset value (the “NAV”) of the Shares, plus any unpaid dividends accrued as of the close of ordinary trading on the NYSE on the date the tender offer expires. The tender offer period and withdrawal rights will expire at 4:00 p.m., Central Time, on November 7, 2018, unless extended. If more than 6,982,308 of the Fund’s Shares are tendered and not withdrawn, any purchases will be made on a pro rata basis. The offer amount will also be reduced if the preceding merger of the Madison Strategic Sector Premium Fund into the Fund, when evaluated in conjunction with the offer, would not otherwise qualify as a tax-free reorganization.
Madison Strategic Sector Premium Fund (MSP) and Madison Covered Call & Equity Strategy Fund (MCN), each a closed end fund, (collectively, the “Funds”), announced today that the merger of MSP with and into MCN was completed prior to the opening of the New York Stock Exchange (“NYSE”) on October 8, 2018. In the merger, common shareholders of MSP received newly-issued MCN common shares in a tax-free transaction having an aggregate net asset value equal to the aggregate net asset value of their holdings of MSP common shares, as determined as of the close of trading on the NYSE on October 5, 2018.
Madison Strategic Sector Premium Fund (“MSP”) and Madison Covered Call & Equity Strategy Fund (“MCN”) (collectively, the “Funds”), announced today that at a special meeting of shareholders of MSP, and the annual meeting of shareholders of MCN, the requisite shareholders of the Funds have approved the Agreement and Plan of Merger (the “Merger”) pursuant to which MSP will be merged with and into MCN, and the transactions contemplated thereby. It is currently expected that the Merger will be effective with the open of the New York Stock Exchange (“NYSE”) on October 8, 2018, subject to all regulatory requirements and customary closing conditions being satisfied. Holders of MSP Common Shares will receive newly issued MCN Common Shares.