Delaware Investments Dividend and Income Fund, Inc. announces completion of reorganization into abrdn Global Dynamic Dividend Fund

Rhea-AI Summary

Delaware Investments Dividend and Income Fund (DDF) announced the completion of its asset acquisition by abrdn Global Dynamic Dividend Fund (AGD) on March 10, 2023. Shareholders approved the acquisition on November 30, 2022. After the reorganization, DDF will be delisted from the NYSE and dissolved. The net asset value (NAV) per share for DDF was 8.4221, and the conversion ratio was 0.801802. Shareholders will receive fractional shares as cash-in-lieu, and a Form 1099-DIV will be provided in early 2024 for tax reporting. This transaction was tax-free for shareholders.

Positive

• The acquisition allows shareholders to convert their DDF shares into shares of AGD, potentially providing better dividend income opportunities.
• The transaction is structured as a tax-free event, minimizing tax implications for investors.

Negative

• DDF's delisting from the NYSE could negatively affect its market visibility and liquidity for shareholders.
• The dissolution of DDF means shareholders will no longer have a direct investment in the fund, affecting their investment strategy.

PHILADELPHIA--(BUSINESS WIRE)-- Today, Delaware Investments Dividend and Income Fund, Inc. (the “Fund”), a New York Stock Exchange-listed closed-end fund trading under the symbol “DDF,” announced that the acquisition of substantially all of the assets of the Fund by abrdn Global Dynamic Dividend Fund (the “Acquiring Fund”), a New York Stock Exchange-listed closed-end fund trading under the symbol “AGD,” was completed on March 10, 2023 at approximately 5:00 pm ET (the “Reorganization”). Fund shareholders approved an Agreement and Plan of Acquisition that provided for the Reorganization at a Special Meeting of Shareholders held on November 30, 2022.

Relevant details as of the closing of the Reorganization are as follows:

FUND	NAV/SHARE ($)	CONVERSION RATIO
abrdn Global Dynamic Dividend Fund	10.5040	N/A
Delaware Investments Dividend and Income Fund, Inc.	8.4221	0.801802

Any applicable fractional shares will be paid as cash-in-lieu to the applicable holder.

The Reorganization was structured as a tax-free transaction. In early 2024, shareholders of the Fund will receive a Form 1099-DIV for the calendar year 2023 that will tell shareholders how to report Fund distributions for federal income tax purposes.

The Fund will be de-listed from the New York Stock Exchange and dissolved. Questions regarding the exchange of shares of the Fund in connection with the Reorganization should be directed to 800 522-5465.

Other than Macquarie Bank Limited ABN 46 008 583 542 (“Macquarie Bank”), any Macquarie Group entity noted in this press release is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this press release relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.

© 2023 Macquarie Management Holdings, Inc.

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Investors

Computershare

866 437-0252

delawarefunds.com/closed-end

Media contact

Lee Lubarsky

347 302-3000

Lee.Lubarsky@macquarie.com

Source: Delaware Investments Dividend and Income Fund, Inc.

FAQ

What was the date of the DDF asset acquisition?

The acquisition of DDF assets by AGD was completed on March 10, 2023.

What is the conversion ratio for DDF shares?

The conversion ratio for DDF shares was 0.801802.

Will DDF shareholders receive dividends after the acquisition?

Shareholders will receive a Form 1099-DIV in early 2024 for tax reporting of any distributions.

What is the NAV per share for DDF?

The NAV per share for DDF was 8.4221 at the time of the acquisition.

How will the asset acquisition affect DDF shareholders?

Shareholders will convert their DDF shares into AGD shares, but DDF will be delisted and dissolved.