abrdn Global Premier Properties Fund Announces "At-the-Market" Equity Offering Program
abrdn Global Premier Properties Fund (NYSE:AWP) has announced a new at-the-market (ATM) equity offering program, filing a prospectus supplement with the SEC on January 23, 2025. The program allows the Fund to sell common shares with an aggregate offering price of up to $27.5 million.
The Fund cannot sell shares below the current net asset value (NAV), excluding commission or discount. Shares may be offered directly to purchasers, through agents, or via underwriters/dealers. The anticipated proceeds will be used for investment purposes.
The Fund, which trades on NYSE under symbol AWP, is a diversified, closed-end management investment company focusing on high current income and capital appreciation. It is advised by abrdn Investments and sub-advised by abrdn Inco.
abrdn Global Premier Properties Fund (NYSE:AWP) ha annunciato un nuovo programma di offerta di azioni a mercato (ATM), presentando un supplemento al prospetto alla SEC il 23 gennaio 2025. Il programma consente al Fondo di vendere azioni ordinarie con un prezzo totale di offerta fino a 27,5 milioni di dollari.
Il Fondo non può vendere azioni al di sotto del valore patrimoniale netto attuale (NAV), escluse le commissioni o gli sconti. Le azioni possono essere offerte direttamente agli acquirenti, attraverso agenti o tramite sottoscrittori/commercianti. I proventi previsti saranno utilizzati per scopi di investimento.
Il Fondo, che tratta su NYSE con il simbolo AWP, è una società di investimento a gestione chiusa e diversificata, focalizzata su un alto reddito corrente e sull'apprezzamento del capitale. È consigliato da abrdn Investments e co-consigliato da abrdn Inco.
abrdn Global Premier Properties Fund (NYSE:AWP) ha anunciado un nuevo programa de oferta de acciones a mercado (ATM), presentando un suplemento del prospecto a la SEC el 23 de enero de 2025. El programa permite al Fondo vender acciones comunes con un precio total de oferta de hasta 27,5 millones de dólares.
El Fondo no puede vender acciones por debajo del valor neto de los activos actual (NAV), excluyendo comisiones o descuentos. Las acciones pueden ofrecerse directamente a los compradores, a través de agentes o mediante suscriptores/comerciantes. Se anticipa que los ingresos se utilizarán con fines de inversión.
El Fondo, que opera en NYSE bajo el símbolo AWP, es una compañía de inversión gestionada cerrada y diversificada que se enfoca en altos ingresos corrientes y apreciación de capital. Es asesorada por abrdn Investments y subasesorada por abrdn Inco.
abrdn Global Premier Properties Fund (NYSE:AWP)는 2025년 1월 23일 SEC에 보충 설명서를 제출하여 새로운 시장 내(ATM) 주식 공모 프로그램을 발표했습니다. 이 프로그램은 펀드가 총 2,750만 달러까지의 가격으로 보통주를 판매할 수 있도록 합니다.
펀드는 현재 순자산가치(NAV) 이하로 주식을 판매할 수 없으며, 수수료나 할인은 제외됩니다. 주식은 구매자에게 직접 제공되거나, 에이전트를 통해 또는 인수인/딜러를 통해 제공될 수 있습니다. 예상 수익은 투자 목적으로 사용될 예정입니다.
AWP 기호로 NYSE에서 거래되는 이 펀드는 높은 현재 수익과 자본 이익을 목표로 하는 다양화된 폐쇄형 관리 투자 회사입니다. abrdn Investments가 자문하고 abrdn Inco가 하위 자문합니다.
abrdn Global Premier Properties Fund (NYSE:AWP) a annoncé un nouveau programme d'offre d'actions en marché (ATM), déposant un supplément de prospectus auprès de la SEC le 23 janvier 2025. Ce programme permet au Fonds de vendre des actions ordinaires pour un prix total d'offre allant jusqu'à 27,5 millions de dollars.
Le Fonds ne peut pas vendre d'actions en dessous de la valeur nette d'inventaire actuelle (NAV), hors commission ou remise. Les actions peuvent être offertes directement aux acheteurs, par l'intermédiaire d'agents ou par l'entremise de souscripteurs/négociants. Les produits prévus seront utilisés à des fins d'investissement.
Le Fonds, qui se négocie sur la NYSE sous le symbole AWP, est une société d'investissement à gestion fermée et diversifiée axée sur un revenu courant élevé et une appréciation du capital. Il est conseillé par abrdn Investments et sous-auxiliaire par abrdn Inco.
abrdn Global Premier Properties Fund (NYSE:AWP) hat ein neues Programm zur Kapitalerhöhung am Markt (ATM) angekündigt und am 23. Januar 2025 einen Prospektzusatz bei der SEC eingereicht. Das Programm erlaubt dem Fonds, Stammaktien mit einem Gesamtkapitalisierungsangebot bis zu 27,5 Millionen Dollar zu verkaufen.
Der Fonds kann keine Anteile unter dem aktuellen Nettoinventarwert (NAV) verkaufen, ohne Provision oder Rabatt. Anteile können direkt an Käufer, über Vermittler oder durch Underwriter/Händler angeboten werden. Die erwarteten Erlöse werden für Investitionszwecke verwendet.
Der Fonds, der unter dem Symbol AWP an der NYSE gehandelt wird, ist eine diversifizierte, geschlossene Management-Investmentgesellschaft mit Fokus auf hohe aktuelle Einkünfte und Kapitalwachstum. Er wird von abrdn Investments beraten und von abrdn Inco unter rådgivningsubassisterung beraten.
- Potential to raise up to $27.5 million for investment purposes
- Protection for existing shareholders with no sales below NAV allowed
- Potential dilution of existing shareholders through new share issuance
- No guaranteed sales level or timeline for the ATM program
Insights
The announcement of AWP's $27.5 million at-the-market equity offering program warrants careful analysis from multiple angles. This financing mechanism represents a strategic approach to capital raising that balances flexibility with shareholder protection.
The ATM program's structure incorporates several key investor safeguards:
- Shares can only be sold above NAV, preventing dilution of existing shareholders
- The gradual nature of ATM offerings helps minimize market impact compared to large block sales
- The flexible timing allows management to capitalize on favorable market conditions
This move comes amid challenging market conditions for real estate securities, suggesting management sees opportunities to deploy capital. The timing is particularly notable given the fund's closed-end structure and historical trading patterns relative to NAV.
For existing shareholders, this development presents a nuanced scenario. While the offering could provide enhanced investment opportunities through additional capital deployment, investors should monitor execution carefully. The fund's ability to invest proceeds effectively in the current market environment will be important for maintaining distribution levels and supporting long-term performance.
From an industry perspective, this ATM program aligns with a broader trend among closed-end funds seeking capital raising efficiency. The structure's popularity has grown as funds look to minimize the market impact and costs associated with traditional secondary offerings while maintaining investment flexibility.
PHILADELPHIA, PA / ACCESS Newswire / January 23, 2025 / abrdn Global Premier Properties Fund (NYSE:AWP) (the "Fund"), a closed-end fund, has announced that it filed with the U.S. Securities and Exchange Commission ("SEC") on January 23, 2025, a prospectus supplement to its registration statement under which it may offer and sell from time to time, in one or more at-the-market offerings, the Fund's common shares having an aggregate offering price of up to
The Fund may not sell any common shares at a price below the current net asset value ("NAV") of such common shares, exclusive of any distributing commission or discount. There can be no guarantee that the Fund will engage in any sales or any particular level of sales of common shares, if shares are offered. It is anticipated that any proceeds raised would be used for investment purposes.
An investor should read the Fund's prospectus and prospectus supplement carefully before investing in the Fund. The Fund's shares may be offered directly to one or more purchasers, through agents designated from time to time by the Fund, or to or through underwriters or dealers. The prospectus supplement relating to the offering will identify any agents, underwriters or dealers involved in the sale of Fund shares, and will set forth any applicable purchase price, fee, commission or discount arrangement between us and our agents or underwriters, or among our underwriters, or the basis upon which such amount may be calculated. The Fund's shares may not be sold through agents, underwriters or dealers without delivery of a prospectus supplement describing the method and terms of the particular offering of Fund shares.
Investors may request these documents free of charge from the Fund's website at www.abrdnawp.com or obtain these documents on the SEC's website at www.sec.gov.
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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.
There can be no assurance that the Fund will achieve its investment objectives. The NAV of the Fund will fluctuate with the value of the underlying securities. It is important to note that closed-end funds trade on their market value, not NAV, and closed-end funds often trade at a discount to their NAV. Past performance is not indicative of future performance. An investment in the Fund is subject to certain risks and other considerations.
The Fund is a diversified, closed-end management investment company. The Fund seeks high current income and capital appreciation. The price of the Fund's common shares is determined by a number of factors, many of which are beyond the control of the Fund.
The Fund is advised by abrdn Investments Limited and sub-advised by abrdn Inco. The Fund's common shares trade on the NYSE under the symbol "AWP."
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.
Investors should consider the Fund's investment objectives, risks, charges and expenses carefully before investing in the Fund. There is no assurance that the Fund will achieve its investment objective.
Closed-end funds are traded on the secondary market through one of the stock exchanges. The 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 NAV of the fund's portfolio.
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For More Information Contact:
abrdn Inc.
Investor Relations
800-522-5465
Investor.Relations@abrdn.com
SOURCE: abrdn Global Premier Properties Fund
View the original press release on ACCESS Newswire
FAQ
What is the maximum value of AWP's new ATM offering program?
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Can AWP sell shares below its Net Asset Value in the ATM program?
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What are the investment objectives of AWP Fund?
