Form N-23c-3 Notification of Repurchase Offer
Pursuant to Rule 23c-3 {17 CFR 270.23c-3}
1. Investment Company Act File Number: 811-09189
Date of Notification: May 18, 1999
2. Exact name of investment company as specified in registration statement:
Zazove Convertible Securities Fund, Inc.
3. Address of principal executive office:
940 Southwood, Suite 200
Incline Village, NV 89451
4. Check one of the following:
A. {X} The notification pertains to a periodic repurchase offer under
paragraph (b) of Rule 23c-3.
B. { } The notification pertains to a discretionary repurchase offer
Under paragraph (c) of Rule 23c-3.
C. { } The notification pertains to periodic repurchase offer under
paragraph (b) of Rule 23c-3 and a discretionary repurchase
Offer under paragraph (c) of Rule 23c-3.
ZAZOVE CONVERTIBLE SECURITIES FUND, INC.
By: Steven. M. Kleiman, Secretary and Director
REPURCHASE OFFER
NOTIFICATION
If you have any questions concerning your
account, please contact Investor Services at:
(773) 283-8822 or (800) 217-2978
May 18, 1999
Re: Quarterly Repurchase Offer
The following information is provided for persons who desire to
redeem Shares in the Zazove Convertible Securities Fund, Inc. as of
June 30, 1999.
This Notification is provided in accordance with the requirements of
Rule 23c-3 issued under the Investment Company Act of 1940.
Capitalized terms used in this Notification but not defined have
the same meaning as provided in the Articles of Incorporation of
Zazove Convertible Securities Fund, Inc.
The Zazove Convertible Securities Fund, Inc. (the "Fund") is offering
to repurchase on June 30, 1999 up to 25% of its Shares outstanding as
of the close of business on June 30, 1999 at the Current Net Asset
Value per Share as of the close of business on June 30, 1999. No
redemption or other fees will be imposed on the repurchase of Shares
pursuant to this offer; provided, however, that the Fund may impose a
2% redemption fee on the repurchase of any Shares acquired by a
Shareholder within the one year period ending on June 30, 1999. For
this purpose, Shares are deemed repurchased by treating the Shares first
acquired by a Shareholder as being repurchased prior to Shares acquired
by the Shareholder thereafter.
A Shareholder that desires to have Shares redeemed must complete the
enclosed Repurchase Request Form and deliver it to the Fund at 4801
West Peterson Avenue, Suite 615, Chicago, Illinois 60646. In order to
be effective, the Repurchase Request Form must be received by the Fund
on or before June 17, 1999. A Shareholder may withdraw or modify any
request to repurchase Shares at any time prior to the end of business
on June 17, 1999, but not thereafter.
Please note that there is a risk that the Current Net Asset Value Per
Share will fluctuate between the repurchase request deadline of June
17, 1999 and the repurchase pricing date of June 30, 1999.
If the aggregate number of Shares requested by the Shareholders to be
repurchased is in excess of 25% of the Shares outstanding at the close
of business on June 30, 1999, the Fund may elect to repurchase an
additional 2% of its Shares outstanding on such date. If the aggregate
number of Shares requested by the Shareholders for repurchase exceeds
the number of Shares in this repurchase offer (including, if the Fund
so elects, the additional 2%), then the Fund will repurchase Shares
on a pro-rata basis; provided, however, that the Fund may, prior to
prorating tendered Shares, accept all Shares tendered by Shareholders
who hold fewer than 100 Shares and who tender all of their Shares.
The Fund may suspend or postpone the repurchase offer described in this
notification only if a majority of the Directors, including a majority of
the Independent Directors, vote to suspend or delay the repurchase offer
and (i) The New York Stock Exchange or any other market in which the
securities owned by the Fund are principally traded is closed, other
than customary weekend and holiday closings, or trading in such market is
restricted, (ii) an emergency exists as a result of which either disposal
by the Fund of its securities is not reasonably practicable or it is not
reasonably practicable to fairly determine the Current Net Asset Value
Per Share or (iii) as permitted by the Securities and Exchange Commission
by order to protect the Shareholders.
The Current Net Asset Value Per Share as of the close of business on
May 7, 1999 was $17.55. Shareholders may ascertain the Current
Net Asset Value Per Share as of the close of business on the last
business day of each week prior to June 17, 1999 and each of the
five business days prior to such date by calling the Fund at (773)
283-8822.
