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Stockreport

Ancora Advisors Sends Letter to the Board of Madison Strategic Sector Premium Fund (MSP)

MADISON STRATEGIC SECTOR PREMIER (MSP)  More Company Research Source: PR Newswire
PDF CLEVELAND, Feb. 28, 2017 /PRNewswire/ -- Ancora Advisors LLC announced today that it has sent the attached letter to the Board of Trustees of Madison Strategic Sector Premium Fund (NYSE: MSP).  The letter, written by Ancora's Chief Executive Officer and Executive Chairman Mr. Fred DiSanto, states that the Board of Trustees erred not only in its decision to not act upon the matters recommended in the approved shareholder proposal to open-end or liquidate the Fund, but also failed to effectively announce this decision to shareholders, as there was only a limited release on the Fund's website and extremely limited external distribution (in fact the release cannot be located on most major news aggregators including Bloomberg LP).The letter also notes that another shareholder recently submitted (and publicly filed) a new Rule 14a-8 shareholder proposal that if approved by investors would be binding and result in the termination of the Fund's investment adviser.  Ancora indicates that consi [Read more]

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