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Rating:Shareholders (Mostly) Give Strong the Go Ahead Not Rated 4.0 Email Routing List Email & Route  Print Print
Monday, December 20, 2004

Shareholders (Mostly) Give Strong the Go Ahead

Reported by Theresa Sim

It looks like Richard Strong will get his way, after all. Shareholders of the majority of Strong's funds voted on December 10 to approve the reorganization of the funds into Wells Fargo. Shareholders also approved interim advisory and subadvisory agreements, the company said on its website.

The reorganization is not in the bag just yet, however. Thirteen Strong funds did not receive enough shareholder votes to approve the decision, said Stephanie Truog, Strong spokeswoman. Shareholders will get another opportunity on December 22 to cast their proxy.

Warren Buffett, who encouraged Strong's fund board to be truly independent and fire Strong as an investment advisor, is probably not holding his breath. Truog said that the responses that they've received from shareholders in the 13 remaining funds were "overwhelmingly positive." She attributed the lack of adequate votes to the abbreviated voting period.

If Strong doesn't garner enough votes on December 22, the funds will have to keep repeating the process.

Shareholders of the following funds will vote: Advisor Short Duration Bond Fund, Advisor Small Cap Value Fund, Asia Pacific Fund, Dow 30 Value Fund, Energy Fund, Government Securities Fund, Mid Cap Disciplined Fund, Money Market Fund, Opportunity Fund, Short-Term High Yield Bond Fund, Short-Term Municipal Bond Fund, U.S. Emerging Growth Fund, and the Value Fund. 

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