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October 9, 2008 -- Wells Fargo & Company (NYSE: WFC | Quote | Chart | News | PowerRating) said today that it and Citigroup, Inc. (NYSE: C | Quote | Chart | News | PowerRating) have terminated discussions concerning a possible sale of certain banking assets of Wachovia Corporation (NYSE: WB | Quote | Chart | News | PowerRating) and reaffirmed that it is proceeding with its merger with Wachovia Corporation (NYSE:WB) as a whole company transaction with all of Wachovia's banking and other operations, requiring no financial assistance from the Federal Deposit Insurance Corporation (FDIC) or any other government agency.
Wells Fargo has submitted its application to the Federal Reserve Board seeking expedited approval of the merger and the share exchange agreement previously entered into between Wachovia and Wells Fargo. Under the share exchange agreement, Wachovia is issuing Wells Fargo preferred stock that votes as a single class with Wachovia's common stock representing 39.9 percent of Wachovia's voting power. The acquisition of the non-banking related operations of Wachovia and the share exchange agreement have received early termination from the Federal Trade Commission (FTC), under the Hart-Scott-Rodino Act.
As previously announced, under the definitive agreement between the two companies, Wells Fargo will acquire all outstanding shares of common stock of Wachovia in a stock-for-stock transaction. In the transaction, Wells Fargo will acquire all of Wachovia Corporation and all its businesses and obligations, including its preferred equity and indebtedness, and all its banking deposits.
October 10, 2008 -- Mark Solomon, President of ER Urgent Care Holdings, Inc. (Other OTC:ERUC.PK) announced today that the Company has finalized certain terms of the Preferred Stock Exchange Program. The deadline to participate in the Exchange has been extended to November 15, 2008.
Shareholders who tender at least 1,000,000 shares or more of Common Stock will receive, in exchange for each 1,000 shares of Common Stock, one share of Series B Preferred Stock and an equal number of Warrants to purchase 1,000 shares of the Company's Common Stock for $.10 per share, exercisable for three (3) years. Each share of Preferred Stock shall entitle the holder to vote as if the Preferred Share Holder owned 1,000 shares of Common Stock. The Preferred Stock is also convertible into Common Stock after three months into 1,000 shares of Common Stock. In order to participate in the Exchange, Shareholders must tender at least 1,000,000 shares of Common Stock to the Company's Transfer Agent, Transfer Online, 317 SW Adler Street, Portland, Oregon 97204 on or before November 15, 2008. No fractional shares of Preferred Stock will be issued.
October 10, 2008 -- The Pacholder High Yield Fund, Inc. (AMEX:PHF) declared a regular monthly distribution of $0.075 per common share for the month ending October 31, 2008. The distribution will be payable on November 10, 2008 to shareholders of record on October 31, 2008. The ex-date for the dividend is October 29, 2008.
The distribution is expected to be paid from net investment income (regular interest). Because distribution source estimates are updated throughout the year based on the Fund's performance and forecast for its current fiscal year (which is the calendar year), these estimates may differ from both the tax information reported to you in your 1099 statement, as well as the ultimate economic sources of distributions over the life of your investment.
The Fund is a closed-end diversified management investment company with a leveraged capital structure. The Fund's investment objective is to provide a high level of total return through current income and capital appreciation. Under normal circumstances, the Fund invests at least 80% of the value of its assets in high yield securities. The Fund invests primarily in fixed income securities of domestic companies. The Fund's common stock is traded on the American Stock Exchange under the symbol "PHF."
October 10, 2008 -- Kayne Anderson MLP Investment Company (the "Company") (NYSE:KYN) announced today that it has completed the repurchase of $80 million aggregate principal amount of Floating Rate Series L Senior Notes at 101% of par value. The Company decided to utilize cash on hand to repay debt and keep in compliance with Asset Coverage Ratios as required by the Investment Company Act of 1940 (the "1940 Act") in light of extreme volatility in the MLP market. After repayment of the Senior Notes, the Company's 1940 Act Asset Coverage Ratio was 301% based on closing prices on Wednesday, October 8, 2008.
The Company also announced today that it has paid as scheduled its $0.50 per share quarterly dividend/distribution for the quarter ended August 31, 2008. Cash payments to Shareholders who did not elect to participate in the Company's Dividend Reinvestment Plan were made today. On Wednesday, the day on which the dividend was set aside for payment, the 1940 Act Asset Coverage Ratio was 305% based on closing prices on Monday, October 6, 2008.
"We have been working diligently to maintain asset coverage ratios for the purposes of both the 1940 Act and the covenants on our Senior Notes. While this has not been easy in such a difficult market, we want to assure our shareholders and noteholders that we are striving hard to meet the needs of both by maintaining our coverage ratios while selling as few securities as possible into this market," said Kevin McCarthy, CEO of the Company.
Market Wrap for October 10, 2008 The stock market posted its eighth consecutive loss in an extremely volatile session, which marked a fitting end to one of the most tumultuous weeks ever. The S&P 500 settled with a loss of 1.2%, which was actually a pretty decent result considering how far it was down at session lows.
The S&P 500 plunged 7.7% on the open with global economic fears driving the selling interest. The index then quickly bounced back into positive territory, only to retreat toward session lows in afternoon trade. Then, in the final hour of the session, the S&P 500 rebounded from a loss of 7.3% to a gain of 2.9%, and eventually ended the day with a loss of 1.2%. Trading volume on the NYSE was one the third heaviest on record, with 2.95 billion shares exchanging hands.
Eight of the ten economic sectors posted a loss. Small-cap stocks outperformed, with the Russell 2000 surging 4.7%.
Continued tightness of credit markets and uncertainty regarding the economic outlook fueled the volatility. The TED spread, which is the difference between what banks charge each other for three-month dollar loans (three-month Libor) and what the government pays (three-month T-Bill) rose 40 basis points to 4.64%. For comparison, the TED spread averaged 0.36% in 2006. The volatility index, which is considered to reflect market fear, spiked to its highest level on record.
Overseas stock markets, which closed before the U.S. stock market rebounded, saw some of their worst sessions in decades. In Asian trading, Japan's Nikkei fell 9.6% and Hong Kong's Hang Seng dropped 7.2%. In Europe, London's FTSE fell 8.9%, Germany's DAX dropped 7.0% and France's CAC declined 7.7%.
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