Delaware Enhanced Global Dividend and Income Fund Announces Expiration of Tender Offer
30 Juni 2021 - 07:24AM
Business Wire
Delaware Enhanced Global Dividend and Income Fund (NYSE: DEX)
(the “Fund”), a closed-end management investment company, today
announced the preliminary results of its issuer tender offer to
purchase for cash up to 594,367 of its common shares (“Common
Shares”), representing up to five percent of its issued and
outstanding Common Shares, without par value. The offer expired at
11:59 p.m., New York City time, on Tuesday, June 29, 2021. Based on
current information, approximately 31.24% shares of common stock,
or approximately 3,713,508 of the Fund’s Common Shares outstanding,
were tendered through the expiration date. This total does not
include shares tendered pursuant to notices of guaranteed delivery.
Because the number of shares exceeded 594,367 shares, the relative
number of Common Shares that will be purchased from each
shareholder will be prorated based on the number of Common Shares
properly tendered. The final number of Common Shares validly
tendered and accepted pursuant to the tender offer will be
announced at a later date. The Fund expects to make cash payments
for tendered and accepted Common Shares at a price equal to 98% of
the Fund’s net asset value (NAV) as of the close of regular trading
on the New York Stock Exchange on Wednesday, June 30, 2021. Payment
for Common Shares tendered and accepted is expected to be sent to
tendering shareholders within approximately ten business days after
the expiration date.
The Fund’s primary investment objective is to seek current
income, with a secondary objective of capital appreciation. The
Fund invests globally in dividend-paying or income-generating
securities across multiple asset classes, including but not limited
to: equity securities of large, well-established companies;
securities issued by real estate companies (including real estate
investment trusts and real estate industry operating companies);
debt securities (such as government bonds; investment grade and
high risk, high yield corporate bonds; and convertible bonds); and
emerging market securities. The Fund also uses enhanced income
strategies by engaging in dividend capture trading; option
overwriting; and realization of gains on the sale of securities,
dividend growth, and currency forwards. There is no assurance that
the Fund will achieve its investment objectives.
Under normal market conditions, the Fund will invest: (1) at
most 60% of its net assets in securities of U.S. issuers; (2) at
least 40% of its net assets in securities of non-U.S. issuers,
unless market conditions are not deemed favorable by the Manager,
in which case, the Fund would invest at least 30% of its net assets
in securities of non-U.S. issuers; and 3) up to 25% of its net
assets in securities issued by real estate companies (including
real estate investment trusts and real estate industry operating
companies). In addition, the Fund utilizes leveraging techniques in
an attempt to obtain higher return for the Fund.
The Fund has implemented a managed distribution policy. Under
the policy, the Fund is managed with a goal of generating as much
of the distribution as possible from net investment income and
short-term capital gains. The balance of the distribution will then
come from long-term capital gains to the extent permitted, and if
necessary, a return of capital. A return of capital may occur for
example, when some or all of the money that you invested in the
Fund is paid back to you. A return of capital distribution does not
necessarily reflect the Fund’s investment performance and should
not be confused with ‘yield’ or ‘income’. Even though the Fund may
realize current year capital gains, such gains may be offset, in
whole or in part, by the Fund’s capital loss carryovers from prior
years.
Under the Fund’s managed distribution policy, the Fund makes
monthly distributions to common shareholders at a targeted annual
distribution rate of 6.5% of the Fund’s average NAV per share. The
Fund will calculate the average NAV per share from the previous
three full months immediately prior to the distribution based on
the number of business days in those three months on which the NAV
is calculated. The distribution will be calculated as 6.5% of the
prior three month’s average NAV per share, divided by 12. The Fund
will generally distribute amounts necessary to satisfy the Fund’s
managed distribution policy and the requirements prescribed by
excise tax rules and Subchapter M of the Internal Revenue Code.
This distribution methodology is intended to provide shareholders
with a consistent, but not guaranteed, income stream and a targeted
annual distribution rate and is intended to narrow any discount
between the market price and the NAV of the Fund’s Common Shares,
but there is no assurance that the policy will be successful in
doing so. The methodology for determining monthly distributions
under the Fund’s managed distribution policy will be reviewed at
least annually by the Fund’s Board of Trustees, and the Fund will
continue to evaluate its distribution in light of ongoing market
conditions.
The offer to purchase and other documents filed by the Fund
with the U.S. Securities and Exchange Commission (SEC), including
the Fund’s annual report for the fiscal year ended November 30,
2020, are available without cost at the Commission’s website
(sec.gov) or by calling the Fund’s Information Agent.
About Macquarie Investment Management
Macquarie Investment Management, a member of Macquarie Group, is
a global asset manager with offices in the United States, Europe,
Asia, and Australia. As active managers, we prioritize autonomy and
accountability at the team level in pursuit of opportunities that
matter for clients. Macquarie Investment Management is supported by
the resources of Macquarie Group (ASX: MQG; ADR: MQBKY), a global
provider of asset management, investment, banking, financial and
advisory services.
Advisory services are provided by Macquarie Investment
Management Business Trust, a registered investment advisor.
Macquarie Group refers to Macquarie Group Limited and its
subsidiaries and affiliates worldwide. For more information about
Delaware Funds® by Macquarie, visit delawarefunds.com or call 800
523-1918.
Other than Macquarie Bank Limited (MBL), none of the entities
referred to in this document are authorized deposit-taking
institutions for the purposes of the Banking Act 1959 (Commonwealth
of Australia). The obligations of these entities do not represent
deposits or other liabilities of MBL, a subsidiary of Macquarie
Group Limited and an affiliate of Macquarie Investment Management.
MBL does not guarantee or otherwise provide assurance in respect of
the obligations of these entities, unless noted otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20210629006151/en/
Investors Georgeson LLC (during pendency of the tender
offer) 888 605-8334 delawarefunds.com/closed-end
Media contacts Daniela Palmieri 215 255-8878
Sarah Stein 212 231-0323
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