abrdn U.S. Closed-End Funds Announce Results of Special Shareholder Meetings Relating to Proposed Reorganizations with Delaware Management Company-Advised Closed-End Funds

Rhea-AI Summary

abrdn Income Credit Strategies Fund (ACP) and abrdn Global Dynamic Dividend Fund (AGD) held special shareholder meetings on November 9, 2022, approving the issuance of additional shares for reorganizations with Delaware funds. ACP shareholders voted 11,420,419 to 1,829,195 in favor of merging with the Delaware Ivy High Income Opportunities Fund. AGD's votes were 6,515,118 to 594,880 for merging with Delaware Enhanced Global Dividend and Income Fund and Delaware Investments® Dividend and Income Fund. The reorganizations are expected to finalize in Q1 2023, pending customary conditions.

Positive

• Both ACP and AGD received shareholder approval for the reorganization plans.
• High voting percentages indicate strong shareholder engagement and support.

Negative

• None.

PHILADELPHIA, PA / ACCESSWIRE / November 9, 2022 / abrdn Income Credit Strategies Fund (NYSE:ACP) and abrdn Global Dynamic Dividend Fund (NYSE:AGD) (each an "Acquiring Fund") announced that they each held a special meeting of shareholders on November 9, 2022 (each, a "Meeting") at which shareholders of the respective Acquiring Fund voted to approve the issuance of additional shares of such Fund in connection with the proposed reorganization of the applicable Delaware Management Company-advised closed-end fund, as noted below, with and into the Acquiring Fund.

abrdn Income Credit Strategies Fund ("ACP")

As of the record date, August 11, 2022, ACP had outstanding 24,509,752 shares of common stock and 1,600,000 shares of outstanding preferred stock. 57.22% of outstanding common stock were voted, representing a quorum.

Proposal: To approve the issuance of additional shares of beneficial interest of ACP in connection with the reorganization of Delaware Ivy High Income Opportunities Fund ("IVH"), another closed-end fund, with and into ACP.

Votes For	Votes Against	Votes Abstained
11,420,419	1,829,195	775,377

The shareholders of IVH approved the reorganization at a special shareholder meeting also 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.

abrdn Global Dynamic Dividend Fund ("AGD")

As of the record date, August 11, 2022, AGD had outstanding 12,549,582 shares of common stock. 58.50% of outstanding common stock were voted, representing a quorum.

Proposal: To approve the issuance of additional common shares of beneficial interest of AGD in connection with the reorganization of Delaware Enhanced Global Dividend and Income Fund ("DEX") and Delaware Investments® Dividend and Income Fund ("DDF"), each another closed-end fund, with and into AGD.

Votes For	Votes Against	Votes Abstained
6,515,118	594,880	231,261

It is currently expected that the reorganizations will be completed in the first quarter of 2023 subject to approval of the reorganization by the shareholders of each of DEX and DDF and the satisfaction of customary closing conditions.

Important Information

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

For More Information Contact:

abrdn U.S. Closed-End Funds
Investor Relations
1-800-522-5465
Investor.Relations@abrdn.com

If you wish to receive this information electronically, please contact Investor.Relations@abrdn.com

https://www.abrdn.com/en-us/cefinvestorcenter/fund-centre/closed-end-funds

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SOURCE: abrdn U.S. Closed-End Funds

View source version on accesswire.com:
https://www.accesswire.com/724890/abrdn-US-Closed-End-Funds-Announce-Results-of-Special-Shareholder-Meetings-Relating-to-Proposed-Reorganizations-with-Delaware-Management-Company-Advised-Closed-End-Funds

FAQ

What was approved at the abrdn special shareholder meetings on November 9, 2022?

The shareholders of abrdn Income Credit Strategies Fund (ACP) and abrdn Global Dynamic Dividend Fund (AGD) voted to approve the issuance of additional shares related to proposed reorganizations with other Delaware closed-end funds.

What percentage of ACP shares were voted in favor of the reorganization?

11,420,419 votes were cast in favor of the ACP reorganization, while 1,829,195 votes were against it.

What is the expected completion date for the reorganizations of ACP and AGD?

The reorganizations for both funds are expected to be completed in the first quarter of 2023, subject to customary closing conditions.

How did shareholders of AGD vote regarding the reorganization?

AGD shareholders voted 6,515,118 in favor and 594,880 against the reorganization with Delaware Enhanced Global Dividend and Income Fund and Delaware Investments® Dividend and Income Fund.

What is the significance of the special meetings held for ACP and AGD?

The special meetings were significant because they allowed shareholders to approve essential reorganizations that could enhance the financial position and operational efficiency of both funds.