SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 25, 1999
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Pilgrim Capital Corporation
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(Exact name of registrant as specified in its charter)
Delaware 0-19799 86-0670679
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
40 North Central, 12th Floor
Phoenix, Arizona 85004
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(Address of principal executive offices) (Zip Code)
(602) 417-8100
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(Registrant's telephone number)
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ITEM 5. OTHER EVENTS.
On October 25, 1999, the Board of Directors of Pilgrim Capital Corporation
announced that Pilgrim will extend the opportunity for Pilgrim's shareholders to
vote on the proposed acquisition of Pilgrim by ReliaStar Financial Corp. until
Friday, October 29, 1999. The shareholder vote was scheduled for October 26,
1999. The voting period is being extended to give Pilgrim shareholders the
opportunity to review ReliaStar's third quarter earnings information, which was
announced on October 25, 1999. The Pilgrim board met with ReliaStar management
on October 24, 1999 and made the decision to extend the shareholder meeting in
consultation with ReliaStar. The special meeting of Pilgrim's shareholders will
convene as scheduled on October 26, 1999 and will be adjourned to 9 a.m.,
Phoenix time, on Friday, October 29, 1999, at Pilgrim's offices.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
Exhibits.
99. Press release of Pilgrim Capital Corporation dated October 25, 1999.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
PILGRIM CAPITAL CORPORATION
Date: October 25, 1999 By: /s/ James M. Hennessy
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James M. Hennessy,
Executive Vice President and Secretary
EXHIBIT 99
Shareholder Contact: For immediate release:
James Hennessy, (602) 417-8115 October 25, 1999
ReliaStar Media Contact:
Arlene Wheaton, (612) 372-5784
PILGRIM CAPITAL EXTENDS SHAREHOLDER VOTING
ON ACQUISITION BY RELIASTAR UNTIL OCT. 29
PHOENIX - The Board of Directors of Pilgrim Capital Corp. (NYSE: PFX) announced
today that Pilgrim will extend the opportunity for shareholders to vote on the
proposed acquisition of Pilgrim by ReliaStar Financial Corp. (NYSE: RLR) until
Friday, Oct. 29. The voting period was previously scheduled to close Oct. 26.
The voting period has been extended to provide Pilgrim shareholders with an
opportunity to review ReliaStar's third quarter earnings, which were announced
this morning. On Tuesday, Oct. 26, Pilgrim will hold its previously scheduled
special shareholder meeting to vote on the transaction and communicate the
extension. The deal is expected to close directly following the close of the
voting period.
The Pilgrim board met with ReliaStar management Oct. 24 and made the
decision to extend the shareholder meeting in consultation with ReliaStar,
according to Robert Stallings, chairman and CEO of Pilgrim.
"Pilgrim's board of directors previously recommended that Pilgrim
shareholders approve the acquisition and that recommendation remains unchanged,"
Stallings said. "Preparations for the integration of Pilgrim with ReliaStar's
Northstar mutual fund operation are well under way and continuing. We expect to
hit the ground running immediately following shareholder approval."
With headquarters in Minneapolis, Minn., ReliaStar Financial Corp. is the
eighth largest publicly held life insurance holding company based on revenues.
Pilgrim manages, markets and distributes open- and closed-end mutual funds
and structured finance products representing $7.7 billion in assets under
management. Pilgrim began investment operations in April 1995. Pilgrim Capital
Corp. was organized as a publicly traded company to provide comprehensive
financial services through two subsidiaries--Pilgrim Investments, Inc., adviser
to its mutual funds and structured finance products, and Pilgrim Securities,
Inc., its registered broker-dealer and distributor of the company's mutual
funds.
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