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Delaware Investments Dividend and Income Fund, Inc.
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DELAWARE
INVESTMENTS(R)
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A MEMBER OF LINCOLN FINANCIAL GROUP
2005 Market Street
Philadelphia, PA 19103-7094
FOR IMMEDIATE RELEASE
Contact: Ayele Ajavon Laurel O'Brien
Corporate Communications Corporate Communications
Delaware Investments Delaware Investments
215-255-1632 215-255-1520
aajavon@delinvest.com lobrien@delinvest.com
DELAWARE INVESTMENTS DIVIDEND AND INCOME FUND, INC.
ANNOUNCES ELECTION OF PATRICK P. COYNE AS PRESIDENT
AND CHIEF EXECUTIVE OFFICER OF THE FUND AND ADDITIONAL
INFORMATION RELATED TO ITS UPCOMING ANNUAL MEETING
PHILADELPHIA, AUGUST 1, 2006 - Delaware Investments Dividend and Income Fund,
Inc. (the "Fund"), a New York Stock Exchange listed closed-end fund trading
under the symbol "DDF," today announced that the Fund's Board of Directors (the
"Board") has elected Patrick P. Coyne as president and chief executive officer
of the Fund, effective August 1, 2006. Mr. Coyne has been with Delaware
Investments, the parent company of the Fund's investment manager, for more than
17 years and is currently the firm's president. Mr. Coyne is also president and
chief executive officer of all funds in the Delaware Investments(R) Family of
Funds. The team responsible for managing the Fund's assets remains in its role
at Delaware Investments.
The Fund also announced additional information related to its upcoming Annual
Meeting of Shareholders (the "Meeting"). A Combined Proxy Statement dated July
10, 2006 (the "Proxy Statement") related to the Meeting was mailed to the Fund's
shareholders on or about July 12, 2006. The sole proposal to be presented to
shareholders at the Meeting is the election of the Board. Subsequent to the
mailing of the proxy materials, Jude T. Driscoll, a Director and one of the
nominees for election to the Board, resigned from the Board, effective August 1,
2006. As a result, Mr. Driscoll has withdrawn from the election described in the
Proxy Statement, and any votes received with respect to Mr. Driscoll will
therefore not be counted.
At a regularly scheduled meeting on August 16, 2006, the Board's Nominating
Committee is expected to recommend substituting Patrick P. Coyne for Mr.
Driscoll as a nominee for election to the Board and, if Mr. Coyne is recommended
by the Nominating Committee, the Board is expected to recommend Mr. Coyne as a
substitute nominee for election to the Board. As previously disclosed in the
Proxy Statement, in the case of the withdrawal of a nominee for election, the
power given by shareholders in the Proxy Card may be used by the persons named
as proxies to vote for a substitute nominee or nominees as recommended by the
existing Board. Accordingly, if Mr. Coyne is recommended by the Board as a
substitute nominee, the named proxies are expected to exercise their discretion
to vote for Mr. Coyne at the Meeting.
The Fund is a diversified, closed-end fund. The primary investment objective is
to seek high current income; capital appreciation is a secondary objective. The
Fund seeks to achieve its objectives by investing, under normal circumstances,
at least 65 percent of its total assets in income-generating equity securities,
including dividend-paying common stocks, convertible securities, preferred
stocks and other equity-related securities. Up to 35 percent of the Fund's total
assets may be invested in non-convertible debt securities consisting primarily
of high-yield, high-risk corporate bonds. In addition, the Fund utilizes
leveraging techniques in an attempt to obtain a higher return for the Fund.
There is no assurance that the Fund will achieve its investment objectives.
In 1995, the Fund implemented a managed distribution policy. Under the policy,
the Fund is managed with a goal of generating as much of the dividend as
possible from ordinary income (net investment income and short-term capital
gains). The balance of the dividend then comes from long-term capital gains and,
if necessary, a return of capital.
ABOUT DELAWARE INVESTMENTS:
Delaware Investments, an affiliate of Lincoln Financial Group, is a
Philadelphia-based diversified asset management firm with more than $120 billion
in assets under management as of March 31, 2006. Through a broad range of
managed accounts and portfolios, mutual funds, retirement accounts, sub-advised
funds, education savings plans and other investment products, Delaware
Investments provides investment services to individual investors and to
institutional investors such as private and public pension funds, foundations,
and endowment funds. Delaware Investments is the marketing name for Delaware
Management Holdings, Inc. and its subsidiaries. For more information on Delaware
Investments, visit the company at www.delawareinvestments.com. Lincoln Financial
Group is the marketing name for Lincoln National Corporation (NYSE: LNC) and its
affiliates. For more information on Lincoln Financial Group, visit www.lfg.com.
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