When is the liquidation expected to be completed and what effect will it have on the fund's NAV?

Expected completion date

The special meeting that finally approved the liquidation was held on August 20 2025. Under the Fund’s Plan of Liquidation and Dissolution, the board will begin winding down the portfolio immediately after that date. In practice closed‑end funds of this size require roughly 30‑45 days to sell the remaining securities, settle the trades and distribute the proceeds. Consequently, the liquidation is expected to be finalized by the end of September 2025 (approximately September 25‑30, 2025).

Impact on NAV

During the wind‑down the fund will be forced to sell its holdings at market prices, often at a discount to the pre‑announcement NAV because of the “fire‑sale” pressure and the need to meet distribution timelines. As a result, the NAV is likely to decline modestly (typically 2‑5 % below the pre‑liquidation level) before the final distribution is made. Once the liquidation is complete, the NAV will be replaced by a per‑share cash distribution equal to the final net assets, and the ticker will be delisted. Traders should therefore expect the stock price to track the shrinking NAV, with a downward bias, and consider exiting or hedging positions ahead of the September‑end completion to avoid the final cash‑only settlement.