Ocean Capital Exposes Latest Entrenchment Tactics Being Utilized by UBS Puerto Rico Bond Funds’ Boards of Directors
Ocean Capital LLC, a significant shareholder of numerous Puerto Rico closed-end bond funds managed or co-managed by an affiliate of UBS Financial Services Incorporated of Puerto Rico, today issued the following letter to shareholders of the funds.
- Ocean Capital LLC, a significant shareholder of numerous Puerto Rico closed-end bond funds managed or co-managed by an affiliate of UBS Financial Services Incorporated of Puerto Rico, today issued the following letter to shareholders of the funds.
- As many of you are aware, Ocean Capital LLC (collectively with its affiliates, “Ocean Capital” or “we”) is a significant shareholder of numerous Puerto Rico closed-end bond funds that are managed or co-managed by an affiliate of UBS Financial Services Incorporated of Puerto Rico (“UBS”).
- Reaching quorum would have allowed the Funds’ shareholders to elect Ocean Capital’s nominees.
- We are appalled that UBS and the Boards continue to trample shareholders’ rights and waste significant sums of investors’ capital on these repeated entrenchment tactics.