|By Marketwire .||
|October 18, 2012 06:18 PM EDT||
NEW YORK, NEW YORK -- (Marketwire) -- 10/18/12 -- (NYSE:HAV)(NYSE:HIH)(NYSE:HMH)(NYSE:HSA) -
The Helios Closed-End Funds(1) today announced that the parties to In re Helios Closed-End Funds Derivative Litigation, Case No. 2:11-cv-02935 (W.D. Tenn.) (the "Litigation") have filed with the U.S. District Court for the Western District of Tennessee a Stipulation of Settlement. The Stipulation was submitted to the Court together with a proposed Preliminary Approval Order, which if signed by the Court, will preliminarily approve the settlement of the derivative claims filed on behalf of the Closed-End Funds in the Litigation in exchange for a settlement payment to the Closed-End Funds by Regions Financial Corp. and several Morgan Keegan affiliated entities, as defined in the Stipulation, in the amount of $6.0 million, less an attorneys' fee award in the amount of $1.8 million. After a hearing on the settlement, if the Court grants final approval of the settlement, it is expected that each of the Closed-End Funds' share of the settlement, after the attorneys' fee award is deducted, will be approximately the amounts reflected below, based upon an allocation of the settlement to the Closed-End Funds approved by the Closed-End Funds' Boards of Directors:
Helios Advantage Income Fund, Inc. $1,150,000 ($0.18 per share) Helios Multi-Sector High Income Fund, Inc. $1,225,000 ($0.16 per share) Helios High Income Fund, Inc. $850,000 ($0.17 per share) Helios Strategic Income Fund, Inc. $975,000 ($0.16 per share)
The Preliminary Approval Order, once signed by the Court, will provide for further notice of the settlement to the shareholders of the Closed-End Funds (at the Closed-End Funds' expense), and the scheduling of a hearing and any remaining proceedings. The amount of the settlement is subject to modification by the Court prior to final approval and, therefore, the amount to be paid to each Closed-End Fund is subject to change.
Concurrent with the filing of the Stipulation of Settlement of the Litigation, the parties to In re Regions Morgan Keegan Closed-End Fund Litigation, Case No. 2:07-cv-02830 (W.D. Tenn.) (the "Class Action Litigation") have also filed with the U.S. District Court for the Western District of Tennessee a Stipulation of Settlement. The Stipulation attaches a Preliminary Approval Order, which if signed by the Court, will preliminarily approve the settlement, including a release of securities claims alleged against the Closed-End Funds and the other defendants pursuant to the terms of the Stipulation of Settlement of the Class Action Litigation. The Stipulation of Settlement filed in the Class Action Litigation (which also is subject to Court approval) requires that certain of the defendants make a payment of $62.0 million to a class of Closed-End Fund shareholders and does not require any payments to be made by the Closed-End Funds in connection with the settlement of the Class Action Litigation.
The Preliminary Approval Order in the Class Action Litigation, once signed by the Court, will provide for further notice of the settlement to the class members, and the scheduling of a hearing and any remaining proceedings.
(1) Helios Advantage Income Fund, Inc. (formerly RMK Advantage Income Fund, Inc.), Helios High Income Fund, Inc. (formerly RMK High Income Fund, Inc.), Helios Multi-Sector High Income Fund, Inc. (formerly RMK Multi-Sector High Income Fund, Inc.) and Helios Strategic Income Fund, Inc. (formerly RMK Strategic Income Fund, Inc.)
Brookfield is a global alternative asset manager with over $150 billion in assets under management as of June 30, 2012. We have over a 100-year history of owning and operating assets with a focus on property, renewable power, infrastructure and private equity. We offer a range of public and private investment products and services, which leverage our expertise and experience and provide us with a distinct competitive advantage in the markets where we operate. On behalf of our clients, Brookfield is also an active investor in the public securities markets, where our experience extends over 30 years. Over this time, we have successfully developed several investment operations and built expertise in the management of institutional portfolios, retail mutual funds, and structured product investments.
Through our SEC-registered investment advisor, Brookfield Investment Management, our public market activities complement our core competencies as a direct investor. These activities encompass global listed real estate and infrastructure equities, corporate high yield investments, opportunistic credit strategies and a dedicated insurance asset management division. Headquartered in New York, NY, Brookfield Investment Management maintains offices and investment teams in Toronto, Chicago, Boston and London. Helios Advantage Income Fund, Inc., Helios High Income Fund, Inc., Helios Multi-Sector High Income Fund, Inc. and Helios Strategic Income Fund, Inc. are managed by Brookfield Investment Management.
Certain statements made in this news release that are not historical facts are referred to as "forward-looking statements" under the U.S. federal securities laws. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements due to numerous factors. Generally, the words "believe," "expect," "intend," "estimate," "anticipate," "project," "will" and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ from the historical experience of Brookfield Investment Management Inc. and the Funds managed by Brookfield Investment Management Inc. and its present expectations or projections. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Brookfield Investment Management Inc. and the Funds managed by Brookfield Investment Management Inc. undertake no responsibility to update publicly or revise any forward-looking statements.
The Funds use their web site as a channel of distribution of material company information. Financial and other material information regarding the Funds is routinely posted on and accessible at www.brookfieldim.com.
Three World Financial Center
200 Vesey Street
New York, NY 10281-1010
Helios Advantage Income Fund, Inc.
Helios High Income Fund, Inc.
Helios Multi-Sector High Income Fund, Inc.
Helios Strategic Income Fund, Inc.