January 5, 2006
NEW YORK, N.Y. --
Foxby Corp. (AMEX: FXX) and Richard J. Shaker announced
today that they have entered into a settlement of the litigation pending in
Maryland. Under the terms of the settlement, the management fee paid to Foxby's
investment adviser, CEF Advisers, Inc., will be reduced to an annual rate of
0.50% of Foxby's average daily net assets. Mr. Shaker and his co-plaintiffs have
agreed to refrain from engaging in future efforts to seek control of Foxby. Mr.
Shaker and his clients have sold their stake in the Fund, 397,300 shares, to
Investor Service Center, Inc., an affiliate of the Fund's investment manager and
a wholly-owned subsidiary of Winmill & Co. Incorporated (OTC: WNMLA), for a
total of $893,925.00. The settlement has been approved by the Board of Directors
of the Fund. The parties have filed a Stipulation of Dismissal with the Court.
Foxby Corp. is a non-diversified, closed-end management investment company. The Fund's non-fundamental investment objective is total return which it may seek from growth of capital and from income in any security type and in any industry sector.
Richard J. Shaker is principal of Shaker Financial Services, a registered investment adviser in Annapolis, Maryland.
There is no assurance that the Fund's investment objective will be attained. Past performance is no guarantee of future results. You should carefully consider the investment objective, risks, charges and expenses of the Fund before investing. The Fund's investment policies, management fees and other matters of interest to prospective investors may be found in its annual and semi-annual reports. To obtain a copy of the reports, please call us at 212-785-0900 or download them at www.foxbycorp.com/shareholder-reports.html.
Shares of closed end funds frequently trade at a discount from their NAV. This characteristic is a risk separate and distinct from the risk that the Fund's NAV could decrease as a result of its investment activities. Neither the Fund nor its investment manager can predict whether shares of the Fund will trade at, below or above NAV.
This website is provided for informational purposes only. This is not a prospectus, circular, or representation intended for use in the purchase of shares of the Fund or any securities mentioned in this communication. This information presented on this website shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state, or an exemption therefrom. The contents herein are qualified in their entirety by documents filed with the Securities and Exchange Commission.
Investment products, including shares of closed end funds and mutual funds, are not federally or FDIC insured, are not deposits or obligations of, or guaranteed by, any financial institution and involve investment risk, including possible loss of principal and fluctuation in value. Consult with your tax advisor or attorney regarding specific tax issues.