Advent Convertible & Income Fund (NYSE:AVK) announced today that Derek Medina has resigned from his position as a trustee of the fund due to other professional commitments. The resignation, effective today, was not due to any disagreements with the fund's operations, policies, or practices. Following Medina's departure, the Board of Trustees has decreased the number of board members from eight to seven.
This change comes as the fund continues to operate under the regulatory framework of the Securities Exchange Act of 1934. The reduction in board size is a direct result of Medina's resignation and does not indicate any further changes to the fund's management or operational structure.
The information shared in this report is based on a press release statement from Advent Convertible & Income Fund, ensuring transparency and factual reporting without the inclusion of speculation or promotional language. The fund's management and the remaining trustees are expected to continue overseeing the fund's activities and strategies as per the established governance policies.
Investors and stakeholders of Advent Convertible & Income Fund can access the fund's financial statements and exhibits as filed with the SEC for further details regarding this governance update. The fund is listed on the New York Stock Exchange and is subject to the exchange's reporting and disclosure requirements.
InvestingPro Insights
In light of the recent governance changes at Advent Convertible & Income Fund (NYSE:AVK), investors may find additional context in the fund's financial performance and market position. According to InvestingPro data, AVK boasts a market capitalization of approximately $417.89 million and offers a substantial dividend yield of 11.54%, reflecting its commitment to returning value to shareholders. Notably, the fund has upheld its dividend payments for an impressive 22 consecutive years, a testament to its stability and reliability.
While the fund has experienced a quarterly revenue growth of 10.41%, it is important to consider the InvestingPro Tips that highlight potential areas of concern. AVK suffers from weak gross profit margins and the valuation implies a poor free cash flow yield. These factors might be significant for investors who are evaluating the fund's long-term profitability and cash generation capabilities.
For those interested in a deeper analysis, InvestingPro offers additional tips on AVK's financial health and investment potential. To explore these insights, visit: https://www.investing.com/pro/AVK
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