Horejsi Trust Increases Per Share Offer Price for Shares of PCA Common Stock and Extends Deadline to March 27, 2007
March 08 2007 - 8:04PM
PR Newswire (US)
BOULDER, Colo., March 8 /PRNewswire/ -- The Mildred B. Horejsi
Trust ("Horejsi") announced today that it is extending its offer to
purchase all outstanding shares of Putnam California Investment
Grade Municipal Trust (AMEX:PCA) until 5:30 New York City time,
March 27, 2007. Horejsi also increased its offer price for all of
the fund's outstanding shares of common stock to $15.00 per share.
Putnam California Investment Grade Municipal Trust is a closed-end
fund trading on the American Stock Exchange ("AmEx") under the
ticker symbol "PCA." Horejsi is extending its offer to March 27,
2007 and increasing its price to $15.00 per share. PCA shareholders
are faced with two choices: 1. Tender shares and receive 100% of
the most recently published NAV immediately after the offer
expires. OR 2. Keep their shares and take the following risks: A.
The market risk of PCA's market price and the prices of PCA's
underlying portfolio holdings for approximately the next 90 days.
B. Take the additional risk of what will happen to the price if the
proposed merger of PCA shares into an open-end fund does not gain
shareholder approval and the probability of it failing knowing
Horejsi will vote its shares against open-ending and the merger
proposal. There have already been 20% of the outstanding shares
tendered. C. Take the additional risk of what will happen to the
price of PCA's shares if Horejsi receives enough shares to elect
new Trustees, terminate the existing investment manager, and change
the investment objective and strategy of PCA as outlined in the
tender offer documents. Horejsi's offer is not conditioned upon any
minimum number of shares being tendered. Mr. Stewart Horejsi,
spokesperson, stated that "Our offer of $15.00 is higher than any
closing price for PCA shares since September 2001, is 100% of NAV,
and reflects a 1.67% premium over the most recently published
closing market price per share. This may be your last opportunity
to sell your shares at or near NAV without incurring the risks
mentioned above." Mr. Horejsi added: "Currently 20% of the
shareholders of PCA have tendered their shares pursuant to our
offer. It will take 50% of the outstanding shares voting in favor
of the merger for the merger to be approved." Morrow & Company
is acting as the information agent and The Colbent Corporation is
the depository. Copies of the Offer to Purchase, the Consent and
Letter of Transmittal and related documents may be obtained at no
charge from Morrow & Company at (800) 607-0088 (toll-free) or
from the SEC's web site at http://www.sec.gov/. This news release
is not an offer to purchase, nor is it a solicitation of an offer
to sell, any securities. The tender offer may only be made pursuant
to the Offer to Purchase and the accompanying Consent and Letter of
Transmittal. Holders of shares of common stock of PCA should read
carefully the Offer to Purchase and related materials because they
contain important information. The Trust intends to mail a copy of
the applicable Offer to Purchase, the Consent and Letter of
Transmittal and related documents to each of the holders of common
stock of PCA. About the Trust The purchaser will be the Mildred B.
Horejsi Trust, an irrevocable grantor trust domiciled in Alaska and
administered and governed in accordance with Alaska law. The Trust
is an estate planning trust established in 1965 by Mrs. Mildred
Horejsi, the mother of Stewart R. Horejsi, primarily for the
benefit of her issue. The Trust is authorized to hold property of
any kind and owns primarily marketable securities. Forward Looking
Statements Any statements in this press release that are not
historical facts are forward-looking statements that involve risks
and uncertainties; actual results may differ from the
forward-looking statements. Sentences or phrases that use such
words as "believes," "anticipates," "plans," "may," "hopes," "can,"
"will," "expects," "is designed to," "with the intent," "potential"
and others indicate forward-looking statements, but their absence
does not mean that a statement is not forward-looking. The Trust
undertakes no obligation to publicly release the results of any
revisions to these forward-looking statements that may be made to
reflect events or circumstances after the date hereof or to reflect
the occurrence of unanticipated events. DATASOURCE: The Mildred B.
Horejsi Trust CONTACT: Stephen C. Miller or Joel Terwilliger of
Mildred B. Horejsi Trust, +1-303-442-2156
Copyright
Powershares Riverfront Tactical Growth & Income Portfolio (AMEX:PCA)
Historical Stock Chart
From Oct 2024 to Oct 2024
Powershares Riverfront Tactical Growth & Income Portfolio (AMEX:PCA)
Historical Stock Chart
From Oct 2023 to Oct 2024