abrdn's U.S. Closed-End Funds Announce Closing of Reorganizations

Rhea-AI Summary

abrdn Income Credit Strategies Fund (ACP) and two other funds completed reorganizations, effective March 10, 2023. Shareholders received Acquiring Fund shares equivalent to the net asset value of their previous holdings. Notably, ACP's NAV per share was 7.1889 with a conversion ratio of 1.615135. The reorganizations did not alter the funds' investment objectives or distribution policies. abrdn manages over $450 billion in assets globally as of December 31, 2022. The press release emphasizes abrdn's commitment to delivering long-term value and welcoming new shareholders.

Positive

• Successful completion of fund reorganizations enhances shareholder value.
• No changes to investment objectives or policies, maintaining stability for investors.
• abrdn's management of over $450 billion in assets indicates strong market presence.

Negative

• None.

PHILADELPHIA, PA / ACCESSWIRE / March 13, 2023 / The Board of Trustees of each of abrdn Income Credit Strategies Fund ("ACP"), abrdn Global Dynamic Dividend Fund ("AGD") and abrdn Global Infrastructure Income Fund ("ASGI") (together the "Acquiring Funds") completed the reorganizations of the respective Acquired Funds, listed below, after close of regular business on March 10, 2023.

In the reorganizations, common shareholders of each Acquired Fund, respectively, received an amount of Acquiring Fund common shares with a net asset value equal to the aggregate net asset value of their holdings of the relevant Acquired Fund common shares, as determined at the close of regular business on March 10, 2023.

Relevant details pertaining to the reorganizations are as follows:

Acquiring Fund	Website for additional information	Acquired Fund	Acquiring Fund NAV per Share ($) 3/10/2023	Conversion Ratio
ACP	abrdnacp.com	Delaware Ivy High Income Opportunities Fund ("IVH")	7.1889	1.615135
AGD	abrdnagd.com	Delaware Enhanced Global Dividend and Income Fund ("DEX")	10.5040	0.835659
		Delaware Investments® Dividend and Income Fund, Inc. ("DDF")	10.5040	0.801802
ASGI	abrdnasgi.com	Macquarie Global Infrastructure Total Return Fund Inc. ("MGU")	20.3964	1.329043

There are no proposed changes to the current investment objective, strategies, structure or policies of the Acquiring Funds, including each Fund's monthly distribution policy as a result of the applicable reorganization.

We welcome the Delaware Funds by Macquarie and Macquarie Funds shareholders to the abrdn Fund family. As a leading global asset manager, abrdn is dedicated to creating long-term value for our clients. As of December 31, 2022, we manage over $450 billion in assets on behalf of institutional and retail clients worldwide. We believe that our global footprint ensures that we are always close to our clients and the challenges they face. For more information on the abrdn range of open-end and closed-end mutual funds please visit abrdn.com/us.

Important Information

In the United States, abrdn is the marketing name for the following affiliated, registered investment advisers: abrdn Inc., abrdn Investments Limited, abrdn Australia Limited, abrdn Asia Limited, Aberdeen Capital Management, LLC, abrdn ETFs Advisors LLC and abrdn Alternative Funds Limited.

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.

https://www.abrdn.com/en-us/cefinvestorcenter

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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 U.S. Closed-End Funds

View source version on accesswire.com:
https://www.accesswire.com/743306/abrdns-US-Closed-End-Funds-Announce-Closing-of-Reorganizations

FAQ

What funds were involved in the March 2023 ACP reorganization?

The reorganization involved abrdn Income Credit Strategies Fund (ACP), abrdn Global Dynamic Dividend Fund (AGD), and abrdn Global Infrastructure Income Fund (ASGI).

What was the NAV per share for ACP after the reorganization?

The NAV per share for ACP as of March 10, 2023, was 7.1889.

Did the reorganizations change the investment policies of ACP?

No, the reorganizations did not change the current investment objectives, strategies, or policies of ACP.

What was the conversion ratio for ACP shares during the reorganization?

The conversion ratio for ACP shares during the reorganization was 1.615135.

How much does abrdn manage in assets?

As of December 31, 2022, abrdn manages over $450 billion in assets.