CHICAGO, April 17, 2020 /PRNewswire/ -- Duff & Phelps
Utility and Corporate Bond Trust Inc. (NYSE: DUC) (the "Fund"), a
closed-end fund advised by Duff & Phelps Investment Management
Co., announced the final results of voting at its annual meeting of
shareholders, which was held via audio teleconference on
April 14, 2020.
At the close of business on the record date, December 27, 2019, there were 27,494,683 shares
of the Fund's common stock outstanding and entitled to vote at the
meeting. A total of 25,794,170 shares, representing 93.8% of the
outstanding shares, were represented at the annual meeting either
in person or by proxy, constituting a quorum.
The following is a description of the matters voted upon at the
meeting and the number of votes cast on each matter:
|
Proposal 1:
Election of directors
|
|
To elect two
directors to serve until the Annual Meeting in the year 2023 or
until their successors are duly elected and qualified:
|
|
Shares
Voted
For
|
Shares
Withheld
|
|
Geraldine M.
McNamara
|
16,889,021
|
8,905,149
|
|
David J.
Vitale
|
16,840,344
|
8,953,826
|
Directors whose term of office continued beyond this meeting are
as follows: Donald C. Burke,
Robert J. Genetski, Philip R. McLoughlin, Eileen A. Moran and Nathan I. Partain.
|
Proposal 2:
Non-binding shareholder proposal
|
|
Consider and vote on
a shareholder proposal asking the board of directors of the Fund to
consider a self-tender offer for all outstanding common stock of
the Fund, and, if more than 50% of the Fund's outstanding shares
are submitted for tender, to cancel the tender offer and either
liquidate the Fund or convert it to an open-end fund or
exchange-traded fund.
|
|
Shares
Voted
For
|
Shares
Voted
Against
|
Abstentions
|
|
Shares
Voted
|
9,317,021
|
12,247,907
|
258,293
|
|
% of Outstanding
Shares
|
33.9%
|
44.6%
|
0.9%
|
|
% of Votes
Cast
|
43.2%
|
56.8%
|
--
|
A majority of votes were cast against Proposal 2.
Accordingly, the proposal did not pass. Broker non-votes of
3,970,949 shares, representing 14.4% of total shares outstanding,
were received for Proposal 2. The broker non-votes were not treated
as votes cast and are not reflected in the table above. In
addition, the abstentions shown in the table above were not treated
as votes cast.
About the Fund
Duff & Phelps Utility and Corporate Bond Trust Inc. is a
closed-end diversified investment management company whose primary
investment objective is high current income consistent with
investing in securities of investment grade quality. The fund seeks
to achieve its objectives by investing substantially all of its
assets in a diversified portfolio of utility income securities,
corporate income securities, mortgage-backed securities and
asset-backed securities. For more information, visit
www.dpimc.com/duc or call (800) 338-8214.
About the Investment Adviser
Duff & Phelps Investment Management Co. has more than 40
years of experience managing investment portfolios, including
institutional separate accounts and open- and closed-end funds
investing in utilities, infrastructure and real estate investment
trusts (REITs). For more information, visit
www.dpimc.com.
Duff & Phelps is a subsidiary of Virtus Investment Partners
(NASDAQ: VRTS), a multi-boutique asset manager with approximately
$90.7 billion under management as of
March 31, 2020. Virtus provides
investment management products and services to individuals and
institutions through a multi-manager asset management business,
comprising a number of individual affiliated managers, each with a
distinct investment style, autonomous investment process and
individual brand. Additional information can be found at
www.virtus.com.
Source:
Duff & Phelps Utility and Corporate Bond Trust Inc.
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SOURCE Duff & Phelps Utility and Corporate Bond Trust
Inc.