CORRECTION BY SOURCE: abrdn Global Infrastructure Income Fund (ASGI) Announces Update and Tentative Closing Date for Acquisition of Assets From Macquarie/First Trust Global Infrastructure/Utilities Dividend & Income Fund

Rhea-AI Summary

The abrdn Global Infrastructure Income Fund (NYSE:ASGI) announced an update on its acquisition of assets from the Macquarie/First Trust Global Infrastructure/Utilities Dividend & Income Fund (NYSE:MFD). Key points include:

- MFD shareholders approved the reorganization
- Expected closing date: September 20, 2024
- MFD shares to cease trading on NYSE at market close on September 20, 2024
- MFD shareholders will receive newly issued ASGI shares
- Combined net assets post-reorganization: approximately $596 million
- Benefits: economies of scale, increased viability, enhanced liquidity, and marketability

The reorganization aims to create a larger, more efficient fund by combining assets and is subject to customary closing conditions.

Positive

• Shareholders approved the reorganization, indicating support for the transaction
• Combined net assets will increase to approximately $596 million, potentially leading to economies of scale
• Expected benefits include increased viability, enhanced liquidity, and improved marketability of the fund

Negative

• MFD shares will cease trading on NYSE, potentially affecting short-term liquidity for current shareholders

Please note the previous press release incorrectly referenced the First Trust/abrdn Global Opportunity Income Fund in the title instead of the Macquarie/First Trust Global Infrastructure/Utilities Dividend & Income Fund (NYSE: MFD).

PHILADELPHIA, PA / ACCESSWIRE / August 22, 2024 / The Board of Trustees of abrdn Global Infrastructure Income Fund (NYSE:ASGI), announces today that shareholders of Macquarie/First Trust Global Infrastructure/Utilities Dividend & Income Fund (NYSE:MFD) ("MFD" or the "Acquired Fund"), advised by First Trust Advisors L.P., have approved the proposed reorganization into ASGI ("Reorganization") which is expected to close at the close of business on September 20, 2024, or as soon as practicable thereafter, subject to the satisfaction of customary closing conditions.

To facilitate the Reorganization, all shares of MFD are expected to cease trading on the New York Stock Exchange as of the market close on September 20, 2024, and MFD shareholders will be issued newly issued shares of ASGI. The Reorganization will occur based on the relative net asset values of the common shares of MFD. As of August 21, 2024, the combined net assets of ASGI following the Reorganization will be approximately $596 million.

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, and abrdn Asia 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.

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

abrdnasgi.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 Global Infrastructure Income Fund

View the original press release on accesswire.com

FAQ

When is the expected closing date for ASGI's acquisition of MFD's assets?

The expected closing date for ASGI's acquisition of MFD's assets is September 20, 2024, or as soon as practicable thereafter, subject to the satisfaction of customary closing conditions.

What will happen to MFD shares after the reorganization with ASGI?

MFD shares are expected to cease trading on the New York Stock Exchange as of the market close on September 20, 2024. MFD shareholders will be issued newly issued shares of ASGI based on the relative net asset values of the common shares.

What are the expected benefits of the reorganization between ASGI and MFD?

The reorganization is expected to benefit shareholders by providing greater opportunities to realize economies of scale, ensuring the viability of the resulting combined fund, and increasing scale, liquidity, and marketability of the fund.

What will be the combined net assets of ASGI following the reorganization with MFD?

As of August 21, 2024, the combined net assets of ASGI following the reorganization with MFD are expected to be approximately $596 million.