Highland Income Fund (NYSE:HFRO)

SADDLE BROOK, NEW JERSEY, UNITED STATES, September 29, 2021 /EINPresswire.com/ --

The Coalition of Concerned Stockholders of Highland Income Fund (NYSE: HFRO) announces that it has filed an amendment to its Schedule 13D filing with the Securities and Exchange Commission which is available at www.sec.gov. The filing contains a letter to stockholders regarding the proposed conversion of HRFO from a registered closed-end fund to a holding company.

The stockholder meeting to vote on the conversion was adjourned from August 20, 2021 to September 24, 2021 and again to October 15, 2021 after announcing that if the conversion proposal is approved, HFRO will conduct a self-tender offer for up to $50 million (or about 5%) of its common stock at 95% of NAV.

The Coalition of Concerned Stockholders of Highland Income Fund is an ad hoc group of shareholders of HFRO formed to advocate for all shareholders including those that are unwilling or unable to hold stock in a holding company. Unlike a holding company, as a regulated investment company, HFRO must abide by a federal law that provides important protections for stockholders, among which are: (1) a prohibition on using excessive leverage, (2) a prohibition on secondary offerings that dilute existing stockholders, (3) a prohibition on self-dealing (joint) transactions, (4) the right of stockholders to fire the investment advisor at any time with no penalty, and (5) a requirement that the at least 40% of the trustees must be independent of management.

Contact:

Phillip Goldstein
Bulldog Investors
+1 201-881-7111
pgoldstein@bulldoginvestors.com