Putnam Announces Final Results of Tender Offers for Two Closed-End Funds
19 Juli 2007 - 3:13PM
Business Wire
Putnam Investments today announced final results of issuer tender
offers for 10% of the outstanding common shares of two closed-end
funds, Putnam Municipal Opportunities Trust (NYSE: PMO) and Putnam
Premier Income Trust (NYSE: PPT). These offers expired at 5:00 p.m.
Eastern Time on July 12, 2007. The tender offer for each fund was
oversubscribed, meaning that pursuant to the terms of the offers,
not all shares that were tendered were accepted for payment by the
funds. Pursuant to the pro-ration procedures disclosed in the
fund�s tender offer materials provided to shareholders, the funds
accepted for payment the maximum number of shares covered by the
offer (approximately 10% of their outstanding common shares),
including all shares tendered by shareholders owning fewer than 100
shares. For shareholders owning 100 or more shares, each fund
applied its pro-ration percentage (given below) and accepted for
payment that percentage of the shares tendered. Those shares that
were tendered but not accepted for payment will continue to be held
by their record owners. Shareholders who tendered certificated
shares and whose tenders were pro-rated will receive new share
certificates representing the balance of their shares. Below are
the final results of the tender offers for these funds: Putnam
Municipal Opportunities Trust Number of shares properly tendered:
4,673,689.767 Approximate percentage of common shares tendered:
30.80 % Number of shares accepted for repurchase: 1,517,251
Pro-ration percentage: 29.42004 % Per-share purchase price (98% of
NAV as of July 12, 2007): $ 12.57 Aggregate proceeds to be
distributed: $ 19,071,845.07 � Putnam Premier Income Trust Number
of shares properly tendered: 83,856,058.126 Approximate percentage
of common shares tendered: 46.90 % Number of shares accepted for
repurchase: 17,879,920 Pro-ration percentage: 20.99470 % Per-share
purchase price (98% of NAV as of July 12, 2007): $ 7.03 Aggregate
proceeds to be distributed: $ 125,695,837.60 The number of shares
tendered for each fund reflects shares properly tendered and not
withdrawn. Proceeds of the tender offer will be distributed to
shareholders promptly. In approving the tender offer program for
these funds, the Trustees considered that tender offers would give
shareholders an opportunity to sell at least some of their shares
at a price close to net asset value (NAV), and that the tender
offer price of 98% of NAV would help offset the costs that
shareholders who retain their shares would otherwise bear in
connection with the tender offers. About Putnam Investments:
Founded in 1937, Putnam Investments is one of the nation's oldest
and largest money management firms. As of June 30, 2007, Putnam
managed $193 billion assets. Mutual fund assets were $121 billion.
Institutional assets were $72 billion. Putnam has offices in
Boston, London, and Tokyo. For more information, go to
www.putnam.com.
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