Delaware Enhanced Global Dividend and Income Fund Announces Results of the Special Shareholder Meeting Relating to the Proposed Reorganization With abrdn Global Dynamic Dividend Fund and Self-Tender Offer for up to 30% of Its Shares
12 Dezember 2022 - 10:59PM
Special Shareholder Meeting
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 that it held its adjourned
Special Meeting of Shareholders (the “Meeting”) on December 12,
2022. At the Meeting, shareholders of the Fund voted to approve the
reorganization of the Fund into abrdn Global Dynamic Dividend Fund
(the “Acquiring Fund”), a New York Stock Exchange-listed closed-end
fund trading under the symbol “AGD” (the “Reorganization”).
As of the record date, August 11, 2022, the Fund had outstanding
10,620,970.682 common shares. 51.97% of outstanding common shares
were voted representing quorum.
The shareholders of the Acquiring Fund approved the issuance of
shares of the Acquiring Fund in connection with the Reorganization
at a special shareholder meeting held on November 9, 2022. It is
currently expected that the Reorganization will be completed in the
first quarter of 2023 subject to the satisfaction of customary
closing conditions. Further details on the Reorganization date will
be made available in a future press release.
Today, the Fund announced that the previously announced
potential self-tender offer for up to 30% of its shares will
proceed. The Fund’s Board has authorized an issuer tender offer to
purchase for cash up to 30% (or 3,186,291) of its issued and
outstanding common shares, without par value (the “tender offer”).
The tender offer will commence on Thursday, January 12, 2023, and
will expire, unless extended, at 5:00pm ET, on Friday, February 10,
2023, and purchases will be made at a price per share equal to 98%
of the Fund’s net asset value per share as of the close of trading
on the first business day after the expiration of the tender offer.
If more shares are tendered than the amount the Board has
authorized to purchase, the Fund will purchase a number of shares
equal to the tender offer amount on a pro-rated basis.
The Fund’s common shares have recently traded at a discount to
their net asset value per share. The current net asset value per
share is available on the Fund’s website at
Delaware Management Company, a series of Macquarie Investment
Management Business Trust, is the investment manager of the Fund.
Aberdeen Asset Managers Limited is the investment adviser of the
Shareholders are advised to read the offer to purchase when
it is available, as it contains important information. The offer to
purchase and other documents filed by the Fund with the SEC,
including the Fund’s annual report for the fiscal year ended
November 30, 2021, are or will be available without cost at the
SEC’s website (sec.gov) or by calling the Fund’s Information
About the Fund
The Fund is a diversified closed-end fund. The Fund's primary
investment objective is to seek current income, with a secondary
objective of capital appreciation. Under normal market conditions,
the Fund invests globally at least 80% of its assets in a
combination of 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 US issuers; (2) at
least 40% of its net assets in securities of non-US 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-US 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.
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
$US508 billion in assets globally,1 we provide access to specialist
investment expertise across a range of capabilities including
infrastructure, green investments and renewables, real estate,
agriculture and 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 adviser. 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 19,000 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 September 30, 2022
© 2022 Macquarie Management Holdings, Inc.
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Media contact Lee Lubarsky 347 302-3000
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