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Thursday, December 20, 2007|
Rydex in a Quandary over a Quorum
Rydex will soon know if it has reached a quorum for each of it's funds in order to approve it's deal with Security Benefit. Today is the final shareholder vote, unless less than 50 percent of shareholders decide to vote.
In a letter sent to Rydex fund shareholders on November 30, Rydex tried again to appeal to shareholders to take a few moments to cast their votes for the proposed deal with Security Benefit. Although this time there may be even more of a problem getting a good turnout because of the holidays.
Rydex has had some problems getting the 50 percent of shareholders needed from each funds to vote. In the letter Rydex said it has been soliciting votes with includes mailings, phone calls and messages to shareholders since August 6.
Special meetings of shareholders had been scheduled for October 4, November 1 and then pushed back to December 20 when the 50 percent turnout needed was not obtained.
The voting is open till 6 pm tonight so it should be known soon whether the quota has been reached.
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