Royce Value Trust, Inc. Stockholders Approve New Investment Advisory Agreement at Special Meeting
NEW YORK, July 29, 2020 /PRNewswire/ -- Royce Value Trust, Inc. (NYSE: RVT) (the "Fund") announced that the Fund's stockholders voted to approve a new investment advisory agreement1 with the Fund's investment manager, Royce Investment Partners ("Royce")2 at today's Special Meeting of Stockholders of the Fund (the "Special Meeting").
"We appreciate the strong participation and support of the Fund's stockholders throughout this process," said Christopher D. Clark, the Fund's President. "Stockholder approval of the new agreement ensures that Royce can continue to manage the Fund and execute the strategy that has produced impressive relative performance for stockholders."
The new agreement will become effective upon completion of Franklin Resources, Inc.'s acquisition of Legg Mason Inc., Royce's indirect parent company. There will be no increase in the contractual investment advisory fee rate for the Fund as a result of the implementation of the new agreement. In addition, implementation of the new agreement will not result in any changes to the Fund's portfolio management personnel, investment objective, principal investment strategy, or investment restrictions.
About Royce Value Trust, Inc.
Royce Value Trust, Inc. is a closed-end diversified management investment company whose shares of Common Stock are listed and traded on the New York Stock Exchange. The Fund's primary investment goal is long-term capital growth, which it seeks by normally investing at least 65% of its assets in equity securities primarily of small- and micro-cap companies.
For further information on The Royce Funds℠, please visit our web site at: www.royceinvest.com.
Forward Looking Statement
This release is not an offer to purchase nor a solicitation of an offer to sell shares of the Fund. This release may contain statements regarding plans and expectations for the future that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking and can sometimes be identified by the use of words such as "plan," "expect," "will," "should," "could," "anticipate," "intend," "project," "estimate," "guidance," "possible," "continue" and other similar terms and phrases, although not all forward-looking statements include these words. Such forward-looking statements are based on the current plans and expectations of the Fund, and are subject to risks and uncertainties that could cause actual results, performance and events to differ materially from those described in the forward-looking statements. Additionally, past performance is no guarantee of future results. Additional information concerning such risks and uncertainties are or will be contained in the Fund's filings with the U.S. Securities and Exchange Commission, including the Fund's Annual Report to Stockholders on Form N-CSR, for the year ended December 31, 2019, and subsequent filings with the Commission. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. The Fund undertakes no responsibility to update publicly or revise any forward-looking statement
Media Contact
Joele Frank, Wilkinson Brimmer Katcher
Lucas Pers
212-355-4449
1 Due to the "change of control" that will result from the pending combination of Legg Mason Inc. ("Legg Mason") and Franklin Resources, Inc., a global investment management organization operating as Franklin Templeton, that will cause the Fund's current investment advisory agreement to terminate in accordance with its terms as required by applicable law.
2 Royce & Associates, LP is a Delaware limited partnership that primarily conducts its business under the name Royce Investment Partners.
View original content:http://www.prnewswire.com/news-releases/royce-value-trust-inc-stockholders-approve-new-investment-advisory-agreement-at-special-meeting-301102528.html
SOURCE Royce Value Trust, Inc.
