Business & Finance
Thu, January 22, 2009Wed, January 21, 2009Tue, January 20, 2009Mon, January 19, 2009Fri, January 16, 2009Thu, January 15, 2009Wed, January 14, 2009Tue, January 13, 2009Mon, January 12, 2009Sun, January 11, 2009Investment Grade Municipal Income Fund Inc. Announces Preliminary Results of Annual Stockholders? Meeting
Published in Business and Finance on Thursday, January 15th 2009 at 12:50 GMT, Last Modified on 2009-01-15 12:51:53 by Market Wire
NEW YORK--([ BUSINESS WIRE ])--Investment Grade Municipal Income Fund Inc. (NYSE: PPM) (the "Fund") today announced the preliminary results of its Annual Meeting of Shareholders (the "Annual Meeting"). The preliminary results are subject to a final tabulation of the votes by IVS Associates, Inc., which is serving as an independent inspector of the elections.
Election of directors
Based on the preliminary information available at the Annual Meeting, each of the individuals nominated by the Board of Directors ("Board") for election by holders of both the outstanding common stock and auction preferred stock ("APS"), namely Richard Q. Armstrong, Alan S. Bernikow, Bernard H. Garil and Heather R. Higgins, received a plurality of the votes cast in the election of directors and were reelected to the Board.
An insufficient number of holders of the APS were present in person or by proxy at the Annual Meeting to constitute a quorum with respect to the election of the two directors to be elected solely by holders of the APS. Accordingly, only with respect to the election of those two directors, the Annual Meeting was adjourned until 10:00 a.m., Eastern Time, on January 21, 2009, on the 16th Floor of the CBS Building located at 51 West 52nd Street, New York, New York.
Proposed new advisory and administration agreement. Based on the information available at the Annual Meeting, the proposed new investment advisory and administration agreement between the Fund and UBS Global Asset Management (Americas) Inc. ("UBS Global AM") did not receive the required vote of 67% or more of the shares present in person or by proxy at the meeting.
Stockholder proposals. Based on the information available at the Annual Meeting, the stockholder proposal to terminate the investment advisory agreement between the Fund and UBS Global AM did not receive the required vote of 67% or more of the shares present in person or by proxy at the meeting. Although the precatory stockholder proposal that the Fund's board not retain UBS Global AM and certain other entities as investment manager appears to have narrowly received more than a majority of votes cast at the meeting, a greater number of votes appear to have been cast in favor of the approval of a new advisory contract between the Fund and UBS Global AM (which was subject to a higher 67% of quorum affirmative voting requirement for passage). The Board will carefully consider the recommendation in light of these results, once the tabulation is finalized. At this time, the current investment advisory and administration agreement between the Fund and UBS Global AM remains in place.
The Fund would like to thank its stockholders for their continuing support of the Fund and its Board of Directors. Upon receipt of the certified results from the inspector of the election, the Fund will announce by press release the final result of the inspectors' tabulation.
FORWARD LOOKING STATEMENTS
Certain statements made above may be forward-looking statements.Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements due to numerous factors.The Fund, its investment advisor and its affiliates, undertake no responsibility to update publicly or revise any forward-looking statements.The inclusion of any statement in this release does not constitute an admission that the events or circumstances described in such statement are material.
