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Western Investment LLC Clarifies Its Nominees? Plans If Elected to the Board of the Investment Grade Municipal Income Fund, Inc

^{Published on 2009-01-14 14:09:13, Last Modified on 2009-01-14 14:09:32 - Market Wire}
 

SALT LAKE CITY--([ BUSINESS WIRE ])--Western Investment LLC announced today that in response to inquiries from shareholders, if elected to the board of the Investment Grade Municipal Income Fund, Inc. (NYSE:PPM) (the "Fund"), Western Investment LLC's nominees will promptly work to maximize value for all shareholders. To this end among other things, subject to their fiduciary obligations, the nominees will consider stock buybacks and self-tenders, to the extent they believe them to be accretive to shareholders. The nominees will also consider open-ending the fund, but will not proceed without the prior approval of shareholders. Shareholders will not be forced out of the Fund, whether through liquidation or otherwise, without the prior approval of shareholders.