CLEVELAND, Feb. 28, 2017 /PRNewswire/ -- Ancora Advisors LLC announced today that it has sent the attached letter to the Board of Trustees of Madison Strategic Sector Premium Fund (NYSE: MSP). The letter, written by Ancora's Chief Executive Officer and Executive Chairman Mr. Fred DiSanto, states that the Board of Trustees erred not only in its decision to not act upon the matters recommended in the approved shareholder proposal to open-end or liquidate the Fund, but also failed to effectively announce this decision to shareholders, as there was only a limited release on the Fund's website and extremely limited external distribution (in fact the release cannot be located on most major news aggregators including Bloomberg LP).
The letter also notes that another shareholder recently submitted (and publicly filed) a new Rule 14a-8 shareholder proposal that if approved by investors would be binding and result in the termination of the Fund's investment adviser. Ancora indicates that considering the recent comedy of errors exhibited by MSP's adviser and the Board of Trustees, Ancora believes that shareholders would be best served if the Fund's investment adviser was terminated, as Ancora has lost confidence in the adviser's ability to effectively manage a publicly traded fund.
Please click the following link to access Ancora's full letter: ANCORA LETTER TO MSP BOARD
About Ancora Advisors
Ancora Advisors LLC is a registered investment adviser with the Securities and Exchange Commission of the United States. Ancora offers comprehensive investment solutions for institutions and individuals in the areas of fixed income, equities, global asset allocation, alternative investments and retirement plans. A more detailed description of the company, its management and practices are contained in its "Firm Brochure" (Form ADV, Part 2A). A copy of this form may be received by contacting the company at: 6060 Parkland Boulevard, Suite 200 Cleveland, Ohio 44124, Phone: 216-825-4000, or by visiting the website, www.ancora.net/adv
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SOURCE Ancora Advisors