Special Opportunities Fund Announces Key Distributions for 2024
Announcement of Special Opportunities Fund Distributions
Special Opportunities Fund, Inc. (NYSE: SPE) is making headlines as it announces the monthly distributions for its common stockholders. This announcement has been made by the Fund’s Board of Directors, reflecting a commitment to provide consistent income through its managed distribution plan.
Managed Distribution Plan Overview
The managed distribution plan aims to offer stockholders a reliable annual distribution rate of 8%. This translates to a monthly rate of approximately 0.6667% based on the net asset value of $14.31 for the Fund’s common shares, as noted at the end of the previous year. Such a plan is critical for maintaining investor confidence and ensuring a steady stream of income for shareholders.
Details of Upcoming Distributions
In line with this plan, the Fund has detailed its upcoming distributions for the final months of 2024:
October Distribution
For October, the Fund is set to pay $0.0954 per share. The record date for this distribution is October 22, 2024, with the payable date following shortly on October 31, 2024.
November Distribution
November will see the same distribution amount of $0.0954, with important dates including a record date on November 19, 2024, and a payable date on November 29, 2024.
December Distribution
Finally, the distribution for December remains at $0.0954. Stockholders should mark December 17, 2024, on their calendars as the record date, while payments will be made on December 31, 2024.
Investment Income and Capital Gains
The Fund’s managed distribution plan also outlines that when sufficient investment income is not available monthly, they may distribute long-term capital gains or return capital to its stockholders. This is a strategic decision, as it allows the Fund to navigate periods where income might be lower.
Review and Adjustment of the Distribution Plan
It’s important to note that the Board of Directors retains the right to amend or terminate the managed distribution plan without prior notice. This could potentially impact the market price of the Fund's shares. The plan is subject to a comprehensive review by the Board, which includes an annual check on the fixed rate to decide if any adjustments are needed.
Tax Reporting and Composition of Distributions
Stockholders will receive notice detailing the estimated composition of each monthly distribution, which is vital for tax reporting. Later, the actual breakdown of these distributions will be reflected in a Form 1099-DIV, which will be provided at the end of the tax year.
Frequently Asked Questions
What is the managed distribution plan of Special Opportunities Fund?
The managed distribution plan aims to provide monthly distributions to shareholders at an annual rate of 8% based on the net asset value of the Fund's shares.
When will the next distributions be paid?
The next distributions are scheduled for October 31, November 29, and December 31, 2024, each amounting to $0.0954 per share.
How are distributions determined if investment income is insufficient?
If there’s not enough investment income, the Fund may use long-term capital gains or return capital to meet its distribution obligations.
Can the distribution plan be changed?
Yes, the Board of Directors can modify or terminate the distribution plan at any time without prior notice to stockholders.
How is the composition of distributions reported for tax purposes?
The actual composition of the distributions will be reported on Form 1099-DIV after the year ends, helping stockholders with their tax reporting obligations.
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