Business Context and Reporting Period
This Form 8-K filing by PIMCO New York Municipal Income Fund II reports on the results of its annual shareholder meeting held on December 19, 2018. The report date is January 2, 2019, coinciding with the certification of election results.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on corporate governance and shareholder voting outcomes.
Material Changes and Governance Events
The primary material change reported is a contested election for a Trustee position elected by preferred shareholders voting as a separate class:
- Board Composition Change: Incumbent Trustee Hans W. Kertess was replaced by T. Matthew Buffington.
- Voting Outcome: Mr. Buffington received 12.71% of the preferred share votes cast (292 votes), while Mr. Kertess received 1.31% (30 votes). A significant majority (85.99%) of preferred votes were withheld.
- Nomination Source: Mr. Buffington was nominated by Dryden Capital Fund, LP, Dryden Capital, LLC, and affiliates, who hold Auction Rate Preferred Shares.
- Subsequent Appointment: Effective December 20, 2018, the Board appointed Hans W. Kertess as a Class II Trustee to be elected by common and preferred shareholders voting together.
Common and Preferred Shareholder Voting (Combined Class):
- Alan Rappaport: Re-elected with 98.39% affirmative votes.
- John C. Maney: Re-elected with 98.08% affirmative votes.
Guidance, Outlook, and Risks
The filing contains no management commentary regarding financial guidance, future outlook, or specific risk factors. The document serves strictly as a disclosure of the shareholder meeting results under Regulation FD.
Investor Verification Checklist
- Verify the impact of the contested election on the Fund's governance structure and future board dynamics.
- Confirm the status of the "Auction Rate Preferred Shares" held by Dryden Capital and their influence on Fund decisions.
- Review subsequent filings to monitor the tenure and voting record of the newly appointed Class II Trustee, Hans W. Kertess.
- Check for any related proxy statements or shareholder communications explaining the high rate of withheld authority (85.99%) among preferred shareholders.