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Delaware Investments Dividend and Income Fund, Inc. Announces Estimated Final Distribution Amounts
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
dividends
Rhea-AI Summary
Delaware Investments Dividend and Income Fund (DDF) announced a final distribution as part of its reorganization into abrdn Global Dynamic Dividend Fund (AGD). This distribution of $0.0568 per share will be payable on March 3, 2023 to shareholders of record as of February 24, 2023. The distribution includes undistributed tax-exempt interest income and gain net income anticipated through March 10, 2023. The transaction follows approval by shareholders and is expected to close around March 10, 2023. Shareholders will receive a Form 1099-DIV for tax reporting in early 2024.
Positive
Final distribution of $0.0568 per share enhances shareholder returns.
Reorganization aims to consolidate assets and possibly improve fund performance.
Negative
The Acquired Fund will be delisted following the reorganization.
Investors face potential risks associated with asset consolidation and the dissolution process.
PHILADELPHIA--(BUSINESS WIRE)--
Today, Delaware Investments Dividend and Income Fund, Inc. (the “Acquired Fund”), a New York Stock Exchange-listed closed-end fund trading under the symbol “DDF”, announced that the Acquired Fund will make final distributions in connection with the reorganization of the Acquired Fund into abrdn Global Dynamic Dividend Fund (the “Acquiring Fund”), a New York Stock Exchange-listed closed-end fund trading under the symbol “AGD” (the “Reorganization”). This final distribution will be payable March 3, 2023 to common shareholders of record on February 24, 2023. The final Acquired Fund distributions will consist of substantially all of the Acquired Fund’s undistributed tax-exempt interest income, ordinary income and capital gain net income, if any, earned and anticipated to be earned through close of business on March 10, 2023. In early 2024, common shareholders of the Acquired Fund will receive a Form 1099-DIV for the calendar year 2023 that will tell shareholders how to report these distributions for federal income tax purposes.
The final distribution is as follows:
FUND
ESTIMATED DIVIDEND PER SHARE
Delaware Investments Dividend and Income Fund, Inc.
$0.0568
The final distribution is being made in connection with an Agreement and Plan of Acquisition (the “Plan of Acquisition”) providing for (i) the acquisition by the Acquiring Fund of substantially all of the assets of the Acquired Fund, in exchange for newly issued common shares of the Acquiring Fund; (ii) the distribution of such newly issued common shares of the Acquiring Fund to holders of common shares of the Acquired Fund; and (iii) the dissolution of the Acquired Fund thereafter. The Plan of Acquisition was approved by shareholders at the Special Meeting of Shareholders held on November 30, 2022, and the transaction is currently anticipated to close on or about March 10, 2023 at approximately 5:00 pm ET. Following completion of the acquisition, the Acquired Fund will be delisted.
About the Acquired Fund
Delaware Investments Dividend and Income Fund, Inc., a diversified closed-end fund, is listed on the New York Stock Exchange. The Fund’s investment adviser is Delaware Management Company (“Investment Adviser”), a series of Macquarie Investment Management Business Trust, which is a subsidiary of Macquarie Management Holdings, Inc. (“MMHI”). MMHI is a subsidiary, and subject to the ultimate control, of Macquarie Group Limited. Macquarie Asset Management is a global asset manager that aims to deliver positive impact for everyone. Trusted by institutions, pension funds, governments, and individuals to manage more than $US508 billion in assets globally,1 we provide access to specialist investment expertise across a range of capabilities including infrastructure, green investments & renewables, real estate, agriculture & natural assets, asset finance, private credit, equities, fixed income and multi asset solutions.
The Fund’s primary investment objective is to seek high current income; capital appreciation is a secondary objective. The Fund seeks to achieve its objectives by investing, under normal circumstances, at least 65% of its total assets in income-generating equity securities, including dividend-paying common stocks, convertible securities, preferred stocks, and other equity-related securities, which may include up to 25% in real estate investment trusts (REITs) and real estate industry operating companies. Up to 35% of the Fund's total assets may be invested in nonconvertible debt securities consisting primarily of high-yield, high-risk corporate bonds. In addition, the Fund utilizes leveraging techniques in an attempt to obtain a higher return for the Fund. There is no assurance that the Fund will achieve its investment objectives.
1 As of September 30, 2022
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.
