On July 29 the board of directors of DWS Enhanced announced that at the annual meeting of shareholders July 22 three things happened:
a) the board's proposal to merge the fund into DWS Enhanced Commodity Strategy Fund received approval
b) none of the nominess for director "received a sufficient number of votes to be elected" despite the presence of a quorum.
c) a proposal presented by Western Investment LLC to end the IM agreement between DWS Enhanced and Deutsche Investment Management Americas failed.
See here for some background.
So, if nobody was elected to the board: who is running the show? According to the post-vote press release, "[T]he incumbent Class I Directors, Dawn-Marie Driscoll, John W. Ballantine and Henry P. Becton, Jr., and the incumbent Class III Directors, Rebecca W. Rimel, Paul K. Freeman, William McClayton, William N. Searcy, Jr. and Robert H. Wadsworth, will continue as Directors until such time as their respective successors are duly elected and qualify."
Not sure what that means.
Showing posts with label DWS Enhanced Commodity Fund. Show all posts
Showing posts with label DWS Enhanced Commodity Fund. Show all posts
Monday, August 2, 2010
Wednesday, July 21, 2010
On the Road
I'm traveling today. This entry is something I cooked up last weekend so it would appear on this date. I don't usually do that sort of thing, but such is life.
Tomorrow, July 22, will be the meeting of the shareholders of the DWS Enhanced Commodity Fund, a fund controlled by Deutsche Bank AG.
In recognition thereof, I'll simply provide you with a quote from a recent filing from Western Investment LLC on the subject of that meeting and how it came to be scheduled for that date.
"By now you probably received the latest "fight" letter, dated July
6, 2010, from the fund's chairman, telling you he adjourned the
June 28, 2010 annual meeting of shareholders to July 22, 2010, and
blaming Western. Don't be fooled by this dishonest letter.
This long-overdue GCS annual shareholders meeting (the last one
was held in 2008) was convened as scheduled on June 28, 2010. A
quorum was present, and all business on the agenda could have been
conducted, including voting on the resolutions to terminate
Deutsche Asset Manager as the fund's investment adviser and to
approve the merger of GCS into an open-end Deutsche fund. Vote
tabulations available to both sides in the proxy contest, as
reported by Broadridge Financial Solutions, Inc. showed that a
majority of the fund's shares outstanding had voted "FOR" approval
of the merger and that approximately 2/3 of the shares present at
the meeting had voted "FOR" termination of Deutsche.
But the board adjourned the meeting to July 22, 2010 without
allowing any of those votes to be counted officially."
Tomorrow, July 22, will be the meeting of the shareholders of the DWS Enhanced Commodity Fund, a fund controlled by Deutsche Bank AG.
In recognition thereof, I'll simply provide you with a quote from a recent filing from Western Investment LLC on the subject of that meeting and how it came to be scheduled for that date.
"By now you probably received the latest "fight" letter, dated July
6, 2010, from the fund's chairman, telling you he adjourned the
June 28, 2010 annual meeting of shareholders to July 22, 2010, and
blaming Western. Don't be fooled by this dishonest letter.
This long-overdue GCS annual shareholders meeting (the last one
was held in 2008) was convened as scheduled on June 28, 2010. A
quorum was present, and all business on the agenda could have been
conducted, including voting on the resolutions to terminate
Deutsche Asset Manager as the fund's investment adviser and to
approve the merger of GCS into an open-end Deutsche fund. Vote
tabulations available to both sides in the proxy contest, as
reported by Broadridge Financial Solutions, Inc. showed that a
majority of the fund's shares outstanding had voted "FOR" approval
of the merger and that approximately 2/3 of the shares present at
the meeting had voted "FOR" termination of Deutsche.
But the board adjourned the meeting to July 22, 2010 without
allowing any of those votes to be counted officially."
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