RegAlert2001-05-14
Added · Updated
SEC Division of Investment Management staff letter: Current Income Shares, Inc.
Current Income Shares, Inc. requests no-action relief to omit a shareholder proposal from its proxy materials under Rule 14a-8(i)(10), asserting the proposal has been substantially implemented. The proposal recommended merging the closed-end fund into the open-end HighMark Bond Fund to allow share redemption at net asset value. The fund argues it substantially implemented the proposal by having its Board request a merger from investment adviser HighMark Capital Management, which subsequently declined to pursue the transaction. Shareholder Walter Baer opposes the omission, arguing the adviser's refusal was based on its own financial interests rather than shareholder value and that a shareholder vote could persuade the adviser to reconsider.
SEC published 7 documents in the last 30 days — get each new one by email the day it lands.
ROYW. ADAMS,JR. .
A~RNEYATLAW
May 14,2001
Rules 14a-8(i)(10) and (j)
Section 14(a)
Securities Exchange Act of 1934
HAND DELIVERED - FILING DESK
UPS Tracking No. IZ F75 2VO 22 I000 020 6
Division of lnvestment Management
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: Current lncome Shares, he.- File No. 811-2357 , RECEIVED\ MAY 1 6 2001 t Request for No-Action Relief Re Closed-End Fund Shareholder Pro~osat Ladies and Gentlemen:
In accordance with Rule 14a-8 (the "Rulet9) under Section 14(a) of the Securities and Exchange Act of 1934, as amended, this letter is written on behalf of Current Income Shares, Inc. (the "Fund"), a closed-end investment company registered under the Investment Company Act of 1940, as amended (the "Act"), requesting the omission of the shareholder proposal described below from the Fund's proxy statement and proxy (the "Proxy Materials") for the Fund's next annual meeting, tentatively scheduled to occur at 11:OO a.m. on Wednesday, September 12, 2001 (the "Meeting"). By a letter to Ms. Rita Dam, the Fund's Secretary, dated December 26, 2000, Mr. Walter Baer, a Fund shareholder (the "Proponent"), notified the Fund of his intention to make the shareholder proposal described below (the "Proposal"), at the Meeting. The Proponent demands that the Proposal be included for consideration by the shareholders in the Proxy Materials. Six copies of the Proponent's letter with the Proposal and supporting statement are enclosed. Simultaneously herewith, the Fund is sending a copy of this letter to the Proponent informing him of the Fund's intentionto omit the Proposal from its Proxy Statement. The Proposal. Under the Proposal, the Fund's shareholders would recommend ( to the Fund's Board of Directors (the "Board") that the Fund be merged into the
Read the rest free, and get an email when SEC publishes again
Lineage: In force
Source: Securities and Exchange Commission — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
More like this from SEC
SEC published 7 documents in the last 30 days. We email you each new one the day it's published.