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ACMIF"; NYSE:AKP), each a registered closed-end investment company (the "Funds"), announced that the Annual Meeting of Stockholders of the Funds held today to consider, among other things, the election of directors by the holders of the Funds' Auction Preferred Shares ("Preferred Holders") has been adjourned to allow additional time for the solicitation of proxies from the Preferred Holders.
Pioneer Municipal High Income Trust (NYSE: MHI) --$101,000,000 of auction preferred shares consisting of series A and B, each with a liquidation preference of $25,000 per share.
Verni as Class II Auction Preferred Shares (APS) Trustee of the Fund, elected solely by holders of APS, each for a three-year term.
Esty as Class I Auction Preferred Shares (APS) Trustee of the Fund, elected solely by holders of APS, each for a three-year term.
In the transaction, the common shares of the Florida Plus Fund will be exchanged for common shares of the National Fund, and the holders of auction preferred shares of the Florida Plus Fund will receive cash equal to the liquidation preference of their auction preferred shares.
The demand letters allege that the Funds' investment advisor, officers and Boards of Directors breached their duties related to the redemption of the Funds' auction preferred shares.
The redemption dates are provided in the table below and the redemption price is $25,000 per Auction Preferred Share, which is equal to the liquidation preference of the Auction Preferred Shares.
Verni as Class III Auction Preferred Shares (APS) Trustee of the Fund, elected solely by holders of APS, each for a three-year term.