DEFA14A 1 d850107ddefa14a.htm WESTERN ASSET HIGH INCOME OPPORTUNITY FUND INC. Western Asset High Income Opportunity Fund Inc.

 

 

SCHEDULE 14A

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INFORMATION REQUIRED IN PROXY STATEMENT

SCHEDULE 14A INFORMATION

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WESTERN ASSET HIGH INCOME OPPORTUNITY FUND INC.

(Name of Registrant as Specified in Its Charter)

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June 8, 2020

 

 

Our Records Indicate You Have Not Voted Your Shares. Your Vote is Needed to Ensure that the Fund Can Continue to Operate

As previously announced, the Western Asset High Income Opportunity Fund Inc. (the “Fund”) Special Meeting of Shareholders (the “Special Meeting”) is now scheduled to be held on July 6, 2020. This means that you still have time to vote to approve new agreements1 between the Fund and its investment manager and subadvisers that will enable the Fund to continue to operate and deliver the returns you rely on. Two of the leading independent proxy advisory firms, Institutional Shareholder Services (“ISS”) and Glass Lewis & Co. (“Glass Lewis”), recommend that shareholders support the Fund’s management team by voting “FOR” the new agreements on the WHITE Proxy Card.

Independent Third Party Experts Agree – Vote the WHITE Proxy Card Today to Ensure the Fund Continues to Operate and Deliver the Returns Shareholders Rely On

In reference to the new management agreement and subadvisory agreement, ISS and Glass Lewis conclude, respectively2:

 

   

“In addition to the fund’s TSR3 outperformance relative to peers over shorter- and longer-term periods, ending on the unaffected date, the fund’s discount to NAV has been relatively in line with its closest peer over the last five years and had already begun to narrow prior to the dissident’s public disclosures.”

—ISS report dated May 20, 2020

   
   

“Glass Lewis believes that the new investment sub-advisory agreement is in the best interests of shareholders, who should directly benefit from the services and duties of the Adviser.”

—Glass Lewis report dated May 21, 2020

 

 

   

 

 

Protect the Value of Your Investment —

Vote the WHITE Proxy Card Today

 

The Fund’s Board of Directors unanimously recommends that you vote on the WHITE Proxy Card “FOR” the approval of the new management agreement for the Fund’s manager and the new subadvisory agreement for the Fund’s subadvisers to ensure shareholders receive uninterrupted value.

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Your Vote is Important, No Matter How Many or How Few Shares You Own

 

   
 

 

   
   
    You can vote by internet, telephone or by signing and dating the WHITE proxy card and mailing it in the envelope provided.    
   
    If you have any questions about how to vote your shares or need additional assistance, please contact:    
      

 

   
   
   

Innisfree M&A        

 

Incorporated

 

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Shareholders Call Toll Free: (877) 825-8621

 

Banks and Brokers Call: (212) 750-5833

   
      

 

   
   
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REMEMBER

 

        
  We urge you NOT to vote using any other colored proxy card as doing so will revoke your vote on the WHITE proxy card.    
         

 

 

                                             

 

Notes

 

1  Due to the “change of control” resulting from the pending combination of Legg Mason Inc. (“Legg Mason”), the parent company of the Fund’s investment manager and subadvisers, and Franklin Resources, Inc., a global investment management organization operating as Franklin Templeton.

 

2  Permission to use quotations neither sought nor obtained.

 

3  Total Shareholder Return

 

Forward Looking Statement

 

Past performance is no guarantee of future results. The information provided is not intended to be a forecast of future events, a guarantee of future results or investment advice.

 

All investments are subject to risk including the possible loss of principal. All benchmark performance reflects no deduction for fees, expenses or taxes. Please note that an investor cannot invest directly in a benchmark.