Special Opportunities Fund Dismisses Lawsuit Against First Trust Dynamic Europe Equity Income Fund After Stockholder Approval Of Open-Ending Transaction But Condemns Seating Of Incumbent Directors Without Quorum
Portfolio Pulse from Benzinga Newsdesk
Special Opportunities Fund, Inc. (NYSE:SPE) has dismissed its lawsuit against the board of directors of First Trust Dynamic Europe Equity Income Fund (NYSE:FDEU) following stockholder approval of a transaction to eliminate the trading discount in FDEU's shares and rescission of the control-share bylaw. However, SPE condemns the board's decision to seat two incumbent trustees of FDEU without a quorum.
October 24, 2023 | 1:37 pm
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NEUTRAL IMPACT
FDEU has received approval for a transaction to eliminate the trading discount in its shares, which could boost its stock price. However, the seating of incumbent directors without a quorum raises governance concerns.
The approval of the transaction to eliminate the trading discount could boost FDEU's stock price. However, the seating of incumbent directors without a quorum raises governance concerns, which could negatively impact investor sentiment.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100
NEUTRAL IMPACT
SPE has dismissed its lawsuit against FDEU, which could reduce legal costs and uncertainties. However, it condemns the seating of incumbent directors without a quorum, indicating ongoing governance concerns.
The dismissal of the lawsuit could reduce legal costs and uncertainties for SPE. However, the condemnation of the seating of incumbent directors without a quorum indicates ongoing governance concerns, which could impact investor sentiment.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100