A friend (really) holds shares of PCF in her brokerage account and received notice that the fund intends to buy back up to 55% of the outstanding shares @ 99% of the NAV on the date of the buy back. As pert of of the buy back they are switching to a holding company from investment company.
She (age 83) has held PCF for a long time (20 yrs?) as an income stream.
So my questions are:
- Why would PCF do this? Is this beneficial to share holders of the fund?
- What are the pro/cons of to tendering her shares?
Of course there is discussion of why hold the fund at all. It was purchased while she was with A.G. Edwards -> Wachovia -> WellsFargo Advisors.
Submitted February 17, 2019 at 09:04PM by ruralcricket http://bit.ly/2BHbbY0
