Claymore Converts Closed-End Fund to ETF (RYJ)
Claymore Advisors, LLC has announced that the Board of Trustees of the Claymore/Raymond James SB-1 Equity Fund (NYSE: RYJ), a diversified closed-end mutual fund, along with the Board of Trustees of the Claymore Exchange-Traded Fund Trust, have approved the conversion…
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Claymore Advisors, LLC has announced that the Board of Trustees of the Claymore/Raymond James SB-1 Equity Fund (NYSE: RYJ), a diversified closed-end mutual fund, along with the Board of Trustees of the Claymore Exchange-Traded Fund Trust, have approved the conversion of the closed-end fund into an exchange-traded fund or ETF.
The conversion will occur through a reorganization of the closed-end fund into a newly created series of Claymore Exchange-Traded Fund Trust.
The reorganization is subject to approval by shareholders of the fund and other conditions. A proposal will be submitted to a vote of shareholders at the fund’s 2008 annual shareholder meeting scheduled on August 28, 2008. A similar announcement was made earlier this month.
The market cap of this fund appears to be $208.3 million with some 11.12 million shares outstanding. The closed-end fund closed at $18.73 yesterday, and the 52-week trading range is $14.45 to $20.62. This fund looks like it has only traded since 2006.
Jon C. Ogg
May 29, 2008
Contact [email protected] for any questions or corrections.
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