abrdn Income Credit Strategies Fund Announces Update and Tentative Closing Date for Acquisition of Assets From First Trust/abrdn Global Opportunity Income Fund
abrdn Income Credit Strategies Fund (NYSE:ACP) has announced that shareholders of First Trust/abrdn Global Opportunity Income Fund (NYSE:FAM) have approved the proposed reorganization into ACP. The reorganization is targeted to complete by the end of September 2024, subject to closing conditions. FAM shares will cease trading on the NYSE, and shareholders will receive new ACP shares based on relative net asset values. Post-reorganization, ACP's combined net assets are estimated at $830 million.
The reorganization aims to benefit shareholders through economies of scale, increased fund size, enhanced liquidity, and improved marketability. It's expected to ensure the viability of the resulting combined fund. The press release emphasizes that this information is for informational purposes only and does not constitute an offer to sell or solicitation of an offer to buy securities.
Il fondo abrdn Income Credit Strategies (NYSE:ACP) ha annunciato che gli azionisti del First Trust/abrdn Global Opportunity Income Fund (NYSE:FAM) hanno approvato la proposta di riorganizzazione in ACP. La riorganizzazione è in programma per essere completata entro la fine di settembre 2024, soggetta a condizioni di chiusura. Le azioni di FAM cesseranno di essere scambiate sulla NYSE e gli azionisti riceveranno nuove azioni ACP basate sui valori patrimoniali netti relativi. Dopo la riorganizzazione, si stima che i patrimoni netti combinati di ACP ammontino a 830 milioni di dollari.
La riorganizzazione punta a portare benefici agli azionisti attraverso economie di scala, un aumento della dimensione del fondo, una maggiore liquidità e un miglioramento della commerciabilità. Si prevede che garantisca la sostenibilità del fondo combinato risultante. Il comunicato stampa sottolinea che queste informazioni sono a solo scopo informativo e non costituiscono un'offerta di vendita o una sollecitazione di offerta per acquistare titoli.
El fondo abrdn Income Credit Strategies (NYSE:ACP) ha anunciado que los accionistas del First Trust/abrdn Global Opportunity Income Fund (NYSE:FAM) han aprobado la propuesta de reorganización en ACP. Se prevé que la reorganización se complete a finales de septiembre de 2024, sujeta a condiciones de cierre. Las acciones de FAM dejarán de cotizar en la NYSE, y los accionistas recibirán nuevas acciones de ACP basadas en los valores netos relativos de los activos. Después de la reorganización, se estima que los activos netos combinados de ACP alcanzarán los 830 millones de dólares.
La reorganización tiene como objetivo beneficiar a los accionistas a través de economías de escala, un mayor tamaño del fondo, mayor liquidez y una mejor comercialización. Se espera que asegure la viabilidad del fondo combinado resultante. El comunicado de prensa enfatiza que esta información es solo para fines informativos y no constituye una oferta de venta ni una solicitud de oferta para comprar valores.
abrdn Income Credit Strategies Fund (NYSE:ACP)는 First Trust/abrdn Global Opportunity Income Fund (NYSE:FAM)의 주주들이 제안된 재편성안을 승인했다고 발표했습니다. 재편성은 2024년 9월 말까지 완료될 예정입니다, 종료 조건에 따라 다릅니다. FAM 주식은 NYSE에서 거래를 중단하고, 주주들은 상대적인 순자산 가치를 기준으로 ACP의 새로운 주식을 받게 됩니다. 재편성 후 ACP의 결합된 순자산은 8억 3000만 달러로 추정됩니다.
재편성의 목적은 규모의 경제를 통해 주주에게 혜택을 제공하는 것입니다, 기금 크기 증가, 유동성 향상 및 시장성 개선이 포함됩니다. 이는 결과적으로 결합된 기금의 생존 가능성을 보장할 것으로 예상됩니다. 보도 자료는 이 정보가 단순한 정보 제공 목적만을 위한 것이며 증권을 판매하거나 구매 계약을 제안하는 것이 아님을 강조합니다.
Le fonds abrdn Income Credit Strategies (NYSE:ACP) a annoncé que les actionnaires du First Trust/abrdn Global Opportunity Income Fund (NYSE:FAM) ont approuvé la réorganisation proposée en ACP. La réorganisation est prévue pour être achevée d'ici fin septembre 2024, sous réserve de conditions de clôture. Les actions FAM cesseront d'être négociées sur la NYSE, et les actionnaires recevront de nouvelles actions ACP en fonction des valeurs nettes d'actif relatives. Post-réorganisation, les actifs nets combinés d'ACP sont estimés à 830 millions de dollars.
La réorganisation vise à bénéficier aux actionnaires grâce à des économies d'échelle, à l'augmentation de la taille du fonds, à une meilleure liquidité et à une amélioration de la commercialisation. On s'attend à ce qu'elle garantisse la viabilité du fonds combiné résultant. Le communiqué de presse souligne que ces informations sont uniquement à des fins d'information et ne constituent pas une offre de vente ou une sollicitation d'une offre d'achat de titres.
Der abrdn Income Credit Strategies Fund (NYSE:ACP) hat angekündigt, dass die Aktionäre des First Trust/abrdn Global Opportunity Income Fund (NYSE:FAM) die vorgeschlagene Reorganisation genehmigt haben. Die Reorganisation soll bis Ende September 2024 abgeschlossen sein, unter Vorbehalt der Abschlussbedingungen. FAM-Aktien werden nicht mehr an der NYSE gehandelt, und die Aktionäre erhalten neue ACP-Aktien basierend auf den relativen Nettovermögenswerten. Nach der Reorganisation werden die kombinierten Nettomittel von ACP auf etwa 830 Millionen Dollar geschätzt.
Das Ziel der Reorganisation ist es, den Aktionären durch Skaleneffekte zu nutzen, die Fondsgröße zu vergrößern, die Liquidität zu erhöhen und die Marktfähigkeit zu verbessern. Es wird erwartet, dass damit die Lebensfähigkeit des resultierenden kombinierten Fonds sichergestellt wird. Die Pressemitteilung betont, dass diese Informationen nur zu Informationszwecken dienen und kein Angebot zum Verkauf oder eine Einladung zur Abgabe eines Angebots zum Kauf von Wertpapieren darstellen.
- Shareholders approved the reorganization, indicating investor support
- Combined net assets post-reorganization estimated at $830 million, potentially increasing fund's market presence
- Expected benefits include economies of scale, increased liquidity, and improved marketability
- Reorganization aims to ensure long-term viability of the combined fund
- FAM shares will cease trading on NYSE, potentially affecting short-term liquidity for current FAM shareholders
- Reorganization subject to closing conditions, introducing potential for delays or complications
PHILADELPHIA, PA / ACCESSWIRE / July 26, 2024 / The Board of Trustees of abrdn Income Credit Strategies Fund (NYSE:ACP), announces today that shareholders of First Trust/abrdn Global Opportunity Income Fund (NYSE:FAM) ("FAM" or the "Acquired Fund") advised by First Trust Advisors L.P. have approved the proposed reorganization into ACP ("Reorganization") which is targeted to be completed before the end of September or as soon as practicable thereafter, subject to the satisfaction of customary closing conditions.
To facilitate the Reorganization, all shares of FAM will cease trading on the New York Stock Exchange as of date to be announced in the coming weeks and FAM shareholders will be issued new issued shares of ACP. The Reorganization will occur based on the relative net asset values of the common shares of FAM. As of July 25, 2024, the combined net assets of ACP following the Reorganization will be approximately
The Reorganization is expected to benefit each fund's shareholders in a number of important ways, providing greater opportunities to realize economies of scale by combining the funds' assets resulting in a larger fund. Additionally, the Reorganization is expected to help ensure the viability of the resulting combined fund by increasing scale, liquidity and marketability of the fund.
Important Information
In the United States, abrdn is the marketing name for the following affiliated, registered investment advisers: abrdn Inc., abrdn Investments Limited., abrdn Asia Limited, and abrdn ETFs Advisors LLC.
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.
Closed-end funds are traded on the secondary market through one of the stock exchanges. Each Acquiring Fund's 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 each Acquiring Fund will achieve its investment objective. Past performance does not guarantee future results.
If you wish to receive this information electronically, please contact Investor.Relations@abrdn.com
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For More Information Contact:
abrdn U.S. Closed-End Funds
Investor Relations
1-800-522-5465
Investor.Relations@abrdn.com
SOURCE: abrdn Income Credit Strategies Fund
View the original press release on accesswire.com
FAQ
When is the expected completion date for ACP's acquisition of FAM assets?
What will happen to FAM shares during the ACP reorganization?
What are the expected benefits of the ACP and FAM fund reorganization?
What will be the approximate net assets of ACP after the reorganization with FAM?
