MIN Fund Deemed Non-Compliant With NYSE Governance Rules Over 2008 Annual Meeting
The NYSE deemed the MFS Intermediate Income Trust (NYSE: MIN) non-compliant with its corporate governance listing standards because the fund did not hold its 2008 annual meeting to elect Trustees. The fund strongly disagrees, saying the meeting was convened on October 9, 2008, but adjourned for lack of a quorum after Karpus Investment Management did not attend or vote its solicited proxies.
- NYSE determination dated November 4, 2008, based on failure to hold the 2008 annual meeting to elect Trustees
- Approximately 41% of shares were represented when the meeting convened; over 50% was needed for a quorum
- Incumbent Trustees received about 42 million FOR votes and fewer than 5 million WITHHOLD votes among represented shares
- Trustees remain in office until successors are elected; the next annual meeting is expected in 2009