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
Special Shareholder Meeting
Results
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.
|
Votes
For
|
Votes
Against
|
Votes
Abstained
|
|
4,817,604
|
268,107
|
433,887
|
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.
Self-Tender Announcement
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 delawarefunds.com/closed-end.
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 Acquiring Fund.
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 Agent.
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
Contacts
|
Investors
|
|
Media contact
|
|
Computershare
|
|
Lee Lubarsky
|
|
866 437-0252
|
|
347 302-3000
|
|
delawarefunds.com/closed-end
|
|
Lee.Lubarsky@macquarie.com
|
| |
|
|
| |
|
|
© 2022 Macquarie Management Holdings,
Inc.