Today, Delaware Enhanced Global Dividend and Income Fund (the
“Fund”), a New York Stock Exchange–listed closed-end fund trading
under the symbol “DEX,” announced the final results of its tender
offer for up to 558,998 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 Thursday, June 30, 2022.
Based on a count by Computershare Trust Company, N.A., the
depositary for the tender offer, approximately 3,833,226 Common
Shares, or approximately 34.29% of the Fund’s Common Shares
outstanding, were tendered. The Fund has accepted 558,998 shares
(subject to adjustment for fractional shares) for cash payment at a
price equal to $8.46 per share. This purchase price is 98% of the
Fund’s net asset value per share of $8.63 as of the close of
regular trading on the New York Stock Exchange on July 1, 2022, the
pricing date stated in the Offer to Purchase. Because the total
number of Common Shares tendered exceeds the number of Common
Shares offered to purchase, all tendered Common Shares are subject
to pro-ration in accordance with the terms of the Offer to
Purchase. Under final pro-ration, 14.59% of the Common Shares
tendered will be accepted for payment, subject to adjustment for
fractional shares. Following the purchase of the tendered shares,
the Fund will have approximately 10,620,971 Common Shares
outstanding.
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 7.0% 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 7.0% 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,
2021, are available without cost at the Commission’s website
(sec.gov) or by calling the Fund’s Information
Agent.
About Macquarie Asset Management
Macquarie Asset Management is a global asset manager that aims
to deliver positive impact for everyone. Trusted by institutions,
pension funds, governments, and individuals to manage more than
$US579 billion in assets globally,1 we provide access to specialist
investment expertise across a range of capabilities including
infrastructure, green investments & renewables, real estate,
agriculture & natural assets, asset finance, private credit,
equities, fixed income and multi asset solutions.
Advisory services are provided by Delaware Management Company, a
series of Macquarie Investment Management Business Trust, a
registered investment advisor. Macquarie Asset Management is part
of Macquarie Group, a diversified financial group providing clients
with asset management, finance, banking, advisory and risk and
capital solutions across debt, equity, and commodities. Founded in
1969, Macquarie Group employs more than 18,000 people in 33 markets
and is listed on the Australian Securities Exchange. For more
information about Delaware Funds by Macquarie®, visit
delawarefunds.com or call 800 523-1918.
Other than Macquarie Bank Limited ABN 46 008 583 542
(“Macquarie Bank”), any Macquarie Group entity noted in this press
release is not an authorised deposit-taking institution for the
purposes of the Banking Act 1959 (Commonwealth of Australia). The
obligations of these other Macquarie Group entities do not
represent deposits or other liabilities of Macquarie Bank.
Macquarie Bank does not guarantee or otherwise provide assurance in
respect of the obligations of these other Macquarie Group entities.
In addition, if this press release relates to an investment, (a)
the investor is subject to investment risk including possible
delays in repayment and loss of income and principal invested and
(b) none of Macquarie Bank or any other Macquarie Group entity
guarantees any particular rate of return on or the performance of
the investment, nor do they guarantee repayment of capital in
respect of the investment.
1 As of March 31, 2022
© 2022 Macquarie Management Holdings, Inc.
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version on businesswire.com: https://www.businesswire.com/news/home/20220707005762/en/
Investors Georgeson LLC (during pendency of the tender
offer) 888 605-8334 delawarefunds.com/closed-end
Media contacts Sarah Stein Sarah.Stein@macquarie.com Lee
Lubarsky Lee.Lubarsky@macquarie.com
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