PHILADELPHIA, PA / ACCESSWIRE / August 11, 2022 / The Board of Trustees of each of the Acquiring Funds, listed below, announces the proposed reorganization of several closed-end investment companies advised by one or more affiliates of Delaware Management Company into the respective Acquiring Funds ("Reorganizations"). The proposed Reorganizations are subject to the receipt of necessary shareholder approvals by each Fund:
|Acquired Fund||Acquiring Fund|
|Delaware Ivy High Income Opportunities Fund ("IVH")||abrdn Income Credit Strategies Fund ("ACP")|
|Delaware Enhanced Global Dividend and Income Fund ("DEX")||abrdn Global Dynamic Dividend Fund ("AGD")|
|Delaware Investments Dividend and Income Fund, Inc. ("DDF")|
|Macquarie Global Infrastructure Total Return Fund Inc. ("MGU")||abrdn Global Infrastructure Income Fund ("ASGI")|
The combination of the merging funds will help ensure the viability of the Funds, increasing scale, liquidity and marketability changes that may lead to a tighter discount or a premium to NAV over time. Following the Reorganizations, shareholders of each Acquiring Fund will experience an increase in the assets under management and a reduction in their Fund's total expense ratios. There are no proposed changes to the current objectives or policies of the Acquiring Funds as a result of these Reorganizations, including the Funds' monthly distribution policies. Individually, each Board believes that the Reorganizations are in the best interest of their Fund's shareholders recognizing the strategic objective of creating scale for the benefit of shareholders.
Shareholders of the Acquiring Funds will be asked to approve the issuance of shares at a special virtual shareholder meeting tentatively scheduled for November 9, 2022 (the "Meeting"). Each Acquiring Fund Board has fixed the close of business on August 11, 2022 as the record date for the determination of shareholders entitled to vote at the Meeting and at any adjournment of the Meeting. Each approval of the special resolution of the shareholders authorizing the issuance of new shares will require the affirmative vote of a majority of shares present in person or represented by proxy and entitled to vote.
It is currently expected that each Reorganization will be completed in the first quarter of 2023 subject to (i) approval of the Reorganization by the respective Acquired Fund shareholders, (ii) approval by the respective Acquiring Fund shareholders of the issuance of shares of the Acquiring Funds, and (iii) the satisfaction of customary closing conditions. No Reorganization is contingent upon any other Reorganization.
The Board of Trustees to each Acquired Fund and the Board of Trustees of each Acquiring Fund believe that the proposed Reorganization is in the best interests of the shareholders of that Fund.
Additional information regarding the Reorganizations will be presented in a prospectus/proxy statement sent to each Acquired Fund's shareholders and a proxy statement sent to each Acquiring Fund's shareholders (together, the "Proxy Statements"). Each Acquiring Fund's shareholders will be asked to approve the issuance of additional shares in connection with the respective Reorganization. Shareholders of each Acquired Fund will be asked to vote on the Reorganization of their fund into the respective Acquiring Fund at a special meeting currently targeted for November 2022.
The Proxy Statements have yet to be filed with the US Securities and Exchange Commission (the "SEC"). After the Proxy Statements are filed with the SEC, each may be amended or withdrawn. The prospectus/proxy statement will not be distributed to shareholders of the Acquired Fund unless and until a Registration Statement comprising of the prospectus/proxy statement is declared effective by the SEC.
In the United States, abrdn is the marketing name for the following affiliated, registered investment advisers: abrdn Inc., Aberdeen Asset Managers Ltd., abrdn Australia Limited, abrdn Asia Limited, Aberdeen Capital Management, LLC, abrdn ETFs Advisors LLC and Aberdeen Standard Alternative Funds Limited.
The information in this press release is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities or the solicitation of any vote or approval in any jurisdiction pursuant to or in connection with the proposed transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
In connection with the proposed combination, the Acquired Funds and their corresponding Acquiring Funds plan to file with the Securities and Exchange Commission a combined joint prospectus/proxy statement and the Acquiring Funds plan to file proxy statements. When the prospectus/proxy statements or proxy statements, as the case may be, become available, shareholders are advised to read it because it will contain important information about the proposed transaction and related matters. The prospectus/proxy statements and proxy statements, when available, will be available for free at the Commission's website www.sec.gov.
Closed-end funds are traded on the secondary market through one of the stock exchanges. The Funds' investment return and principal value will fluctuate so that an investor's shares may be worth more or less than the original cost. Shares of closed-end funds may trade above (a premium) or below (a discount) the net asset value (NAV) of the fund's portfolio. There is no assurance that the Fund will achieve its investment objective. Past performance does not guarantee future results.
For More Information Contact:
abrdn U.S. Closed-End Funds
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SOURCE: abrdn U.S. Closed-End Funds