Tender Offer Finalized: 2.83M Shares Accepted at $12.78, 12.9% Proration
JOF sits 23% above its 52-week low of $9.52 on light trading volume (0.2× avg).
Summary
The fund completed its tender offer, accepting 2.83 million shares at $12.7792 each — 98% of NAV as of July 2. With 22 million shares tendered, the proration factor came in at 12.88%, meaning most shareholders got only a fraction of their desired liquidity. This follows the preliminary expiration notice on July 2 and the original offer launched in May. The final pricing and proration details are now set, with payment occurring on or about July 10. The tender was part of a board response to activist pressure from Saba Capital, which had pushed for liquidity events.
At the time of this announcement, JOF was trading at $11.73 on NYSE in the Finance sector. The 52-week trading range was $9.52 to $12.76. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: GlobeNewswire.